Turkey’s real estate sector is expected to see more than $1 billion in additional revenue in 2017 after a move to give citizenship to some foreigners who buy and hold Turkish property, a senior economy official told Reuters.
Under the plan, foreigners who buy property worth at least $1 million and hold it for three years will become eligible for Turkish citizenship.
“We expect over $1 billion revenue upon our move to grant citizenship to foreigners who buy property here or who bring their money into Turkey,” said the official, as quoted by Reuters on Jan. 18.
Some 22,830 properties were sold to foreigners in 2015 with a 20.4 percent of increase from the previous year.
The property sales, however, saw a plunge in 2016. The sales declined to 16,549 units in the first 11 months of the year with a 19.5 percent of decrease compared to the same period of 2015, mainly due to escalating security concerns and the July 15 failed coup attempt, according to sector players.
Investors from Iraq, Syria and Russia
have been showing an interest in properties especially in Istanbul, the southeastern provinces of Gaziantep and Kilis, and the Black Sea
region, the official said.
Turkey announced it would grant citizenship to foreigners who buy properties worth at least $1 million and invest a minimum of $2 million or deposit at least $3 million in a bank account for more than three years, according to a revised decree that was published in the Official Gazette on Jan. 12.