House sales to foreigners in Turkey increase after gov’t eases requirements for citizenship

Property sales to foreigners in Turkey increased 151.1 % in September year-on-year, hitting 5,615 units, official data has shown.

Property sales to foreigners in Turkey increased 151.1 % in September year-on-year, hitting 5,615 units, official data has shown.

Data from the Turkish Statistics Institute (TÜİK) showed on Oct. 19 that most house sales were made to Iraqi citizens as they bought 1,351 properties last month.

Iranians followed with 538 units, Kuwaitis with 360 house sales, Saudis with 312 house sales and Germans with 299 units.

The significant rise in this area came after the government significantly eased the criteria for foreigners to acquire Turkish citizenship to encourage investment, according to new regulations published in the country’s Official Gazette on Sept. 19.

Foreigners who own real estate in Turkey worth a minimum of $250,000, instead of $1 million, can now avail Turkish citizenship.

In the first nine months of the year, some 24,155 units were sold to foreigners with a 58.5 percent year-on-year increase.

 

Last Updated: 7.11.2018 12:23:45

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Property