To attract more investors in real estate sales, Turkey is planning to do some radical changes. According to the information shared, the bag law that will be released in May, the conditions will be easier. To get Turkish citizenship it will be enough to invest 300 thousand dollars in real estate sector. Now, foreigners purchase limit is 1 million dollars to be a Turkish citizen.
Serious Contributions to the Turkish Economy
The representatives of the sector at the Uludag Economic Summit gave the details about the new plan about investment and getting Turkish citizenship.
Dr. Feyzullah Yetgin, Gyoder Chairman of the Board Assoc. " This development will create a very significant contribution to both Turkey's economy and the real estate sector. $ 1 million and issue up to 2-3 percent of the market on it. According to our research, foreign investors choose the houses that those are in the range of foreign 100-300 thousand dollars," he said.
Chairman Feyzullah Yetgin, said that buying real estates for foreign investors has some limitation in Turkey.Yetgin stated, " When you try to start your Project, you can face some problems, the sale process for the foreign investors needs to be accelerated as well." The DAP Holding Chairman Ziya Yilmaz added that while in London real estate sales to a foreigner are 48 billion dollars in Turkey sales only is $ 4.6 billion a year but this change with the law may increase this figure to 20 billion dollars.
Citizenship by Investıng in Real Estates Granted Previous Year
According to the regulation published in the Official Gazette on January 12, 2017, that amends the Regulation with the Turkish Citizenship Law Implementation, 2 million dollars a minimum capital investment was made and this situation was determined by the Ministry of Economy or 1 million dollars immovable area and those who promise not to be sold for 3 years can become Turkish citizens with the decision of the Council of Ministers. The real estate sector was lobbying for a long time to draw this figure downward.