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Wealthy Foreign Nationals Buying Property Welcomed by Turkish Government

Wealthy Foreign Nationals Buying Property Welcomed by Turkish Government

The Turkish government expects to receive around $5 billion in revenue from foreign nationals buying property for sale in Fethiye, Kalkan and other areas of Turkey, it was announced recently.

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Speaking at a workshop titled Real Estate Acquisition by Foreigners and Assessment of the Impacts in Turkey, the country’s Environment and Urban Planning Minister Erdoğan Bayraktar told the audience of academics, politicians and those working within the Turkish property sector itself that foreigners who had money to spend buying property and land in Turkey could only benefit the country’s economy. Here at Oceanwide Properties Turkey we learned that the Planning Minister was backed in his statement by the ruling Justice and Development Party (AKP) deputy chair for external affairs Mevlüt Çavuşoğlu.

Coastal Resorts Proving Especially Appealing to European Nationals

European nationals – especially from the UK and Germany – were particularly active in buying in the coastal regions of Alanya, Fethiye, Didim, Bodrum, Kuşadası and Ürgüp, the workshop heard. Fethiye in particular had recently received a development boost in the form of a number of redevelopment projects including a new town square and promenade area –which made it more attractive to tourists and non-Turkish citizens looking to invest in the area by buying Turkey property for retirement or holiday homes. Other areas in the region were to receive financial help to, particularly restoration projects at historical sites.

Foreign Nationals Buying Property is Boosting Turkey’s Economy

Both senior politicians were referring to wealthier foreign nationals in particular ie those whose financial circumstances were higher than that of the average income level in Turkey and abroad.

The workshop was organized by Ankara University and the Directorate for Land Registry and Cadaster. It was sponsored by the Scientific and Technological Research Council of Turkey (TÜBİTAK).

Mr Çavuşoğlu said: “Foreigners pay for all expenses related to the property or properties that they have purchased from the region. An estimated 600 families are directly affected by this.”

Buying Property Given a Boost After Lifting of Reciprocacy Agreement

He denied his critics arguments that the government was “selling the country” after making it easier for foreign nationals to invest in Turkey property and land by easing the reciprocacy agreement in May 2012. This states that only countries who allowed Turkish citizens to buy there could similarly expect their citizens to be allowed to buy in Turkey.

As a result of removing the obstacles to buying Turkey gained £1.1 billion in revenue from the sale of real estate the same month. This was around four times more than for the same month the previous year.

Mr Çavuşoğlu also denied reports that the lifting of the ban had led to Israeli citizens had buying land from Turkey’s Southeastern Anatolia Project (GAP) area, which was aimed at helping residents in Turkey who lived in the region.

Here at Oceanwide Properties we specialize in selling property in the coastal regions of Fethiye, Kalkan and Antalya and are happy to provide information and advice in investing in any of these areas, as well as others nearby.

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