International property buyers target Turkey’s eastern black sea

NIGERIA PROPERTY AND REAL ESTATE NEWS BY REALAGENT.COM.NG

International property buyers target Turkey’s eastern black sea

January 29, 2018, 6:01 am News Seen: 119
International property buyers target Turkey’s eastern black sea
The Eastern Black Sea region in Turkey has witnessed an unprecedented growth in the number of foreign property buyers.

According to Globalpropertyguide.com foreigners bought a total of 2,842 houses in 2017, up 155 per cent on the previous year, according to the data obtained from the Trabzon Land Registry Regional Directorate. A total of 1,112 houses were sold to foreigners in 2016.

Trabzon, Artvin, Rize, Gümüşhane, Bayburt and Giresun are the most popular housing markets in the region among foreigners.

The increase is proof that Turkish government’s plans to boost overseas investment in property markets are yielding results.

The Turkish government last year announced offered many rebates and incentives recently to foreigners. Turkish citizenship is now being offered to foreigners who buy real estate worth $1 million, make a fixed capital investment of at least $2m, or keep at least $3m in a bank account for at least three years or create at least 100 jobs in the country.

Overseas buyers are also exempt from paying the 18 per cent value added tax when investing in real estate.

The exemption also applies to Turks who have lived and worked abroad for more than six months. Foreigners and overseas Turkish residents must pay in foreign currency, and not sell properties for at least one year after acquisition, to avoid VAT on the purchase of their first house or office in Turkey.
More from RealAgent Blog
LASG launches Electronic Real Estate Litigation System

LASG launches Electronic Real Estate Litigation System

Stanbic IBTC Pension Managers invests N350bn in equity market to access mortgage facilities

Stanbic IBTC Pension Managers invests N350bn in equity market to access mortgage facilities

There is hope for property investment in West Africa — Experts

There is hope for property investment in West Africa — Experts

Report warns against impending flooding globally

Report warns against impending flooding globally

About the Author: Sheriff
Sheriff
RealAgent Reporter