Turkish minister suggests citizenship for foreigners buying $1 mln homes

Economy Minister Nihat Zeybekci has proposed that foreign buyers of homes in Turkey valued at $1 million or more should be granted citizenship, while speaking to journalists last week.
and”A country that needs to grow at 5 percent cannot do so with its own domestic savings. We need to bring much more direct foreign investment into Turkey. We need to create new rich Turkish people. $4-5 billion worth of homes are bought in Turkey [annually], letand’s increase this to $10 billion. If someone wants to live in Turkey, they should come, letand’s give then citizenship,and” Zeybekci said, adding that the minimum home purchase should be either $500,000 or $1 million.
Turkey is especially looking to attract buyers from the Gulf and some top-tier European markets. The government has encouraged organizing investor summits on housing over the past decade to give potential buyers a first-hand look at properties in the country. Major Turkish contractors attended a real estate fair in Dubai, where Turkish construction projects were met with considerable interest. Buyers from Iraq, Saudi Arabia, Kuwait, Russia and the UK have been among the most frequent purchasers of Turkish real estate in 2015.
A 2013 law gave nationals of 183 countries the right to acquire homes in the country, which resulted in foreign purchases rising considerably. Turkey saw a 60 percent increase in home sales to foreigners in 2014 as compared to the previous year, according to the Turkish Statistics Institute (TurkStat). The data revealed that up to 19,000 homes were sold to foreigners in the country in 2014. Sales also rose sharply during the first five months of this year.
However, while sales to foreigners increased in July year-on-year, the share of foreign buyers among all real estate purchases dipped considerably between June and July of this year, as industry analysts speculated that the violence and instability gripping the country had spooked foreign buyers.

SOURCE: TODAY’S ZAMAN

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