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Foreigners purchasing more Turkish property

Eager to lure foreign exchange, Ankara has slashed the financial criteria for foreigners to become Turkish citizens. But the increase in property sales to foreigners is already a worrying omen to many.
Makeshift tents of Syrian refugees are seen in a wooded area in central Ankara October 5, 2013. Some 150 Syrians, mostly from villages near Syria's Aleppo, prefer to settle in the central Turkish capital instead of refugee camps run by the Turkish government. According to the families, this allows them to work as daily workers. Most of them collect plastic and paper garbage from the trash cans of buildings for recycling and sell it to make money. REUTERS/Umit Bektas (TURKEY - Tags: SOCIETY IMMIGRATION POLIT
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Scrambling to lure external funds to ease its currency woes, Ankara has sharply lowered the criteria for foreigners who win the right to Turkish citizenship by purchasing real estate in the country. According to a Sept. 18 presidential decree, the $1 million threshold for such purchases was lowered to $250,000.

The 75% “discount” came atop the dramatic slump of the Turkish lira, which has lost nearly 40% of its value this year. This means a double advantage for foreign property buyers who wish to obtain Turkish citizenship. Ankara’s move aims to increase the flow of foreign exchange into Turkey and prop up the housing sector, which is sagging after an unprecedented boom.

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