Ziya Yılmaz, the Chairman of the Board of Directors of DAP Yapı, has suggested a fund to increase the sales of residential properties to foreign nationals. Yılmaz said that, with this suggestion, the sales of properties to foreigners could increase to 20 billion dollars a year.
6.7 million residential properties are to be modernized in 20 years in Turkey with the amount of money to be spent for ‘urban transformation’, which is its biggest and longest term project, being in excess of 800 billion liras. In order to ensure that the resources of the Turkish private sector are not insufficient to meet the close to 20 billion dollars of resources a year, the address is foreign investors. An important suggestion has been made by Ziya Yılmaz, the Chairman of the Board of Directors of DAP Yapı, in order to increase the amount of property sales to foreigners, which is currently at around 4,5 billion dollars a year. Yılmaz has said that property sales to foreigners could rise to 20 billion dollars a year. Yılmaz stated that in order to achieve this, 20-30 large real estate companies first of all needed to set up a joint fund, while also saying that awarding citizenship to foreigners would increase property sales too. Yılmaz, who evaluated the sales of properties to foreigners in Turkey and the suggestions of the sector stated that the sales of residential properties to foreign nationals were still at very low levels and said as follows:
We need to set up a fund
“There is a formula to increase the sales of properties to foreigners to 20 billion dollars a year. Let us set up a fund or directorate led by the Ministry for the Environment and Urbanization, the Ministry for Tourism, TOKI, Emlak Konut and 20-30 large real estate developers. This should work both towards the presentation of Turkey and a structure which centralizes the sales of properties to foreigners. If we establish a fund or a directorate with a marketing budget and place a map of the world in front of us, how many countries could buy property? How many countries could travel to us for tourism? We can organize campaigns in those countries – for instance, where does Saudi Arabia like? The Black Sea. We can promote that region to them. We can promote the Aegean to the British, and Antalya to the Russians. 20-30 large developers, like us, can strategically present their projects in these countries while at the same time promoting the country and bringing clients from these countries. This will take us from 5 billion to 20 around 20 billion dollars in 3-5 years.”
A government policy is needed
Yılmaz stated that the sales of properties to foreigners was not something to be left to the flow and that the required results could only be reached as a result of systematic work, and said, “In order for us to be able to receive a share from the cake in the world property market, we most definitely need to work in a more planned and strategic manner. We need to act with more awareness. So far, only three or five companies are trying to market themselves abroad. Countries such as the USA, Hong Kong, Spain, Italy and Dubai have turned this into a strategy. This has become government policy in those countries. What I am saying is that we should make this government policy here too. If the government, the producers and consumers look at it in this way, then it will be beneficial.” Yılmaz, who said, “We will elaborate on this study and forward it to the necessary Ministries,” stated that the fund or organization he was proposing would also act as a route map to investors who wanted to buy properties.