Real Estate

One of 2 foreign residents in Turkey lives in his owned house

According to the research of Nevita, a real estate sales company to foreigners, nearly half of more than 1.5 million foreign residents in Turkey live in their own homes.

Speaking to Anadolu Agency (AA) regarding the results of the research, Nevita Chairman Faruk Akbal stated that the Reciprocity Law, which was a turning point in real estate sales to foreigners, entered into force in 2013 and there was a rapid acceleration in this area.

Akbal stated that since January 2013 the number of houses foreigners bought from Turkey reached 216 thousand. He said that housing sales to foreigners, which was 12 thousand per year in 2013, exceeded the annual average of 40 thousand in the last 3 years.

Akbal said that Turkey now is competing with countries preferred by foreigners such as Italy, Spain, and France. He stated that foreigners who buy housing prefer Turkey for both investment and residence.

Akbal, “According to TUIK’s latest data, the number of foreign residents in Turkey is 1 million 531 thousand. If we take the average population living in households in Turkey as 3.3, we can say that around 750 thousand foreigners live in these 216 thousand houses. In summary, one of the 2 foreign residents in Turkey lives in his own house information is one of the results of our research.”

“Citizens of Iranian and Iraqi nationality mostly buy for residence”

Nevita Chairman of the Board of Directors Akbal said that in recent years, 50 thousand bends have been approached annually due to reasons such as citizenship incentives, high exchange rate, the attractiveness of real estate investment, prices of houses in Turkey compared to Europe and similar countries.

Akbal stated that the number of housing sales to foreigners, which was 45 thousand 483 last year, was expected to be around 40 thousand this year due to the epidemic, Akbal made the following evaluations:

If we take look at the nationalities that bought the most houses from Turkey, Iranian and Iraqi nationalities are at the top of the list. We know that the citizens of these two countries, which are by far the leading ones, mostly buy for residence. In addition to these two countries, the citizens of the Middle East are also predominant. As you know, families in these countries are usually crowded. That’s why we think the figure could even be higher.”

Akbal stated that Istanbul is the leading city where foreigners buy housing the most, and Antalya is followed by Istanbul, and in addition to Ankara, Bursa and Yalova, Black Sea provinces such as Samsun and Trabzon have come to the fore in recent years.

“The number of citizenships exceeded 7 thousand”

Faruk Akbal emphasized that after the amendment made in 2018 in the Regulation on the Implementation of the Turkish Citizenship Law, the demands in this area have increased very rapidly and said:

“7 thousand 312 people from 93 countries, including the Caribbean countries such as Saint Kitts and Nevis, Antigua, and Barbuda and island states such as Tuvalu and Vanuatu, received citizenship for ₺250 thousand. The right of citizenship was reduced from $1 million to ₺250 thousand on September 19, 2018. When the law validated the $1 million requirement, 70 people received citizenship. After September 19, the number exceeded 7 thousand. Iranians, Afghans, and Iraqis received the most citizenship.”

Source: AA / Translated by Bazaar Times Team

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