Turkey plans to introduce its own Golden Visa program where investment immigrants will be granted citizenship upon making property investments of €500,000 to €1 million in the country. With Portugal’s Golden Visa attracting FDI worth €1.33 billion into its real estate sector, Turkey too is planning to leverage its attractively-valued property market to attract foreign investment.
Overseas interest in Turkey’s real estate market is rising with data indicating a 19% jump in real estate purchase by foreign buyers in the first nine months of 2015 as compared to the first three quarters of the previous year. Istanbul is the most popular destination for foreign property investors with number of residential sales to foreigners rising by 26% in the first nine months of 2015.
Real estate agencies and brokerage firms are welcoming the move. According to them, Istanbul’s cultural diversity, attractive valuations, introduction of investor-friendly policies, and the economic benefits of the Golden Visa program for Turkey will give a fillip to the country’s property sector in 2016.
The government has set a foreign investment target of $10 billion for the real estate sector. Turkey continues to attract tourists in large numbers despite the geo-political tensions affecting the region. Further, the growing domestic economy has led to significant wealth creation, which, in turn, has contributed to the real estate boom in the country.
The Turkey Golden Visa program is likely to attract non-EU immigrants seeking fast-track residency and citizenship of the European Union.
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