Azerbaijan, Baku, April 12 / Trend A.Taghiyeva /
Foreign citizens buying property in Turkey will receive a residency permit for a year, Turkish Resmi Gazete newspaper's website reported on Friday.
The relevant draft law was ratified yesterday by the Turkish Parliament. Previously, foreigners owing property were issued a permit valid for three months.
By applying this law, the Turkish government plans to increase the volume of real estate sales in the country to $10 billion a year.
A law to grant foreigners the right to acquire real estate in Turkey without preconditions came into force in August 2012. As the adviser to Turkish Economic Minister Alparslan Uymaz told Trend earlier, according to the law, a foreign buyer may purchase up to 60 hectares of land.
Foreigners can also buy land plots on military facilities in Turkey with the permission of the General Chief of Staff of the country.
According to law, more than 10 per cent of the total area of land plots in each province cannot be sold to foreign citizens.
Previously, only citizens of those countries in which Turkish citizens could buy a land plot could become property owners in Turkey.