Foreigners buying homes in Turkey now granted residence permits
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Turkey is considered to be one of the most promising real estate markets in Europe. It is now reported that Turkey has started to issue residence permits for foreigners who buy homes in this country. This right to obtain residence permit is granted regardless of the price of the property acquired.
Turkey has recently revised the law governing residency rules and regulations for foreigners buying homes in Turkey. Based on the new version foreign subjects who buy homes in Turkey will be granted a year-long residency permit – to be extended indefinitely if the individual remains in the possession of the property acquired in Turkey.
Earlier, foreigners in Turkey were allowed to stay for 90 days without a residency permit.
The new version which has been published in the Official Gazette targets to attract more real estate investors to the country. Turkey seems to be enjoying a considerable demand in regards especially after the lifting of the reciprocity principle that limits property ownership by foreigners, last August.
Following the recent revision in the law governing residency rules and regulations for foreigners, property buyers from other nations are granted a year-long residency permit that could be extended indefinitely if the individual remains in the possession of the property acquired in Turkey.
Published in Turkey’s Official Gazette, the extension of residency permits is expected to attract more real estate investors to Turkey, which is already seeing a boom in property sales to foreigners after the lifting of the reciprocity principle that limits property ownership by foreigners last August.
Turkey & Istanbul have been referred to as a profitable spot for real estate investment by some prominent establishments such as PricewaterhouseCoopers (PwC) and the Urban Land Institute (ULI). Moreover, Ernst & Young has ranked Turkey the second most attractive market in Europe for real estate investors in its report named “The “European Real Estate Assets Investment Trend Indicator 2013”.
It is reported that real estate purchases by foreigners reached a total of USD 2.6 billion in 2012, which corresponded to a rise of 31 percent, annually.
15.04.2013
SOURCE: MEDIA
