Turkey could sell $10 bln worth properties to foreigners if citizenship granted to buyers: Firms

Gülistan Alagöz - BAKU

Turkish real estate companies have said they could sell a minimum of $10 billion worth of property to foreigners if citizenship or residence permits are offered to foreigners who buy houses in the country. 

Sector representatives at a real estate fair in Baku voiced their satisfaction with a number of steps taken by the government to entice more foreigners into the property market, while adding that it was now time to take larger steps. 

Noting that a total of 23,000 properties had been sold to foreigners last year for around $5 billion, Emlak Konut Real Estate Investment Company (REIC) CEO Murat Kurum added: “If citizenship is granted to foreigners who buy property in Turkey, our sector may reach $10 billion at least in sales to them.” 

Top Turkish officials have previously said the cabinet was set to offer citizenship to foreigners who buy a number of properties in Turkey, although it is still unknown whether foreigners who buy property in Turkey will be offered citizenship soon.

Turkey offers foreigners who own immovable property in the country a one-year residence permit.

Speaking on the sidelines of the RECEXPO International Real Estate and Investment Fair, to which a total of 15 Turkish companies attended, Kurum said Turkey had shown how safe a haven it was after the July 15 coup attempt, 

“We need to tell investment opportunities in Turkey in our neighbors. In this vein, our sector launched a comprehensive promotional campaign abroad, mainly in the Gulf countries, a couple of years ago. It is now time for us to add the Caucasus and Turkic republics to these regions,” added Kurum. 

Kerem Hasanov, Azerbaijan’s property affairs minister, also invited Turkish companies to invest in real estate development and construction projects in Azerbaijan.