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Assistant to the Turkish Prime Minister for Economy Mehmet Şimşek made a statement on the eve of the need for the law, according to which real estate in Turkey by foreign investors should at least have the right to a long residence.
«If Turkey will start issuing long-term residence permits and work permits for foreign property owners is significantly increase all market indicators. Last year, foreign investors’ contributions to the Turkish real estate amounted to about $ 5 billion. If the new law is passed, this year investment will grow at least twice «- Mehmet Şimşek said.
Chairman Trusts Association of Real Estate Investment Aziz Torun, commenting on the news, recalled that, at the moment, foreign owners of property in Turkey can get a residence permit for one year with an option to extend. According to him, if Turkey will issue a residence permit to foreigners long, and after a certain period of tenure, and citizenship, foreign investors will feel more confident. Aziz Torun noted that the practice of issuing long-term residence permit, provided certain size of investments in real estate of the country, successfully practiced in Europe. He suggested that in Turkey the necessary volume of investment can range from $ 500 000 to a million dollars,