Milliyet - Foreign investors in one of Europe’s most promising real estate markets, Turkey, now have a right to obtain a residency permit, regardless of the price of the property acquired.
Following the recent revision in the law governing residency rules and regulations for foreigners, property buyers from other nations are granted a year-long residency permit that could be extended indefinitely if the individual remains in the possession of the property acquired in Turkey. Foreign nationals were previously allowed to stay for 90 days without a residency permit.
Published in Turkey’s Official Gazette, the extension of residency permits is expected to attract more real estate investors to Turkey, which is already seeing a boom in property sales to foreigners after the lifting of the reciprocity principle that limits property ownership by foreigners last August.
The country has also been praised in a number of industry reports and analysis. The Emerging Trends in Real Estate Europe 2013 report by PricewaterhouseCoopers (PwC) and the Urban Land Institute (ULI), points to Istanbul’s potential for new investments in developments, ranking the city first in ‘Development Prospects’. Another recent report, “The “European Real Estate Assets Investment Trend Indicator 2013” from the consultancy company Ernst & Young, has ranked Turkey the second most attractive market in Europe for real estate investors.
Real estate purchases by foreigners reached a total of USD 2.6 billion in 2012, a rise of 31 percent from the preceding year.