How Does Jordanian King Abdullah II’s Visit Affect Turkey’s Real Estate Market?

Turkish President Recep Tayyip Erdogan met with Jordanian King Abdullah II over a breakfast in Istanbul on February 2-3, 2019 at the invitation of President Recep Tayyip Erdoğan.

All aspects of the bilateral relations between Turkey and Jordan as well as possible steps for the further strengthening of the cooperation, views on regional and international developments, political, economic, military and cultural relations, ways to strengthen mutual cooperation between the two countries were discussed during the visit. The two leaders also discussed bilateral relations and confirmed their determination to strengthen the friendly ties between Turkey and Jordan, the sources added.

In the previous meeting with King Abdullah II in 2018, Abdullah II agreed to support the efforts which aim to overcome the issues related to the free trade agreement.

The first free trade agreement with Jordan was signed in 2009 and came into effect in 2011, On Oct.15, Turkey's Trade Minister Ruhsar Pekcan and her Jordanian counterpart Tareq Hammouri met to discuss a renewal of the agreement between the two countries. It was suspended in March 2018 by Jordan to protect its domestic industry.

Negotiations are in progress between the two countries to revive the free trade agreement (FTA). Some minor changes in order to make it fairer, more accurate, or more up-to-date versions of free trade agreement that is based on the win-win situation will be held between Turkey and Jordan in the future.

Why are Jordanians willing to buy or invest in Turkey’s Real estate?

Turkey is working on several mega projects with the aim of becoming the 10th largest economy in the world by 2030. Currently, it is the world’s 13th largest economy according to authorities. Trade exchange between the two countries reached $800 million in 2017. This had also a big impact on real estate market. If the free trade agreement will be assigned between these two countries, that will create a more positive atmosphere in bilateral relations. Thus, profit in real estate market increases, Turkey might attract inventors located in Jordan, construction projects can be concluded, partnership in buying mass housing, between real estate and construction companies may be increased. In general, all type of trade will have a positive impact on this agreement. Therefore, people who want to buy a property in Turkey feel this positive atmosphere and invest in Turkey without any incertitude. Previously, visas between the countries were canceled and trade between these two countries increased substantially in the market. Other than the fact that there are no visa requirements, Jordanians find the atmosphere in Turkey to be very friendly and economically inviting.

Moreover, Turkey opened its universities to thousands of Jordanian students who eventually learned Turkish, married Turkish women and have a special place for Turkey in their hearts.

On tourism, 90,000 Jordanians visited Turkey in 2018. Many also bought properties especially in İstanbul and Mediterranean resort city Antalya. Antalya is the top destination with 12 million foreign visitors accounting for %33,7 of all foreign visitors which make it a very demanded city for investors.

On the people’ side, Turkey seems to be a very popular destination for Jordanians.