Support For Referendums On Housing Sales For Foreigners

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Immediately after the referendum within 14 days of a monthly sales will continue to be seen by the adoption of the presidential system and stability has occurred. Real estate representatives reported that sales of foreign residential housing decreased by one year and went up in April month with the stability following the referendum and confidence in the Turkish economic state. According to TURKSTAT data, the sales of foreign residential housing increased by 2.9 percent, rising to 624 thousand. The total sales graphic in the first 4 months was 5 thousand 895.

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Sector’s representives said that the main reasons for the increases in foreign sales was the confidences in the Turkish and Turkish economic state after the referendum and stated that incentitivies such as the citizenship right and VAT exception brought to the government also support sales.

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The issuance of a residence permit for foreign investors before April and the recognition of VAT exemption are positive steps. Nazmi Durbakayım, Chairman of the Board of Directors of Istanbul Constructors Association (İNDER) said that: "Everyone was expecting a referendum, and after a referendum, the Presidental systems were accepted and the sale of one month was realized within 14 days as it was expected that the stabilities would continue.

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" Both stabilization and foreign VAT exemption constituted for sale in April. Only housing increased by the half. However, the number about foreign investor increase by hundred percent, doubled. They are coming here, they said they want to invest in real estate, housing industrial, agriculture. They are also huge investments. Foreigner is buying stability. they want to invested as of 2017. Foreiners saying.,they are late for '2018, 2019'

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