The legislation increasing the duration of the residence permits of foreign nationals to 1 year, which had been announced in March at the MIPIM Exhibition by Assistant Prime Minister Ali Babacan, has become law after being published in the White Paper. This, together with the Reciprocity Legislation, paves the way for foreign nationals to be able to buy property in Turkey.
Comments on Residence Permit by some of the Leading Names in Turkish Real Estate Sector
Nazmi Durbakayım, Chairman of Teknik Yapı Holding:
“I believe, based on the size and duration of real estate investment in Turkey, more incentives, such as residence permissions being even greater than one year, and, even citizenship should be available. Together with this, the questions that foreign investors have, such as about changes in the Zoning Plan, or the permanence of the undertakings given, also need to be resolved.
Ziya Yılmaz, Chairman of the Board of Directors of DAP Yapı
“Turkey has grown at record levels in the last 10 years, and become a superstar country in the world. As Turkey has not been affected by the global crisis by as much as Western European countries, the attention of the world has become focused on us. While the indicators suggest that Turkey is the investment country of the future, it is being viewed as a certainty that our country will reach a completely different point with the vision of 2023. There will undoubtedly be some activity in the property market due to the Law on Reciprocity. What is important here is to see property as an investment vehicle and developing marketing arguments in accordance with this. I believe that a wide scale marketing operation led by the state needs to be carried out in this respect. A marketing campaign which includes the Ministry of Tourism, the Ministry for the Environment and Urbanization and the large property developers will ensure that our country becomes better known overseas, and will draw new investment to our country.”
Erdinç Varlıbaş, CEO of Varyap
“The sale of real estate to foreign nationals, for which the way was cleared by the Law on Reciprocity, will increase even more with the law on extending the duration of residence permits. The world has been in turmoil in the last few years. Many people see Turkey as being a safe haven, and that is why they want to invest here, and to live here. Under the new law, foreign nationals will not only just buy real estate here; they will also start to live here. We do not have any difficulties with regard to sales, but we can also say that the pace of sales will rise yet further with the new law.”