Özden Çimen, Founder and CEO of Parcel Estates, made extensive evaluations on the opportunities presented by Dubai and the increasing interest of Turkish investors, stating, “Dubai is not just an investment hub for Turkish investors; it’s a safe haven in pursuit of economic stability and quality of life,” and elaborated on the unique market opportunities and the solutions they offer for investors.
The reasons behind Turkish investors’ interest in Dubai, opportunities in the real estate market, the impact of the golden visa programs, and forecasts for the coming years are detailed in this bulletin. Dubai continues to be one of the most sought-after investment regions both today and for the future, thanks to its dynamic real estate market and high return potential.
The real estate market in Dubai has rapidly become a center of attraction for Turkish investors. Turkish investments, which stood at $608 million in 2022, soared to $3.16 billion in 2023, making Turkey the 8th highest investing country in Dubai. Özden Çimen, Founder and CEO of Parcel Estates, discussed this rapid rise and the opportunities Dubai offers for Turkish investors.
“DUBAI, A SAFE HAVEN FOR TURKISH INVESTORS”
Çimen attributed this increase in interest among Turkish investors both to Dubai’s advantageous structure and the economic conditions in Turkey, saying, “The absence of income tax in Dubai, the facilitation of residence permit programs like the golden visa, and its ranking among the top three destinations worldwide continually attract Turkish investors. The infrastructure investments in line with Dubai’s 2040 Vision, the increase in employment rates, and the high demand for housing also support the market dynamics.”
Özden Çimen also mentioned that the legal challenges and pricing issues in Turkey’s real estate market are driving Turkish investors towards regulated markets like Dubai: “Economic fluctuations in Turkey, property owners not reaching target prices, and difficulties in leasing processes are drawing our investors to a more stable market like Dubai.”
PRICE INCREASE: OPPORTUNITY OR CHALLENGE?
Responding to a question about whether the increase in real estate prices in Dubai poses a challenge for Turkish investors, Çimen said this should be seen as an opportunity: “Dubai has consistently been in a safe zone in the international real estate bubble index for years. The infrastructure investments under the 2040 Vision and the increasing population continue to generate more demand in the market. This represents an opportunity that Turkish investors should not miss.”
Çimen highlighted that Parcel Estates offers solutions that facilitate investors’ financial plans: “With varying payment plans from project to project, we allow our investors to manage their cash flow without disruption, even enabling them to make payments with their rental income. Our flexible payment plans can extend up to eight years, even continuing after projects are delivered.”
IMPACT OF THE GOLDEN VISA PROGRAM
Speaking about Dubai’s golden visa program, Özden Çimen emphasized that this program offers significant advantages for Turkish investors: “The golden visa transforms Dubai from just an investment region into a home. It creates invaluable opportunities for Turkish investors who want to establish or move their businesses to Dubai. This regulation has completely eliminated any doubts for our investors.”
INCREASE IN TURKISH POPULATION IN DUBAI
Evaluating the increase in the Turkish population from 14,000 in 2022 to 45,000 in 2023, Çimen related this to the rapid adaptation of Turks to global opportunities: “Turks quickly embrace the standard of living and business opportunities offered by Dubai. We foresee the number of Turks living in Dubai continuing to increase exponentially in the coming years. Currently, we see influential Turkish professionals across various sectors in Dubai, from fine dining restaurants to technology companies. We believe this interest will continue to grow, driven by entrepreneurs and white-collar professionals.”
MID-TERM BREAKS BOOST TURKISH INTEREST
The recent mid-term breaks, which saw 100,000 Turks visiting Dubai, also reflected in property sales. Çimen confirmed this increased traffic and sales volume during the period: “Many Turkish investors who visited Dubai during the mid-term break returned having made investments. Dubai exceeds the expectations of those who come as tourists or investors. While visitors in cities like Istanbul, London, and New York spend an average of 12-13 billion dollars, in Dubai, this figure rises to 30 billion dollars. This is a clear indicator of the type of investors and tourists Dubai attracts.”
EXPECTATIONS BEYOND 2025
Discussing the future of Dubai’s real estate market, Özden Çimen remarked that the city has not yet reached its full capacity and opportunities for growth continue: “Dubai’s infrastructure investments and its evolving economy will continue to develop for many years. When you look at the city’s map, you can see that development is still concentrated in a small area. This represents a long-term opportunity that Turkish investors should not miss.”
