09 Feb With regard to the acceptance of real estate sold on the schemes in the law of granting Turkish citizenship to investors through the purchase of a property

There is talk in the media recently that construction companies are in an economically difficult situation, as they are unable to sell their real estate stocks, and they have debts to banks, and therefore, the government will take actions to purchase this stock of real estate through Emlak Konut.

We would like to suggest our thoughts considering this issue:

As known, Turkish citizenship given to the foreigners who buy real estate in Turkey according to the required conditions, at this time the title deed is obligatory and the Promise to sell contracts is not accepted in the deal out of obtaining Turkish citizenship

On the other hand, mostly (Emlak Konut) sells real estates through the Promise to cell contract and then they give the deed title to the owner.

1. If the promise to sell contracts issued by Emlak Konut properties is accepted in transactions for obtaining Turkish citizenship, the accumulated real estate stock will decrease slowly.

2. From this step the constructions companies will be protected from falling into critical situations.

3. Thanks to that, the construction companies will not face banking problems if they close their debs

4. When selling in installments is made and the necessary legal infrastructure is provided, income from Emlak Konut Properties can also be provided through price differentials in installments. (Material fines, Turkish citizenship and other penalties may be imposed for foreigners who fail to pay their installments.)

Note; in this way, beside the completed projects, this step will bring vitality to the economy through selling the discontinued projects because of the financial problems that the companies are facing.( through foreigners preferences of Emlak Konut thus, obtaining a government guarantee)