Turkey’s ‘Golden Visa’ pledge heralds bright future in 2016 for property market

Turkey’s ‘Golden Visa’ pledge heralds bright future in 2016 for property market

  • Turkish Minister of Economy announces country is to grant citizenship to foreigners who invest in property market
  • Number of overseas buyers in Turkey grows by 19% from January to September, compared to same period in 2014; 26.1% in Istanbul (Turkstat)
  • Newly launched 7th Avenue project already welcoming great overseas interest (Universal21)

A groundbreaking announcement by the Turkish Minister of Economy has revealed that the country looks set to follow in the footsteps of Portugal and Cyprus and launch its very own ‘Golden Visa’ scheme, a move that could revolutionise the Turkish property market.

Minister Nihat Zeybekci has stated the intention by Turkey to grant citizenship to those foreigners who impart a certain level of investment in the country’s property industry, suggesting levels of investment would be around the $500,000 to $1 million mark. With the success of the 2012 launched Portuguese Golden Visa scheme bringing in €1.47 billion of investment, €1.33 billion of which was via property purchase, in less than three years, it is easy to see why this would be a welcome move for the country.

Compounding the notion that the nation is focussed on expanding the already flourishing property market, the government has now made their intention to expand overall foreign investment clear, aiming to take figures to groundbreaking $10 billion levels. The knock-on effect of the proposed scheme to the sector and those who operate in it, as well as to the country’s coffers as a whole, is clear and one that has been welcomed by leading property agent, Universal21.

Adil Yaman, Director of the largest management company based in Istanbul, explains,

“Turkey, and the country’s biggest city of Istanbul, is widely lauded as a cultural melting pot and this is certainly – increasingly – the case in the property market. In recent years growing numbers of external buyers have looked to purchase property in this wonderful country, and the exciting new announcement by the Minister looks set to escalate this to impressive levels in 2016.

“Benefitting individuals looking to purchase in a growing market, providing welcome advantages alongside their property purchase, as well as the economic benefits for Turkey as a whole, this is a positive move from the government for a country open to, and welcoming of, foreign investment.”

And this is already being reflected in the current levels of foreigners buying in Turkey. The most recent figures released by the Turkish Statistical Institute (Turkstat) have shown that such sales grew by 19% from January to September this year, compared to the same period the previous year. Impressive gains by anyone’s standards, there are certain locations even within the country that are witnessing far greater growth levels.

September saw Turkey’s largest city of Istanbul overtake Antalya as the top Turkish location for house sales to foreigners, registering a growth of 26.1% from January to September 2015, compared to 2014 figures.

Universal21 are providing new projects in response to this growing demand in the city for high quality, affordable housing. Having just launched their new project, 7th Avenue, the leading agent is already seeing impressive interest levels. Situated in the middle class neighbourhood of Old Beylikdüzü, in close proximity to local amenities and restaurants, a 20 minute drive from Ataturk international airport, a short drive from the beach and a 10 minute walk from the area’s major shopping centre, Marmara Park, 7th Avenue is perfectly located.

Comprised of 13 floors of 260 beautifully designed apartments, with a choice of studio, one, two and three bedroom apartments available, there is also an array of facilities that include 24 hour security, a fitness centre including spa, hamam and gym, an outdoor swimming pool, tennis and basketball courts. All apartments are offered with a universal21 guarantee of their unique superb rental management package.

Studios are keenly priced from £30,000 / $51,000, one bed apartments are priced from £44,500 / €71,000, and two bed apartments from £62,000 / €104,500. These are pre-launch prices and are 20% discounted from current price list which is to be implemented from the beginning of the New Year.

For more information about Universal21, visit www.universal21.com or call 0203 287 8700.