250 thousand dollars for both housing and citizenship!
Turkey’s decision of right to citizenship in residential sales to foreigners has increased its sales of real estate and housing. Foreigners buying housing or real estate in exchange for 250 thousand dollars can be Turkish citizens, but many companies in the sector are not informed. Foreigners are also demanded to be an exporter of real estate sales.
Helmann Consturaction, member of the Real Estate Investment Trust Association (GYODER) Selman Özgün pointed out that many companies have no knowledge about granting Turkish citizenship rights to foreigners who have acquired a property worth 250 thousand dollars. Selman Özgün, REIDIN and GYODER prepared the new housing price index in the first quarter of 2018 when the data presented within the scope of the housing sales rate of 6.1 percent in the first quarter of 2018, reached 15 percent in the last quarter of 2018, he said.
CITIZENSHIP FOR 250 THOUSAND DOLLARS
In a statement published in the Official Newspaper last year in September, the foreign investors need at least 250 thousand dollars worth of property acquired by the acquisition of Turkish citizenship. Özgün indicates that after this pleasing change, there has been a significant increase in the sale of housing to foreigners. This regulation also applies to foreigners who invest or invest in at least 500 thousand dollars, or who provide jobs to at least 50 Turkish citizens. Moreover, according to the new regulation, foreigners will be able to purchase real estate without paying VAT. But these properties can not sell for at least 1 year, "he said.
NEW ARRANGEMENTS INCREASED SALES
Özgün stated that the new arrangement had a positive effect on sales. In February 2019, the housing sales made to foreigners in our country increased by 92.1 percent compared to the same month of the previous year with now 3 thousand 321. In February 2019, the first sales was in Istanbul with 1440 houses. Istanbul was followed by Antalya with 672 houses, Ankara with 196 houses, Bursa with 192 houses, and Yalova with 138 houses. According to TÜİK in 2018 the first 10 countries in residential sales to foreign are Iraq, Iran, Saudi Arabia, Russia, Kuwait, Afghanistan, Germany, Jordan, Azerbaijan and England.
WIFE AND CHILDREN OF THE REAL ESTATE PURCHASER ALSO GET THE CITIZENSHIP
Recently, for foreign investors and citizens living abroad with exchange rate increases, investment in Turkey has become more attractive, "It is a very advantageous situation for those who exchange income and the most appropriate way of acquiring citizenship with the new arrangement is the purchase of real estate. We are now seeing foreign influence in the market and it will be increasingly felt. The fact that the purchaser’s wife and children under the age of 18 aquire the right for citizenship too, additionally increases the attractiveness for the investment.
ANTALYA AND ISTANBUL
Stating that the exporter should be subject to foreign firms that sell original class, which allows you to spend time with his take on the issue of a foreigner in Turkey, he noted that the foreign exchange gain indirectly. According to the report from March 4th 2019, in terms of investment potential, Antalya, Istanbul, Izmir, Bursa and Ankara are the first places. Emphasizing that Antalya and Istanbul are very important, Özgün said that the recognition of these two cities in the world is very high, transportation opportunities and natural and historical values are of great importance.
3 YEARS CONDITION FOR THE CITIZENSHIP
Özgün stated that it is important to address top segment buyers in sales and summarized the conditions for citizenship process as follows.
‘’Floor easement or condominium building should be established, the total size of the land or land can not exceed 300 thousand m2 and it may also be up to 10 percent of the total surface area of the relevant neighborhood. The Council of Ministers has the authority to increase the rate per person. All citizenship application procedure is the same regardless if it is office, villa, land or apartment. The applicant must pay at least $ 250,000 or equivalent TL or foreign currency in advance. The sum of 250 thousand dollars can be invested in more than one real estate but all must be the the same application. The sale of the acquired property must be annotated to the land registry records and the property cannot be sold for 3 years. However except the citizens of Syria, Armenia, Cuba, Israel and Cyprus, "