Cit­i­zen­ship in­creases housing sales to Chi­nese

Dünya Executive - - BUSINESS - LEYLA IL­HAN

Chi­nese were in­cluded in the Turk­ish real estate mar­ket, in which Mid­dle Eastern­ers have been mak­ing pur­chases in re­turn for Turk­ish cit­i­zen­ship. Ac­cord­ing to TurkS­tat data, the Chi­nese were among the top 10 coun­tries en­gaged in real estate pur­chases in Tur­key un­til three years ago but their pur­chases fell in sub­se­quent years. With the re­lease of the new law re­duc­ing the real estate pur­chase limit to $250,000 for Turk­ish cit­i­zen­ship in Septem­ber 2018, Chi­nese pur­chases in­creased again.

In terms of to­tal pur­chases, their rank­ing in­creased to 23 in 2019 from 34 in 2018. In terms of the num­ber of in­de­pen­dent units in all real estate types, 155 units to­tal­ing 10,772 square me­ters were bought in 2019 com­pared to 83 at 4,881 square me­ters in 2018. It seems Chi­nese pre­fer units with small square me­ters.

The most fa­vor­able cit­i­zen­ship

The fact that Tur­key of­fers the most fa­vor­able cit­i­zen­ship terms among the EU neigh­bor­ing coun­tries and that it sells its real estate stock at an af­ford­able price in­flu­enced the re­turn of Chi­nese buy­ers. The Is­tan­bul Builders As­so­ci­a­tion (IN­DER) Pres­i­dent and Teknik Yapi CEO Nazmi Dur­bakayim said that they also started talks with Chi­nese cit­i­zen­ship agen­cies, which is said to be ap­proach­ing 400 for Turk­ish cit­i­zen­ship. “Soon they will start or­ga­niz­ing tours to our pro­jects. Their pur­chases are ex­pected to snow­ball,” he added.

Not lim­ited to Is­tan­bul

In ad­di­tion, the As­so­ci­a­tion of Real Estate and Real Estate In­vest­ment Com­pa­nies (GYODER) Pres­i­dent Feyzul­lah Yet­gin said that their res­i­den­tial and com­mer­cial real estate pur­chases for cit­i­zen­ship take place not only in Is­tan­bul but also in other cities. “The in­ter­est seems to be in­creas­ing,” he said and added that there is also an in­creas­ing in­ter­est among Ira­ni­ans.

In­vest In­saat CEO Ba­hat­tin Ucar stated that Chi­nese cit­i­zens bought 30 apart­ments from their project, Vadi Is­tan­bul, with prices rang­ing from TRY 2.8 to 5.7 mil­lion. A sig­nif­i­cant por­tion of these pur­chases were for cit­i­zen­ship, he said. “When they came to us, they al­ready knew about the project. These sales will con­tinue to bring other cus­tomers from China to us. If all goes well in Tur­key, the pur­chases from the Far Eastern­ers will in­crease fur­ther in the com­ing years.”

TRY 95 mil­lion bul­let sale to Chi­nese

Ne­vita In­ter­na­tional Chair­man Faruk Ak­bal said they made a block sale to a Chi­nese cit­i­zen­ship com­pany to­tal­ing TRY 95 mil­lion. They made the big­gest sale to Chi­nese so far in co­op­er­a­tion with Rea­groups. “The Chi­nese cit­i­zen­ship com­pany which makes bul­let pur­chases in the name of Chi­nese cit­i­zens is aim­ing to make TRY 500 mil­lion pur­chases by the end of 2020. We are also ne­go­ti­at­ing for other sales,” he said.

“There is no other coun­try that grants cit­i­zen­ship in 6 months for $250,000,” said Ak­bal adding this trend will con­tinue. He also em­pha­sized that the in­ter­est of Pak­istan and In­dia has in­creased along­side China. “We em­ploy peo­ple from 12 coun­tries. We as­sign ex­perts to ev­ery coun­try with high po­ten­tial. Now we have de­cided to ap­point ex­perts to Pak­istan and In­dia to­gether with China.”

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