ISTANBUL, October 29, 2018 /PRNewswire/ --
With a regulatory amendment passed in September, the minimum amount of capital investment required to obtain Turkish citizenship was lowered from $2 million to $500,000 while the lower limit for granting citizenship to foreigners that buy real estate was also decreased from $1 million to $250,000. It has been a month since the amendment has been passed, and according to data gathered by Antalya Homes, the leading international real estate agency in Turkey, residence sales to foreigners increased a record-breaking 151.1% year-on-year since last September. In Turkey, which allows dual citizenship, half of the residences sold to foreigners in the first nine months of 2018 was purchased by citizens of Middle Eastern countries, and particularly those of Iraq, Iran, Saudi Arabia, Kuwait, Jordan, Egypt, Qatar, and Yemen.
Foreigners that intend to buy property in Turkey, which offers visa-free entry to citizens of 102 countries, prefer mostly Istanbul, Antalya, Bursa, Yalova, and Trabzon. Antalya Homes, which has helped thousands of people from 74 different nationalities buy homes in Turkey since 2004, offers foreign nationals full support through the entire real estate purchasing process with its Istanbul Homes, Trabzon Homes, and Bursa Homes brands. If requested, the company also assists the buyers in executing purchasing transactions through power of attorney and carries out all citizenship procedures.
Bayram Tekçe, Chairman of Antalya Homes explained that the Middle Eastern countries are significant for property sales. He answered the most frequently asked questions with his 15 years of experience in the sector: "Turkey does not require purchasing one single residence or land for citizenship but allows buying multiple properties amounting to at least $250,000 in total. The property deeds bear an annotation that they cannot be sold for three years, while the owners, their spouses and minor children can finalize citizenship procedures in approximately 12 months. I want to share a positive development about Syrian citizens as well. Turkey started working on how to enable Syrian citizens to buy property here. We at Antalya Homes communicate our recommendations to the authorities about facilitating citizenship procedures. Middle Eastern countries are especially important to us. For all your questions about obtaining Turkish citizenship, please visit the website of Antalya Homes at https://www.antalyahomes.net/citizenship-in-turkey."
SOURCE Antalya Homes