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Mar 15 2019

Palestinians may buy property in Turkey with travel documents

Palestinians can now buy property in Turkey with their travel documents, according to a new regulation brought into effect this month, Market Watch reported on Friday.

People from the occupied territories previously had difficulty purchasing real estate in Turkey, as they do not hold passports. 

Bayram Tekçe, the chairman of a leading Turkish real estate company, said that representatives of the construction industry had taken the initiative and applied to the authorities to remove obstacles preventing Palestinians from buying homes. 

”The resulting regulation abolished the requirement for Palestinians to hold a passport,” Tekçe said. 

The number of foreigners buying property in Turkey increased 82 percent in January compared to the same month the previous year. Those who purchase real estate with a minimum value of $250,000 may apply for Turkish citizenship, according to recent legal changes. 

Turkey’s building industry has been worst hit by economic turmoil in the country. The lira has dropped by almost one-third against the dollar in 2018, rendering imported materials used in construction more expensive and leading to a surge in interest rates. 

But foreigners have flocked to take advantage of declining real estate prices. The buyers are mostly from Middle Eastern and North African countries. Germans and Americans have also increased their purchases.