(MENAFN) A senior Turkish economy official said that Turkey's real estate sector forecasted to see more than USD1b in additional revenue in 2017 after a move to give citizenship to foreigners who buy and hold Turkish property.
This plan includes foreigners who buy property worth USD1m and hold it for three years will become eligible for Turkish citizenship.
The official, as quoted by Reuters said: "We expect over USD1b revenue upon our move to grant citizenship to foreigners who buy property here or who bring their money into Turkey."
Moreover, in 2015 some 22,830 properties were sold to foreigners with a 20.4% of increase comparing to the previous year.
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