Buying a property is always considered a significant decision in life. Especially if this purchase is to be made in a foreign country, it requires more caution and attention. Due to the appealing benefits of living and immigrating to the UAE and Turkey, buying real estate and investing in these two countries has become popular among Iranians. However, sometimes choosing between these two attractive options can be a bit challenging, and one of the questions that often arises is: Is buying property in Dubai better, or in Turkey?
In response to this question, it must be noted that generally, buying property in either of these options has its own specific advantages and disadvantages. Therefore, it's necessary to first clarify all aspects related to buying property or immigrating to Turkey or Dubai for you, so that you can have a more informed and comprehensive view by comparing each aspect.
In this practical and comprehensive article from Niwi, all dimensions of "Is buying property in Dubai better or in Turkey?" such as property prices, investment returns, economic stability, unemployment rates, etc., in both countries are compared. This way, you can make a good and logical decision by examining it thoroughly. So, be sure to stay with Niwi until the end of this article.
Comparison of Buying Property in Turkey and Dubai
- Comparison of Dubai and Istanbul in Terms of Investment Property Returns
- Comparison of the UAE and Turkey in Terms of Property Prices
- Comparison of Residency and Citizenship Granting in the UAE and Turkey
- Comparison of Economic Stability between the UAE and Turkey
- Comparison of Per Capita GDP between Dubai and Turkey
- Comparison of Unemployment Rates in Dubai and Turkey
- Final Thoughts: Is Buying Property in Dubai Better or Turkey?
Comparison of Buying Property in Turkey and Dubai
The UAE and Turkey are both among the highly attractive and appealing countries in Asia. When we hear the name Dubai, images of modern city structures, strong economy, towering skyscrapers, and more come to mind. Credible statistics also indicate that the UAE has been at the forefront of countries with the highest economic stability in the past 15 years.
Turkey and its sparkling Mediterranean coasts are also a familiar region for Iranians, many of whom are interested in buying properties in this country. In the following, a comprehensive comparison between buying property in Turkey and the UAE has been conducted so that you can arrive at an answer to your question about whether buying property in Dubai is better or in Turkey.
Comparison of Dubai and Istanbul in Terms of Investment Property Returns
Today, Dubai has made significant advancements in real estate development and is known as one of the real estate giants of the world. Statistics also show that the UAE is among the countries with a high rate of return on investment in real estate, and the homes of this city are globally renowned.
On the other hand, Turkey is a country with a civilization in Asia that has good foreign relations with other countries. However, unfortunately, recent economic developments in this country have caused the value of the Turkish lira to decrease against the dollar over the past few years (similar to the depreciation of our national currency), and experience significant fluctuations. As a result, the rate of return on investment in this country is much lower than the UAE, and unfortunately, there is a possibility of capital reduction with property purchases in Turkey.
Comparison of the UAE and Turkey in Terms of Property Prices
One of the factors that helps you reach an answer to the question of whether buying property in Dubai is better or in Istanbul is knowing the minimum cost required for the purchase. Property purchases in Istanbul have attracted the attention of individuals interested in migration and living in this beautiful country. Generally, the minimum cost required for buying property in Turkey is estimated to be around $75,000.
On the other hand, Dubai (the economic heart of the Middle East) is one of the most modern and beautiful cities in the world. The prosperity, economic stability, and security of this city place it among the top cities worldwide. The UAE government has managed to maintain the value of the country's dirham against the dollar with a difference of only 3.6% over the past 15 years. In general, the minimum estimated budget required for buying property in Dubai is $110,000.
This economic stability is one of the main reasons that has led foreign traders to be so interested in investing and migrating to this country.
Comparison of Residency and Citizenship Granting in the UAE and Turkey
It might be interesting to know that the UAE passport is ranked first in the Middle East and 15th globally among the most valuable passports! The main reasons for achieving this position can be attributed to the UAE's appropriate foreign policies and more.
Unfortunately, permanent residency in the UAE is not available, which is a drawback of buying property in Dubai. However, there are conditions that allow obtaining temporary residency in the UAE with the possibility of renewal. One way to obtain temporary residency in the UAE is through property purchases. You can use this route to apply for the "Golden Visa."
By investing $400,000 in Turkish real estate, you can apply for citizenship and a permanent passport in Turkey. It's worth mentioning that property purchases in Turkey are only allowed in government-designated areas. For lower amounts, property purchases of at least $75,000 can grant temporary residency in Turkey.
Note that if you buy property in Turkey to obtain residency and citizenship, you won't be allowed to sell the purchased property for up to 3 years.
Comparison of Economic Stability between the UAE and Turkey
Economic stability is one of the factors that make the choice between migration to Turkey or Dubai easier. Unfortunately, in the current situation, Turkey is facing significant economic problems, similar to Iran, including high inflation. Inflation affects the cost of living and leads to rising prices.
While the cost of living in the UAE is generally higher than in Turkey, currently, the UAE is among the countries in the region that have experienced good economic stability and progress over the past few decades. Therefore, if you have suitable financial capability, living and buying property in this country can be a good and economically viable option for you.
According to a report from South China Morning Post, Dubai is ranked third globally in terms of the highest property purchase rate by foreigners!
Comparison of Per Capita GDP between Dubai and Turkey
Per capita GDP is one of the most important indicators that determines the level of citizens' welfare in a country. Statistics from 2017 indicate that the per capita GDP in the UAE is $68,000, while in Turkey, it's $27,000. Therefore, it's evident that UAE citizens have higher welfare compared to Turkish citizens.
Comparison of Unemployment Rates in Dubai and Turkey
Statistics published in 2020 regarding the unemployment rates in the UAE and Turkey show that the unemployment rate in Turkey is about 13%, while in the UAE, it's only 2.45%!
Final Thoughts: Is Buying Property in Dubai Better or Turkey?
In this article by NewWay, we have delved into the examination of the differences in purchasing property in Turkey and the city of Dubai. We hope to have provided you with a comprehensive and positive insight into this topic, allowing you, dear readers, to arrive at a definitive conclusion regarding whether buying property in Dubai or Turkey is the better choice.
If any ambiguities remain after considering all the explanations provided, you can reach out to us through the comments section or other contact methods available on the NewWay website. We would be delighted to learn your viewpoints on the Dubai versus Turkey comparison.
Frequently Asked Questions About Comparing Buying Property in Dubai and Turkey
The UAE is considered one of the economic powerhouses in the world and the Middle East, with well-controlled inflation rates. While there might be slight fluctuations in the short term, over the long term, similar to the value of the dollar, it consistently follows an upward trend. On the other hand, Turkey has experienced unprecedented inflation increases in recent years, reaching its highest levels in the past 25 years.
In terms of cost of living, Turkey is a more affordable country compared to the UAE. However, Dubai offers exceptional economic opportunities, extraordinary business facilities, and higher income potential for both domestic and international investors.
Comparing per capita income between these two countries indicates that Turkey's gross domestic product (GDP) is lower compared to the UAE, and Turkish citizens have lower prosperity compared to Dubai. Additionally, the unemployment rate in Dubai is significantly lower than in Turkey.
The interest rate for loans in the UAE is lower compared to Turkey. In the UAE, the rate is 3.85%, while in Turkey, it's 23.95%.
Dubai or UAE vs Istanbul or Turkey, it's a compare between Economy vs Passport! or Buildings vs Nature! We hope you have a good decision.