Thursday, 6 March 2014

Foreigners have $25 billion worth real estate in Turkey

While the total worth of property sales to foreigners has reached $25 bln during the AKP era, this corresponds to only 13 percent of foreigners’ tourism spending and 2 percent of exports


Turkish design villas in Antalya, Turkey for sale

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The founding cadre of the Republic of Turkey was not exactly fond of foreign capital. It was believed that the role of the imperialist games was central in the collapse of the mighty Ottoman Empire. In the 1930s, they started business by removing the concessions such as in ports, telephone, gas and railroads granted to foreigners and taking over the establishments. Foreign capital legislation was quite conservative and the republican cadre was extremely shy in the usage of foreign debt from Western countries. One would not at all expect such a cadre to sell immovable property to foreigners or tolerate the sale of land, house or buildings. As a matter of fact, this strict legislation continued until the 2000s.

The Justice and Development Party (AKP) government that came to power in 2002 tried frantically to prove itself to everybody, both domestically and internationally, on neoliberal matters. It absolutely did not restrain itself in privatization projects and it liberalized the relevant legislation on the sale of real estate to foreigners in 2003. Well, what happened then? Were the sales of property as high as expected?

Worth $25 billion 

In 2003, the year after the AKP came to power, the amount earned from sales of real estate to foreigners was below $1 billion. In the following years, and after the changes in the legislation facilitating sales, this figure went up and in 2013 it reached $3 billion sales, nearing $25 billion as a total.

When it is considered that the income obtained from privatizations during the AKP government era is $50 billion, the $25 billion entering the country through property sales to foreigners is remarkable. However, when you compare the same value to exports and tourism revenue, then the performance might not look too significant. Exports during 2003 and 2013 approached $106 billion annually. In this situation, the foreign exchange obtained through real estate sales to foreigners was 2.2 percent of that obtained through exports.

While property sales to foreigners in the form of housing, land and offices over 11 years reached $25 billion, this corresponds to 13 percent of the tourism revenue that amounts to $196 billion during the same period. During the 11 years in question, the year when the ratio of property sales was the highest against tourism revenue was 2006 with 21 percent.

Housing

The Turkish Statistical Institute (TÜİK), in the statistics that it has started issuing since 2013 about home sales, collects sales to foreigners in a separate headline. According to this, in 2013, out of the total of 1,157,000 unit sales, 12,181 were sold to foreigners. This corresponds to little more than 1 percent of total house sales.

In January 2014, house sales were 88,000 units; out of this total, 1,207 units were sold to foreigners. In other words, the rate remained at 1 percent again. According to TÜİK data, out of the total sales of approximately 12,000 units to foreigners in 2013, more than half of them took place in Antalya. In Istanbul, 2,447 units were purchased.

Legislation 

Real estate sales to foreigners were made possible as of July 19, 2003, by amending Article 35 of the Land Register Law. This arrangement paved the way for a significant boost, especially in certain coastal provinces, in construction and real estate activities. Foreigners were highly interested particularly in resort constructions and sales in coastal provinces.    

Luxury off-plan properties in Antalya 

In the property owned by foreigners in the past 11 years, Antalya has a share of around 30 percent, Muğla 14 percent, Istanbul 11 percent.

Out of the total real estate that was sold to foreigners, 51 percent was sold to Germans (immobilien türkei), 10 percent to the British (off-plan properties for sale in Antalya) and another 10 percent to Austrians. Out of the total, 5 percent belongs to the Greeks. In other words, three quarters of all sales have been made to four European country citizens.

On the other side of the medallion, constructions to meet foreign demand has caused plunder, unplanned urbanization and environmental problems, especially on our coastal strip in the south.

The unregistered management of property bought by foreigners in our coastal cities and their usage to obtain unregistered tourism revenues is another area that has been subject to criticism.

Source: hurriyetdailynews.com



click to view the properties in Turkey


To view properties for sale in Turkey visit our website www.saitgayrimenkul.com

Tuesday, 4 March 2014

Turkish visa on arrival will no longer be available as of 10 April 2014


For the moment, Turkish visa can be obtained on arrival (if you are eligible), from the Turkish missions or over the e-Visa Application system (if you are eligible). Please note that visa on arrival will no longer be available as of 10 April 2014. Therefore, please start using the new system via the link below in order to get your visa.

Link for application: https://www.evisa.gov.tr/en/

E-Visa is an endorsement that allows the bearer to enter Turkey. 

It replaces “sticker”- and “stamp-type” visas formerly issued at the border crossing. 

Applicants obtain their visa electronically after entering required information and making payment by credit card. 

After successful application, e-Visa is e-mailed to the applicant. Applicants must print out their e-Visa, show it to airport officials and customs officers and carry it with them at all times during the travel. 

E-Visa is only valid for tourism or trade purposes. For other purposes such as work or study, an application through our Embassies or Consulates must be submitted. 

Turkish authorities can deny entrance of a holder of e-Visa to Turkey in certain cases. Holders of visas issued by Turkish embassies or consulates are subject to the same procedure too, thus can be denied entrance.

Link for application: https://www.evisa.gov.tr/en/


click to view the properties in Turkey


To view properties for sale in Turkey visit our website www.saitgayrimenkul.com