How Mideast turmoil boosts Turkey’s housing market
Turkey enjoys a significant increase in real estate purchases by foreigners, but other foreign direct investments are on the decline.
When foreign capital flows to Turkey began to slow down after 2015, Ankara came up with the idea of citizenship perks. A regulation published in the Official Gazette in January stipulated that foreign nationals who make an investment of at least $2 million in Turkey or buy a home worth at least $1 million and keep it for at least three years would be awarded Turkish citizenship without any other conditions. The regulation covered also those who create at least 100 new jobs or deposit at least $3 million in banks in Turkey for at least three years or purchase government bonds worth at least $3 million and keep them for at least three years.
Since then, the greatest impact of the citizenship benefit seems to have been on realty sales. If foreigners continue to buy at the same pace by the end of 2017, Turkey may well close the year with a record in this sector.
