The decision to grant foreigners Turkish nationality if they buy at least $ 1 million worth of property and retain their ownership for three years has sparked enthusiasm in the Turkish real estate market.
The decision is expected to double the annual value of foreigners' purchases of real estate in Turkey, which reached $ 5 billion over the past years.
INANC KABADAY, chairman of the EGE Turkish Real Estate Company, pointed out that other countries such as Britain, Spain, Portugal and Hungary are implementing similar measures, considering that this measure will attract more foreign direct investment to the country and will positively affect many economic sectors in Turkey especially the banking sector And the real estate sector.
KABADAY said the decision is aimed at increasing employment and foreign exchange deposits, expecting the value of foreign buyers' annual purchases of real estate after the decision to be $ 10 billion, double the current annual value.
The chairman of the Istanbul Construction Association, NAZMI DORBAKIM, said that foreign buyers' purchases of real estate in Turkey will not rise significantly after the implementation of the decision, but gradually, expecting to increase these purchases by 20% this year.
DORBAKIM believes that most buyers will be citizens of Russia, the Middle East and the Gulf region.
The Chairman of the Board of Directors of Macro Construction Co., ERCAN OYAN, that the decision to grant citizenship, will lead to the appreciation of the dollar against the Turkish lira, to increase the movement in the Turkish real estate sector, and to overcome the negative effects of the failed coup attempt in Turkey last year, and terrorist attacks suffered to her.
The head of the Istanbul Asian Contractors Association, MELIH TAWKJO OGLO, called for a reduction in the value of properties that foreigners must purchase to be entitled to Turkish citizenship, adding that Spain gives foreigners who buy property worth 500 thousand euros on their territory for 10 years Portugal also grants foreigners who buy property of the same value a seven-year residence permit, after which they can obtain citizenship.
The Chairman of the Board of Directors of Sur Construction Company ALTAN ELMAS welcomed the Turkish decision, saying it would increase the demand of foreigners to buy real estate in Turkey and will contribute significantly to the Turkish economy. He added that granting citizenship to those who buy real estate in Turkey will turn Turkey into a magnet for foreign investors who do not want In dealing with visa procedures.
ELMAS said the decision would increase investor interest in Turkey, especially investors from the Gulf countries, and called for another decision to grant a five-year stay to foreigners buying at least $ 100,000 in Turkey, saying such a decision would lead to a record Real estate sales for foreigners in Turkey.
ELMAS explained that granting long-term residency to foreign property buyers would encourage them to stay in Turkey for long periods and thus inject more investment into it. He said his company's experience generally indicated that foreigners buying a property in Turkey tend to buy a second and third property after a while, Long-term stay will increase this trend.
OZYORTLAR chairman Tamer Ozyort said that the decision would provide an outlet for the Turkish economy during the difficult days of the country. "Foreigners insist on claiming Turkish citizenship, and with this decision, the sale of real estate will increase to foreigners," he said.
NIF CEO ERDAN TAYMOR said the decision will have a positive impact on the real estate sector, which employs more than 2 million people in Turkey and will be active in the sector.
Source : ALANADOL , Turkey Post
