Last August, Turkey passed a law abolishing the principle of reciprocity for foreign real estate purchases.
Since then, Kazakh citizens have purchased 57 properties in Turkey, reports a BNews.kz correspondent.
Residents of Almaty, Shymkent, and Astana have been named the most active buyers of real estate on the Aegean coast.
These are primarily businessmen considering purchasing real estate in Turkey as an investment or buying homes for their children and parents.
This was announced at a press conference in Almaty by Alexandra Sokolova , Managing Director of the investment construction holding Sinan Invest in Kazakhstan.
According to her, housing prices in the Mersin region of Turkey range from €55,250 to €93,500 per square meter for 85-110 square meters, or from €600 (in complexes under construction) to €850 per square meter (in completed complexes with furniture and appliances). Apartment sizes range from 75 to 195 square meters.
"Those who want to earn extra income and rent out apartments can earn between 80 and 160 euros per day during the season and 600-1200 euros per month during the off-season," Sokolova.
Moreover, the average price of apartments on the beachfront in other regions of Turkey ranges from 1,500 to 2,000 euros, according to Tengrinews.kz.
As the construction company manager noted, a law abolishing the principle of reciprocity for real estate purchases by foreigners (individuals) came into effect in Turkey on August 7, 2012. Previously, real estate in Turkey could only be purchased by a legal entity jointly owned by a Turkish citizen.
Now, under this law, the residence permit validity for foreign citizens who own real estate in Turkey has been extended to one year.
"And after eight years of holding a residence permit, foreigners can obtain citizenship," Sokolova.
According to Sokolov, investors from 183 countries purchased 2,578 Turkish properties in 2012, totaling 1,162,000 square meters. German citizens accounted for the largest number of Turkish property purchases. 561 Germans owned 775 Turkish properties totaling 789,000 square meters. The top three also included British and Russian nationals.
Citizens of the Russian Federation have been permitted to purchase real estate in their own names since 2008. Russian citizens own 416 properties in Turkey, while British citizens own 365. The combined area of real estate owned by Russians and British citizens is 118,000 square meters.
Kazakh citizens purchased 57 properties in 2012, and Turkey predicts an increase in the share of Kazakhs among foreign investors.
As previously reported, Turkish businesses, on the other hand, intended to invest in the construction of pharmaceutical plants in Kazakhstan.
At a business forum in Istanbul, the development of investment in construction and building materials production, the processing industry, and the construction of a caustic soda plant in Kazakhstan were discussed.
Last year, Kazakhstan and Turkey adopted a plan of measures to implement the joint economic program 'New synergy', which aims to bring the level of trade and economic relations to 10 billion euros and increase the volume of investments by 500 million euros annually.
