The scheme is similar to the Golden Visas offered by several European countries to non-EU citizens.
The threshold of $1 million will suit wealthy Arab investors. Last year, Iraqis, Saudis, Kuwaitis and Russians bought the highest number of properties in Turkey. With this new law it is envisaged this trend continuing, with interest from Syrians also growing.
Indeed, in January, a senior Turkish Government official predicted the new law would trigger an extra $1 billion in revenue from property sales in 2017. Most of the sales are expected to be in Istanbul, with other areas of interest including the south-eastern provinces of Gaziantep and Kilis, and the Black Sea region.
Turkey’s currency is also expected to bolster the country’s appeal to overseas buyers. For those not aiming for the $1 million Golden Visa threshold, the weak lira has fallen more than 15 per cent against the US dollar in the last year, making property more affordable.