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Turkish law on foreigners and international protection
The migration policy in Turkey is regulated by the Law on foreigners and international protection which was adopted on April 04, 2013.
This law covers the following topics:
- crossing the state border of Turkey by foreigners (document requirements for passport, visa and residence permit);
- terms and conditions of visa and visa-free staying in the country, the documents required for getting visa (insurance, bank account statement, etc.);
- conditions of the shot-term staying for getting a residence permit for education, treatment, work and humanitarian purposes;
- conditions of residence for stateless persons;
- terms on getting a permanent residence permit;
- status of persons who are internationally and temporary protected, their employment and state financial support;
- citizens subject to deportation, terms of challenging of this decision, restriction of the right to enter the country.
Besides the issues of the foreigners' legal status and the features of residence in Turkey, this law contains the information on the authorities which regulate the migration policy in the country. The information on these authorities, their functions you can find in the attachment.
Contact our specialists if you need some legal advice or assistance. Dial +44 (122) 368 00 02.
Housing market in Turkey: development trends in 2016
Description: Development trends of housing market in Turkey in 2016. Here you will find real estate analysis and information on the latest trends of the Turkish property market.
Turkey is known as one of the most attractive countries for investors and real estate buyers. This fact is proved by the data of the recent real estate analysis published by the Turkish Institute of Statistics (TÜİK).
The recent researches show that the number of housing sales has been growing stably and actively. According to the January report of Statistics Institute, 142 599 houses were sold in Turkey in December 2015. This number is 5,9 percent more comparing with the same month in 2014. And the Turkish researchers note that the number of sales will continue to grow in 2016.
The number of mortgage property sales decreased by 6.6 percent and became 40 283 while the other types of real estate sales increased by 11.8 pc comparing with the data of the previous year.
First sales reached 74 032 which is almost 20 percent more than the previous year. And resales increased by 13 percent and amounted to 68 567.
Foreigners prefer Turkey
The number of foreigners who buy Turkish real estate also continues to grow constantly. It increased by 20.4 percent and became 22 830 in 2015. According to data provided by Antalya Today and the TÜİK, the most popular destination became Istanbul (7 493 houses), Antalya province is on the second place (6 072 houses). Then come Ankara and Bursa followed by Yalova.
Buyers. Who are they?
According to the real estate market reports, most of the properties were bought by Iraqis (4 228). The residents of Saudi Arabia are on the second place (2 704). They are followed by Kuwait residents (2 130) and Russians with 2 036 real estate sales. And then comes the UK – 1 054 Britons purchased housing in Turkey. Germany, Sweden, and Norway are also popular European countries who buy Turkish property.
Foreign nationals who buy property in Turkey
Prospects of the foreign property sales in Turkey
Experts say that every year foreign citizens buy about 25 thousand Turkish housing options. And the specialists think that the number of properties can be easily increased by 60 thousand options. To get such results it is needed to create conditions which will attract maximum clients who are willing to buy a house in Turkey in order to live or to go on holidays there but not to resale it.
Moreover, the specialists note that the expansion of the sales geography and the property price range will also help to attract more clients. It is important to make the areas within Istanbul, for example, Izmir, Bursa, Kayseri attractive too – to create more employment options, to develop facilities.
Turkey needs investments
The Turkish government is planning to increase the foreign investment flow by giving right to foreign companies to finance local property construction. It is expected that the foreign investors will make a fund which will give money for housing construction. However, the overseas investors will get this right only if they accept new standards of reserve funds and risk management.
According to the experts, this law will make the housing market more transparent and secure for foreign investors which will let them invest their money into Turkish property.
What are the real estate prices in Turkey?
The prices of Turkish real estate are constantly growing. The last year wasn't an exception. The Global House Price Index says that Turkey is on the second place following Hong Kong. According to the Global Index, the Turkish property prices increased by 18.6 percent.
Countries with the highest property price growth rate
This constant growth of property prices caused by excess of demand over supply shows that the Turkish property market is developing steadily and that foreign buyers are interested in this market.
Experts expect that in 2016 real estate prices in Turkey will continue to increase as well as consumer demand.
In these circumstances, it is important for a foreigner who is going to buy property to find a reliable real estate agent or a developer. The “Multivilla” Company has been working in the housing market for many years and our business reputation guarantees high-quality services and favorable real estate prices.