Turkey's new citizenship rules attract foreign investors

Turkey's new citizenship rules are expected to encourage real estate sales amid stagnating property sales to foreigners, which fell by 20.3 percent to 18,189 properties in 2016. 

Under the new regulations, enacted on Jan. 12, Ankara will grant citizenship to foreigners who buy real estate in Turkey worth at least $1 million under the condition that the property is not sold for at least three years.        

The regulation also extends to foreigners who have at least $3 million deposited in Turkish banks under the condition that it is not withdrawn for three years. A similar measure applies to foreign investors who hold government bonds worth at least $3 million under the condition that they have not been diversified for three years.      

Julian Walker, a director at Spot Blue International Property, said the move was a welcoming and positive one that would attract buyers back to Turkey after a slowdown in foreign sales in the second half of last year, caused mainly by the July 15 coup attempt and security concerns that followed it. He said foreign buyers who would benefit from the new law would begin their property searches in Istanbul soon. 

"The threshold of $1 million will suit wealthy Arab investors in particular. Last year, Iraqis, Saudis, Kuwaitis, and Russians bought the highest number of properties in Turkey. With this new law, we envisage this trend continuing, with interest from Syrians also growing," he added.
 
"As a further sign of confidence, Turkey is on the Place in the Sun magazine's list of 'Best Places to Buy in 2017'. They highlight Fethiye, Kalkan, and Bodrum as particular hot spots with buyers," he said. 

Turkey offers houses for cheaper prices, higher quality, and bigger sizes as well as a...