Turkey is one of the most encouraging real estate market for foreign investors. It has a strategic position at the intersection of Europe, Middle East and Central Asia. The construction industry in Turkey, combines with growing commercial production and offers opportunities for real estate investors. In this article, it is examined in which country investors evaluate these opportunities most.
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Real Estate Sector in Turkey
Turkey is an expanding G20 economy that connects the east and west. The real estate sector in Turkey has grown significantly over the last 10 years. According to the ‘’Real Estate Sector in Turkey’’ report published by the Republic of Turkey Investment Office, it has attracted US $130 billion of foreign investment in the last 10 years.
Foreign Investors in the Real Estate Sector
Foreign investors buying the highest number of homes in Turkey is Iraqis. According to the investment size, the countries that make the most investments are as follows:
- Iraq
- Saudi Arabia
- Kuwait
- Russia
- Afghanistan
According to Turkstat's data, the landed estate market attracts the attention of Gulf investors such as Iraq, Saudi Arabia and Kuwait. 17% of foreign investors in the real estate market are Iraqis. 12% of foreign investors in the real estate market are Saudis. 9% of the foreign investors in the realty market are from Kuwait. The first 5 countries that buy the house are followed by the citizens of England, Azerbaijan and Germany. Each of the England, Azerbaijan, and Germany is 4% of the total.
Real Estate Market for Foreign Investors
Between the years 2000-2005, mostly individual investors bought a house in Turkey. However, after 2005, large foreign real estate investors entered the market. Some factors of Turkey's such as strong demographics, growth prospects have attracted the attention of investors.
''Foreign Direct Investment Law'', issued by The Parliament of the Republic of Turkey in 2003, improved the investment environment for foreigners' permits. The law allows foreign investors to own real estate without any restrictions. Thus, the real estate market for foreign investors has become more trustworthy.
Is it Possible Citizenship Through The Purchase of Real Property in Turkey?
The easiest way to have Turkish citizenship is to buy property from the country.
- If you buy at least 250,000 US dollars worth of real estate in Turkey, you can afford a citizen of Turkey.
- You can make a commitment to purchase property worth 250,000 USD from the notary public.
- You don't have to buy a single property worth $250,000. You can buy different properties with a total value of $250,000.
- The value of the property invested is determined and approved by the property evaluation experts.
- The value of the property is computed in terms of the effectual sales rate of the Central Bank of the Republic of Turkey at the date of the transaction.
- There should be no restrictions such as mortgages, foreclosures and precautionary measures.
- There are various application documents in the purchase of real estate. In order for the citizenship application to be completed smoothly, the application documents required to be completed must be complete and correct.
