tightens control over the sale of real estate for obtaining citizenship
December 6, 2023
In recent days, important news has surfaced in Turkey, which concerns not only local residents, but also foreign investors seeking to obtain Turkish citizenship through the...
News from Turkey: Stricter Control over the Sale of Real Estate for Obtaining Citizenship
December 6, 2023
In recent days, important news has surfaced in Turkey, which concerns not only local residents, but also foreign investors seeking to obtain Turkish citizenship through the purchase of real estate. The Association of the Capital Markets Council (SPK) has decided to tighten control over the sale of real estate in order to ensure transparency and prevent manipulation.
What happened?
After the discovery of large-scale speculation and manipulation in the real estate sector, especially in the sale of housing to foreign citizens wishing to obtain a Turkish passport, SPK launched more rigorous investigations. This decision was made by a high-ranking official in response to the revealed violations and injustices in the process of obtaining Turkish citizenship through real estate.
Control and Valuation of Real Estate
Now, if you are planning to buy or sell real estate in Turkey, especially for the purpose of obtaining citizenship, you are required to receive an assessment report from organizations with an SPK license. This event becomes an extremely important step in obtaining citizenship through real estate investments. The report will assess the value of the property based on the various characteristics of the property.
Statement by the Head of the Turkish Association of Appraisers
The head of the Turkish Association of Appraisers (TDUB), Yasar Bahceci, noted that over the past two years the real estate market has experienced significant growth, especially with the participation of foreign investors. He stressed that in transactions related to obtaining citizenship, there is often an overestimation of the real cost of housing, which contributes to unfair transactions and deception of government agencies.
Penalties and Determination to Fight
In response to the violations discovered, TDUB imposed fines totaling 15 million Turkish liras on legal entities and individuals. The head of the association stressed that every violation is investigated for seven to eight months, and substantial fines are inevitable for those who try to circumvent the laws. He stressed the determination to get rid of intruders inside the administration in order to ensure honesty in the field of real estate valuation.
Statistics and Forecasts
Discussing the volume of real estate sales under the Turkish citizenship program, Bahceci said that 800,000 valuation reports were compiled in 2023. Of these, 40,000 related to foreign transactions, and 10,000 related to real estate for obtaining citizenship. He stressed that these transactions exceeded $3.5 billion this year.
This tightening of control over the sale of real estate in Turkey is becoming an important step towards honesty and transparency in the market. Investors and foreign buyers should be more careful when making deals and choosing appraisal companies. Turkish authorities strive to create favorable conditions for all participants in the real estate market, and this decision is part of their commitment to investors and citizens.
