After the Amendment of the Citizenship Law: $ 10 Billion the Sales of Real Estate in Turkey
2022-06-14
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The real estate sector’s concerned persons in Turkey are waiting for the new legal amendment to be enacted to implement the exceptional citizenship law, which will lead to a significant increase in real estate sales to exceed $ 10 billion, The Turkish government plans to reduce the investment limit from one million to 300 thousand dollars for those wishing to obtain the Turkish citizenship through real estate investment, and is expected to pass the legal amendment soon in the Turkish parliament.
Experts say the Turkish government is determined to provide maximum support to the real estate sector in order to strengthen it and attract foreign investment.
The year 2017 saw the sale of real estate worth $ 4.6 billion, which is a significant increase in the level of demand for real estate investment in Turkey, and it is expected that the amendments to the law in question will lead to a quantum leap in real estate sales in Turkey, expected to reach the threshold of 9 to 10 billion USD.
Many representatives of the real estate sector in Turkey applaud the importance of this legal reform, which will open the door for more foreigners to enter the Turkish real estate market on the one hand, On the other hand, investors will be able to obtain Turkish citizenship and thus will enter into new capital in various investments within various sectors of the Turkish economy.
According to a statistic released earlier by the Turkish Statistical Institute, foreign investors usually prefer to buy properties with an average price of about $ 300 thousand, so the next amendment could be a response to requests from foreign investors.
According to a statistic released recently by the Turkish Statistical Institute, foreign investors usually prefer to buy properties with an average price of about $ 300 thousand, so the next amendment could be a response to requests from foreign investors.
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Foreign real estate investment in Turkey was expected to reach $ 7.5 billion at the beginning of 2018, while the new legal amendment would exceed this threshold and reach $ 10 billion.
Turkey has passed the Real Estate Investment Convergence Act 2013, which enabled a large segment of foreigners to own property, and that year saw the sale of more than 12 thousand apartments, while the number has more than doubled in 2017.
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Where the number of properties sold to foreigners reached 25 thousand properties and gave a return of 4.6 billion dollars on the Turkish real estate market, consequently, there is a 19% increase in sales in 2017 compared to 2016.
Despite the increasing demand for Turkish real estate, experts believe that this is not enough, and must be working to raise these rates, compared - for example - with the volume of properties sold in the United States, where the volume of sales 284 thousand properties worth 153 billion American dollars.
On the other hand, real estate professionals expect that the coming days will be full of surprises for foreigners who want to buy real estate in Turkey at less than $ 300 thousand dollars, which is sure to be included in the tax facilities applied to the former properties worth $ 1.5 million, and even those whose price is much lower. The Turkish government has exempted foreign investors and Turkish expatriate investors from the value-added tax (VAT) 18 percent of the total value of the property, as well as some other cuts on various taxes and fees.
The recent rise in the US dollar against the Turkish lira will enable buyers to own luxury properties at exceptional prices, as well as to own regular properties at lower prices, which will be proportional to the influx of foreign goods into the Turkish market.
Source: Sputnik
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