Turkish airlines have responded to increase demand from Saudi Arabian citizens in visiting and buying Turkish real estate. Saudi buyers now account for 9.5% of all Turkish property purchases to overseas citizens in March (TURKSTAT) New flight routes make Turkey, and Istanbul, far more accessible to Saudi buyers and more desirable as a property investment location (Universal21)
Turkish Airlines, winner of the best airline in Europe award for the fifth consecutive year and ranked 4th best in the world at the 2015 Skytrax World Airline Awards, is planning to grow its global capacity by 21% in 2016. Building upon its spectacular growth of the last decade, the airline will expand its fleet from 299 aircraft at the end of 2015 to 339 by the end of 2016. As it increases its international presence, the airline is focused on its offering in the Middle East and has revealed plans to expand further in Saudi Arabia.
Currently, Turkish Airlines is operating in seven destinations in Saudi Arabia including Jeddah, Riyadh, Madinah, Dammam, Yanbu, Taif and Al Qassim. The airline recently launched seven weekly flights from Istanbul's Sabiha Gokcen Airport to Jeddah and Riyadh and four weekly flights to Medina.
Turkish Airlines Jeddah General Manager Muhammed Bilal Doner commented that "New destinations are in the offing and the airline will very soon start operating direct flights to Trabzon (TZX) and Ankara (ESB) from Jeddah (JED), Riyadh (RUH) and Madinah (MED)." Turkish Airlines started its oerations in Jeddah 37 years ago in 1979. Doner continued,
"Since [then] we have succeeded in inaugurated 6 more destinations and achieved tremendous growth over the years, distinguished by the services and products offered to our customers. All these developments are indicating the importance we attribute to the Saudi Arabian market and... we are seeking to inaugurate other destinations in the Kingdom."
According to TurkStat's most recent figures, buyers from Saudi Arabia accounted for 9.5% of all March's property purchases to overseas citizens. Beaten only by Iraqi nationals who purchased 15.3%, Saudi Arabian investors remain a dominant nationality in Turkish property with a growing number of them looking to the city of Istanbul and its active housing market. TurkStat confirms Istanbul's title as the favourite province for overseas buyers, accounting for 36.56% of all sales in March.
Adil Yaman, Director of Universal 21, the largest management company based in Istanbul, is confident in Turkey's relationship with Saudi Arabia and the growing level of interest in Istanbul's thriving property market. He explains,
"As one of our key client nationalities, we speak with potential investors from Saudi Arabia on a regular basis and would expect their interest in Istanbul's housing market to continue to grow throughout this year. The new increase in flight routes make Turkey, and Istanbul especially, far more accessible to Saudi buyers and therefore even more desirable as a property investment location."
For more information about Universal21, visit www.universal21.com