100 Billion Dollars in Capital Flees Iran in Just Two Years
Iranians have purchased residential properties in Turkey, the United Arab Emirates, and Georgia due to sanctions, economic problems, and general dissatisfaction. It is reported that approximately 100 billion dollars in capital has left Iran in just two years.
Property purchase and citizenship acquisition; this is a policy that some neighboring countries, including Turkey, have adopted to attract the idle capital of Iranians.
The website “Fararo” reported, citing Masoud Khansari, the head of Tehran’s Chamber of Commerce, that 100 billion dollars in capital has left Iran over two years.
It is said that the majority of this money has been spent on property purchases in neighboring countries, particularly in Turkey, the United Arab Emirates, and Georgia.
Khansari, based on government statistics, stated that the level of investment in Iran during these years has shown a negative trend. This is while capital flight from Iran has increased.
“Fararo” further wrote in its report: “With the rise in the dollar exchange rate in recent years and the crippling economic sanctions against Iran, the process of capital outflow from the country has also accelerated. In the meantime, some neighboring countries, including Turkey, the UAE, and Georgia, have been able to attract a portion of Iranians’ capital.”
Home Purchase and Company Establishment
Official statistics show that during the years 2017 to 2019, approximately 1,500 property purchases in Turkey were registered under Iranian accounts.
Five percent of properties in Turkey are purchased by foreign buyers, among which Iranians rank first. The rate of property purchases by Iranians in Turkey accelerated significantly last year.
The head of Tehran’s Chamber of Commerce states that in just the first nine months of 2020, Iranians purchased approximately 7,000 apartments and homes in Turkey.
These same statistics show that in less than four years, Iranians have established over 2,700 companies in Turkey and purchased over 13,000 homes and apartments in that country.
Source: DW
