Real Estate in Turkey Turkish Citizenship for Only 250.000 USD Real Esta | Page 3

According to a report by İş Bank, the figure foreigners paid for houses in Turkey last year soared
by 19.4 percent to $4.6 billion.
"The citizenship incentive by the government as well as the value-added-tax
[VAT] exemption had an impact on the revenue increase of 20 percent we experienced last year.
However, the important thing is that Turkey is increasingly becoming a shining center between
Europe and Asia. Those who projected this are maintaining their investments despite all the
adverse economic conditions," said Akbal.
Akbal also emphasized that while they had a turnover of TL 6.5 million ($1.7 million) in 2014,
they increased this figure to TL 34 million last year. In 2017, Akbal added, they aimed to carry
out sales of TL 120 million, but they actually made sales of TL 150 million. He also said they sell a
house for TL 650,000 on average.
In 2017, foreigners acquired 4,000 houses more than they did the previous year.
"This is the potential I am talking about. Despite all the negativity around us, the interest of
foreigners in Turkey is gradually increasing," he said.
Recalling that 12,000 houses were sold in 2013 when the reciprocity law was enacted, Akbal said
the number has almost doubled following this law.