Turkey is one of the strongest and most stable economies in the world, and its property market is also experiencing strong, stable and sustainable growth, so it is easy to understand why more and more foreigners are looking to buy property in Turkey.
But Turkey isn’t resting on its laurels, it has recently taken major steps to attract more foreign property buyers. First it removed the reciprocity clause from property law, which had previously prevented buyers from dozens of countries from being allowed to buy in Turkey. The government then published a new list of nationalities allowed to buy, adding 94 to the previous list taking the total to 183, including Russia, China and the Gulf States.
In the latest move foreigners will be granted a one year resident permit when buying a property, up from 3 months according to new legislation on the Law of Foreigners and International Protection said an announcement in the Official Gazette.
Residence permits have been the main hurdle for foreign buyers who plan to buy property in Turkey. According to previous regulations, foreigners can stay in the country for a maximum of three months on a tourist visa, after which time they must leave the country for another three months before returning. The process to obtain a residence permit can also be exhaustingly long.
This new regulation should be promoted to foreigners, said Yusuf Hızarcıoğlu, the Turkey representative of the ninth International Property Show that will be held in Dubai between April 30 and May 2. Hızarcıoğlu said they would notify participants about the change in residence permits to participants looking to purchase real estate in Turkey.