Turkey’s real estate sector is expected to rise

Turkey’s real estate sector is expected to see more than $1 billion in additional revenue in 2017 after a move to give citizenship to some foreigners who buy and hold Turkish property, a senior economy official told Reuters.
Lory Queen
Under the plan, foreigners who buy property worth at least $250,000 and hold it for three years will become eligible for Turkish citizenship.
“We expect over $1 billion revenue upon our move to grant citizenship to foreigners who buy property here or who bring their money into Turkey,” said the official, as quoted by Reuters on Jan. 18.
Some 22,830 properties were sold to foreigners in 2015 with a 20.4 percent of increase from the previous year.
The property sales, however, saw a plunge in 2016, even more then 21.000 sales to forigners, compared to 2015, mainly due to escalating security concerns and the July 15 failed coup attempt, according to sector players.