13 April 2018 News

Expectations of a major recovery of the Turkish economy after the issuance of the law to reduce the investment required to obtain Turkish citizenship

It is expected that in May a new draft law will be presented to the Turkish parliament that will grant Turkish citizenship to foreigners who buy property worth 300 thousand dollars, In addition to streamlining the procedures related to ownership and licensing, as part of the Turkish government's efforts to revive the economy by increasing the purchase of real estate by foreigners.  

In a statement, the head of the Association of Turkish real estate and investment companies, Mr. Fidullah Yatgin, predicted that this move will positively affect the real estate sector and the Turkish economy, pointing out that the survey carried out by the Association between the majority of foreigners are choosing apartments with prices ranging between 100 and 300 thousand dollars, while the volume of real estate worth $ 1 million or more does not exceed 3% of the market size.

According to estimates, real estate sales to foreigners could reach 8 billion dollars this year, taking advantage of the devaluation of the Turkish lira, which led to an increase in purchasing power of foreigners in Turkey.

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