Over the past year, the topic of banning the sale of housing to foreigners has been actively discussed - under the pretext that buyers from abroad are allegedly to blame for the sharp increase in prices for apartments and houses. As a result, the local population can no longer afford their own housing.
Nevertheless, just the other day it became known that the relevant bill - the opposition's proposal to "control the acquisition of property by foreigners in Turkey" (in fact, to block such an opportunity for them, at least for a while) was rejected following a discussion in parliament.
The mentioned proposal did not receive support for the reason that the importance of the influx of foreign investments into the country has once again been proved. "In 2021, people from 153 countries came and bought real estate in Turkey," one of the ministers stressed. "Even at the height of the pandemic, when none of us Turks risked sticking our heads out the door, a man came from Sri Lanka and bought a property in Amasya". That is, there is a significant help to the economy even in the most difficult periods for the economy.
Moreover, the assumption that foreigners are allegedly buying up all available real estate is fundamentally wrong. "Citizens of 184 states have the right to buy houses in the Republic of Turkey. In our country, the acquisition of property by foreign individuals is limited by law and cannot exceed 10% of the area. In total, no more than 30 hectares of real estate can be purchased for one person".
So, foreigners still buy no more than is allowed. At the same time, they close the current account deficit in Turkey with their deals, significantly supporting the construction industry.
Recall that the sale of housing to interested parties from abroad in 2022 increased by 15.2% compared to 2021, reaching 67,490 transactions. Well, the minimum financial limit for "citizenship by investment" rose a year ago from $250,000 to $400,000. The injections into the budget are obvious.
So, those who want to invest in Turkish real estate have nothing to fear yet.
The other day we wrote that Turkey surpassed 59 other countries in terms of price growth, and the annual increase in rental rates in key cities reached 180%.