50 thousand houses will be sold to foreigners with the promise of sale contract
Foreigners who promise to buy 250 thousand dollars of property from Turkey, will now be granted citizenship. With this desicion, 50.000 new houses with a total value of 10 billion usd, are expected to be sold to foreigners.
The promise of the sale of the real estate will be valid in the application of foreign citizens to acquire Turkish citizenship for the purchase of 250 thousand dollars real estate.
Nazmi Durbakayım, the Chairman of the Board of Builders (İNDER) stated that, with this arrangement not only finished projects, but also the projects under construction will be sold to foreigners.
Nazmi Durbakayım said, “Normally, there is a deed requirement for foreigners to buy real estate. With this arrangement, a notary agreement will be sufficient. So next year, 50 thousand households will be sold to foreigners. So we can sell 10 billion dollars a year.”
Will not be transferred for three years
According to the regulation on the application of the Turkish Citizenship Law, which is included in the yesterday’s issue of the Official Gazette, Notary contract for the sale of the house and the annotation of the contract to the land registry with a commitment that the house cannot be transferred for three years period, will be sufficient for the acquisition of citizenship.