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Target of 8 billion dollar property sale to foreigners

6 April 2018
Target of 8 billion dollar property sale to foreigners

Target of 8 billion dollar property sale to foreigners

GYODER Chairman Feyzullah Yetgin recently stated that Turkey has a great potential in the real estate sales to foreigners.

Property and Real Estate Investment Trust Association (GYODER) Chairman Feyzullah Yetgin said Turkey has a great potential in the real estate sales to foreigners but it could not be adequately assessed.

Emphasizing that they are working in this field and that they are involved in some initiatives, Mr. Yetgin stated that "Foreign investors are able to get residence permit and even citizenship right after purchasing 1 million dollars of real estate after the law of reciprocity related to sale of foreign investors." But we think that this number is high at least in the short term. For that reason, we demanded it to be lower, for example, $300,000 and we are expecting a 'positive turnaround'. he said.

Stating that the increase in sales when looked at the trend in the last 4-5 years, foreign investors have confirmed interest in Turkey but not enough of the actual figures, Yetgin said Turkey needs to catch up to $ 15-20 billion in the short term.

Mentioning Turkey's geography will provide it, striking it with a highly cultural infrastructure Yetgin also stated, "We have the opportunity to receive requests from the Gulf of Yalova, Trabzon, Black Sea coast, from England, Holland, Germany to Mediterranean, all kinds of meanings in real estate according to that quality and quantity of the Aegean coast.”

Profitably, referring to the increase in foreign exchange rates, "Of course, the increase in foreign exchange also increased the purchasing power of foreigners, this will also be expected to create a desire” he said.

"I hope this year will be positive"

Noting that foreigners are making a real contribution to the realization of the export of real estate and the fact that they are currently exporting, he said:

"When we look at the successful countries such as Spain in this regard, sales are in the range of 100-150 billion dollars, and now we are at 4.6 billion dollars, which is very low for countries with all kinds of components in terms of treasure, history and culture tourism like us. We are targeting sales of $ 15-20 billion, and hopefully this year we will have positive developments, reaching $ 7-8 billion dollars. "


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