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What changed in the Turkish property market in June?

What changed in the Turkish property market in June?

The situation in the Turkey's property market is undergoing some changes from month to month. The total number of housing sales in June decreased by 13% comparing with May 106 187 housing options were sold in a month. As for property categories, the ratio between new houses and secondary housing remained the same: more houses were sold in the secondary market, their share in June became 54%. And as for means used to buy property, the number of people used mortgage loans decreased by 10.2% comparing with the previous year.

Sales of apartments in Turkey to foreigners decreased by 5%. They bought approximately one and a half thousand dwellings in June. For the first time in many months, Russians became the second among foreign property buyers. They bought 114 homes. Iraqis took the leading position as it was earlier. In June they bought 214 housing options. The top-5 also included Saudi Arabia with 112 homes, Kuwait with 110 homes, and Afghanistan with 107 homes.

The third part of dwellings was bought in Istanbul (507 houses). Antalya was a popular destination, as well, 381 persons became the residents of this province. Mersin, Aydin, Bursa were also included in the top-5 regions.

How will the foreign labor force law help non-residents to get a job?

The new law on foreign labor force was adopted on July 28. The government expects that this law will attract qualified specialists and investments in the country.

When issuing a turquoise card, the priority will be given to qualified specialists with work experience and high potential, so they could contribute to science and development of technologies. Besides, people who will buy property (flats) in Turkey and get a residence permit will be able to receive a permanent work permit as well as people who have already had work permit for more than eight years.

Applications to turquoise cards will be reviewed by the new International Labor Force Policy Council.

It is worth noting that in the first six months 38 000 foreigners received work permits. Now let's see if the number of working foreigners will increase.

Can one inherit a villa in Turkey?

This issue may probably arise when an apartment, a house or a villa in Turkey by the sea has become your own property. You can find the answer in the Turkish Inheritance law which tells that property and all belongings will be inherited. You only need to meet several conditions.

The main point if your country is in the principle-of-reciprocity list. The residents of such countries will come into inheritance for a very short period. As right after inheriting the property, they will have to sell it. Even if they try to avoid it, the state will do it instead of them. Residents of the countries where Turks can buy property become rightful property owners after coming into inheritance.

You do not have to provide a will to inherit property. You just need to make an application in the Tapu office and provide identity documents and documents confirming the relationship to you (they should be translated and apostilled).

The other important point is that within 10 years after a testator's death heirs can make a vindication claim if they think that their rights were violated.

Buy property and become a Turkish resident: a new law

The fact that buying an apartment in Turkey will simplify the process of applying for citizenship has been discussed since the end of 2015. The Turkish government decided to give citizenship to those foreigners who buy property in this country of a certain cost. Originally the sum was 500 thousand dollars.

Now they returned to this issue in order to push the adoption of this law forward. It is expected that the threshold property cost that will give a right to get citizenship will be reduced. Nihat Zeybekci, the Minister of Economy in Turkey, noted that the legal framework would have been ready by 2017.

If you are interested in getting Turkish citizenship, buy property in Alanya or Antalya and you will get your own home on the Mediterranean coast.

Where to go in Antalya?

Now this question can be answered without any hesitation. The largest thematic park in Turkey was opened. Its name is Land of Legends. Today it is very easy to rent an apartment in Antalya and stay there for several days and visit this unique and mysterious place.

Its area is 639 thousand square meters, pretty close to the sea which attracts plenty of families to spend their free time and have fun. Here you will find various educational and shopping facilities, luxurious accommodation and even a theater. Children will enjoy the special Kingdom hotel which offers fairy tale rooms, cafe, Spa and fitness center.


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