Sep 15 2018

Iranians line up to buy Turkish property - report

Turkey has experienced a surge in Iranian real estate purchases following a large slide in the country’s currency this year, Zero Hedge website reported.

A new extensive report in Middle East Eye charts the trend of wealthy Iranians pulling money out of their country to invest and lay down roots abroad. The report shows Iranian money fleeing ‘’one smashed economy for another troubled one’’ in the region, the site said.

Since the U.S. pullout of the Iran nuclear deal, Iranians "have purchased around 1,000 homes and apartments in Turkey" the site quoted Reza Kami, chairman of the Iran-Turkey Chamber of Commerce, as saying.

Both countries are suffering the consequences of U.S. sanctions; the Turkish currency has lost 40 percent of its value since the beginning of the year after Washington announced sanctions against two Turkish ministers and doubled steel tariffs on its NATO ally due to its ongoing detention of a U.S. pastor. The Iranian currency has suffered a staggering 140-per cent drop in value since the U.S. pulled out of the nuclear deal only four months ago.

For Iranians, the website reported, the Turkish lira still remains more affordable than the euro or the dollar with many Iranians headed to Turkey, as evidenced by Turkish real estate records.

The number of properties bought by Iranians in Turkey jumped in the first six months of the year to 944 compared to 792 in all of 2017, according to the Turkish Statistical Institute.

"Besides easy regulations and no need to get visas, people's predictions about their assets losing their value have played a key role in their decisions,’’ according to Kami.

https://www.cp24.com/world/fears-rise-diapers-vanish-amid-currency-crisis-in-iran-1.4080872