Environment and Urban Development Minister Erdogan Bayraktar says rich citizens from Iran, the UAE and Saudi Arabia are putting huge down payments on houses all over the country. This is despite the fact that a bill allowing them to do so is yet to be approved by parliament.
The bill will change the current reciprocity agreement, which currently excludes citizens of 89 countries from owning real estate in Turkey. These countries include Russia, the Gulf countries and Central Asian states. Once it is passed, it will open the gates to huge levels of investment from well-heeled buyers from these countries.
Bayraktar said that the passing of the bill would mean a huge amount of capital entering Turkey, as interest in the Turkish market has rocketed since prospective buyers heard about the bill.
Istanbul is at the forefront of this interest, he said.
Countries such as the United Kingdom, the United States, Australia and most European countries have a reciprocity agreement and their citizens can therefore buy in Turkey.