The Turkish government said that it will provide millions of liras (as financial support) to real estate agencies in the country and companies that promote the sale of real estate to foreigners, according to the decree issued by Turkish President Recep Tayyip Erdogan.

Media reports revealed that the drawing, which was published in the Official Gazette before yesterday, Wednesday, included the country’s real estate sector within the scope of “service exports,” adding that countries will grant money to companies and other institutions in Turkey that provide real estate services to foreigners.

The Ministry of Commerce is set to provide approximately 1.8 million liras ($122,000) annually to support advertising and up to 300,000 liras ($20,400) to participate in exhibitions and other events.

The decision also stipulated that the concerned ministry would provide financial support amounting to 600,000 Egyptian pounds ($40,800) for marketing by launching products in films and TV series.

Turkish real estate sales to foreigners recorded a record high last year with more than 58 thousand properties, an increase of 43.5% year on year, and Turkish real estate sales to foreigners increased in the first quarter of 2022 by 45.1%, by more than 14 thousand properties, which is the best number ever since the removal of restrictions on foreign ownership of Turkish real estate in mid-2012.