Foreigners purchasing more Turkish property
Eager to lure foreign exchange, Ankara has slashed the financial criteria for foreigners to become Turkish citizens. But the increase in property sales to foreigners is already a worrying omen to many.
Scrambling to lure external funds to ease its currency woes, Ankara has sharply lowered the criteria for foreigners who win the right to Turkish citizenship by purchasing real estate in the country. According to a Sept. 18 presidential decree, the $1 million threshold for such purchases was lowered to $250,000.
The 75% “discount” came atop the dramatic slump of the Turkish lira, which has lost nearly 40% of its value this year. This means a double advantage for foreign property buyers who wish to obtain Turkish citizenship. Ankara’s move aims to increase the flow of foreign exchange into Turkey and prop up the housing sector, which is sagging after an unprecedented boom.
