Hurriyet - Turkey will be issuing residence permits to foreign investors buying property in Turkey, the country’s Environment and Urbanization Minister, Erdogan Bayraktar, told reporters at the MIPIM real estate fair held in Cannes, France.
“We are working on residence permits for up to a year to be granted to foreign property buyers in Turkey.”, Bayraktar said about the upcoming amendment to the law governing the residence and travels of foreign nationals in the country. The current law gives foreigners the right to stay for 90 days without a residence permit.
Over 11,000 real estate purchases were made by foreign investors since the lifting of the reciprocity principle, Bayraktar said, adding that some 8,000 of the purchases were housing units. “We aim to double that number in 2013.,” noted Turkey’s Minister of Environment and Urbanization Minister. The Turkish parliament passed the bill easing limitations on foreign property ownership in the county last year, opening Turkey’s real estate market to investors from Russia, the Gulf countries and Turkic republics.
Turkey is the Country of Honor for this year’s MIPIM expo, with Turkish 28 exhibitors showcasing their projects to real estate investors from all over the world.