A recent announcement by the government unveiling preparations for new regulations that could grant foreign investors legal residency and possible Turkish citizenship is being welcomed by the real estate sector, which expects it to generate $200 million in new cash flow.
The new regulation, which is slated to include foreign real estate investors under the condition that they purchase real estate in Turkey that surpasses a predetermined amount and is retained for a minimum of five years, was evaluated by representatives from the real estate sector who spoke to Anadolu Agency (AA).
The chairman of Coldwell Banker Turkey, Gökhan Taş, stated that the real estate sector has the highest potential in terms of foreign currency sources not including exports. Emphasizing that similar regulations have been implemented successfully in countries like Spain, Portugal and Greece where more than 2 million pieces of real estate were sold to foreign investors, Taş said that Turkey has even greater potential than its predecessors for achieving a higher number of sales. He indicated that Turkey's economy has seen a high growth rate in recent years, signaling significant value potential in the only country in the region regarded as a safe haven with a strong real estate sector despite the regional conflicts causing chaos in neighboring countries.
Drawing attention to the other positive effects the proposed regulation would have on the economy, Taş pointed out that foreign investors will be able to establish commercial ties in the country, while travelling across Turkey, utilizing medical and educational facilities in Turkey, thus making the estimated potential benefit of this regulation even higher.
As a result of the new proposed regulation, Taş said that Turkey has the potential to sell roughly 2 million real estate properties, adding that an inflow of $200 billion is a realistic expectation considering that houses are currently sold at a market value of approximately $100,000.