FOREIGNERS may well be able to obtain Turkish citizenship if they invest in property worth over over $300,000 – instead of the present $1 million.

Sabah newspaper has reported that that the move is an attempt to attract more foreign investors.

The so-called ‘Golden Visa’ comes with conditions attached – one of them stating a minimum $1 million worth of investment.

However, Sabah is reporting that the amount will be decreased to $300,000 as part of an omnibus bill due to be discussed in May.

An expert from the construction sector told Sabah that, while residents with housing equal and over $1 million in value constitute just 2-3 percent of the housing market, foreigners mostly prefer housing priced at between $100,000-$300,000.

Zya Yılmaz, the CEO of DAP Yapı, said the amount of real estate purchases by foreigners totals $4.6 billion annually, while it is $48 billion in London. The amount of annual sales can be increased to $20 billion in Turkey, he said.

Foreigners who make a fixed capital investment of $2 million in Turkey or buy real estate worth at least $1 million with the guarantee to keep it for three years have been eligible for Turkish citizenship since January 2017.