New law for the sale of Iranian property in Turkey

According to Tejarat News, What are the new rules for obtaining a residence permit in Turkey?

Quoted from فارسFor several years now, some people have been buying property in Turkey in order to obtain residency or investment. Unfortunately, this practice is accelerating due to the unattractiveness of investing in the country and the capital of many Iranians is leaving the country. But

Foreigners’ purchase of property in Turkey gained momentum when the Turkish government changed some of its immigration laws about three years ago to make it easier for foreign nationals to obtain residency in Turkey, with the aim of attracting foreign investment and leaving. Turkey came out of the economic crisis.

Prior to the change in the rules, applicants for residency in Turkey had to buy houses worth at least $ 1 million, but under the new rules, the figure was reduced to a quarter of $ 250,000, causing a flood of foreign investment. To be sent to this country, meanwhile, the Iranians gained the first rank of investment in Turkey and recorded a significant record.

For example, according to the Turkish Statistical Institute (TÜİK), sales of housing to foreigners in Turkey in October 2021 increased by more than 12 percent compared to the same month last year and reached 5,893 homes, Iranians per month October, with the purchase of 1265 homes, they became the top home buyers and investors in Turkey.

Turkish government’s strange condition for Iranian investors

According to Abolfazl Roghani, head of the Industries Commission of the Iranian Chamber of Commerce, according to the Turkish government’s decision, Iranians who have bought a property or an apartment in the country have no right to sell it unless they want to sell it to an organization designated by the Turkish government. This organization sells Iranian real estate at a price 40 to 50 percent lower than its current value.

While many Iranian investors who have bought property in Turkey over the years have feared the current state of the country’s economy and the devaluation of the lira, we are surprisingly seeing a surge in media advertising for immigration and investment in Turkey.

The transfer of capital to neighboring countries is a serious threat

In this regard, Alborz Hosseini, a member of the Islamic Consultative Assembly, in an interview with a Fars News Agency reporter, referring to the significant volume of Iranian investment in Turkey, said: Turkey is of this magnitude.

He added: “This incident has caused serious damage to the country’s economic capacity and has prevented the process of wealth creation in Iran, so it can be said that this issue is a serious threat to the future of the country.”

Hosseini said that Iran’s economy should also move in the direction of investing in the country, adding that officials should make more efforts to improve economic conditions to increase the attractiveness of investment in the country.

Warn people about the risks of investing in Turkey

A member of the Civil Commission of the Islamic Consultative Assembly warned the people about investing in Turkey and other neighboring countries and said: “People should be fully aware of investing in these countries so as not to get caught up in legal issues. Of course, the media should be aware of the risks.” Overseas investment play a role.

Hosseini continued: “It is true that the unfavorable investment conditions inside the country have forced some people to transfer capital to other countries, but the officials should pay attention that in case of problems for Iranians abroad, necessary measures should be taken to realize their rights.”

In the end, he said that Turkey will not refrain from any action to attract foreign investment, adding: “We must change the situation of the real estate market in the country to reduce the attractiveness of investing in the Turkish real estate sector.” If the out-of-country capital was spent inside Iran, the housing market would change, and given the impact of the housing boom on the growth of other industries, there would be a huge economic leap in the country.

The problem of changing laws is plaguing housing buyers in Turkey

Unfortunately, with the increase in property purchases in Turkey and the accumulation of large amounts of capital in the country’s real estate market, many housing purchase agencies in Iran and Turkey are taking advantage of this opportunity to defraud Iranian investors. Examples of fraud include theft and theft while transferring currency to Turkey, selling undocumented homes to individuals, and selling a home to multiple people.

Another problem for compatriots buying property in Turkey is the constant change of property and residence laws in this country, Turkish law can be changed in the future in a way that does not take into account the interests of foreign buyers of property. Iran, on the other hand, is one of two countries on the FATF blacklist.

Turkey may impose new rules on Iranian blacklisted investors to remove it from the blacklist, or property sellers in Turkey may increase their property prices for Iranians from now on.