About 20,000 investors have obtained Turkish citizenship in return for real estate investment

2022-05-16

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About 20,000 investors have obtained Turkish citizenship in return for real estate investment

Statistical data on real estate investments for foreigners in Turkey, issued by the Turkish Statistics Authority, stated that the number of apartments that foreigners purchased in Turkey during the last ten years amounted to 287,704 apartments.

As for the number of investors who obtained Turkish citizenship since the decision to grant citizenship in exchange for a real estate investment, it reached 19,630 people by the end of 2021, and the number of properties owned by investors to obtain Turkish citizenship reached 30,358 properties.

The percentage of apartments sold to foreigners during the past ten years constituted 2.3% of the total number of apartments sold throughout Turkey during the mentioned period, which amounted to 12,263,850 apartments. Istanbul and Antalya ranked first among the cities that sold apartments to foreigners during the same period.

Investment in Turkey

Iraqis are the most foreign purchaser of apartments during the past seven years

According to the mentioned statistical information, Iraqis ranked first among the foreign nationalities who purchased apartments in Turkey between 2015 and 2022, with the purchase of 43,351 apartments.

While Iranians came in second place to purchase 29,992 apartments during the last seven years, the Russians came in third place with the purchase of 18,238 apartments during the same period.

The top five ranks among foreign nationalities who purchased apartments in Turkey from 2015 until the beginning of this year are as follows:

Rank

Foreign citizenship

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The number of apartments sold for citizenship during the last seven years

1

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Iraqis

43,351 residential apartments

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2

Iranians

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29,992 residential apartments

3

Russians

18,238 residential apartments

4

Saudis

15,290 residential apartments

5

Kuwaitis

12,689 residential apartments

 

Obtaining Turkish citizenship is one of the most important goals of buying real estate for foreigners

In the same context, the head of the Association of Owners of Construction Companies in Turkey, Nazmi Dor Bakim, confirmed in a press statement that Turkish citizenship is at the forefront of foreigners' goals of buying property in Turkey, noting that three out of every four real estates purchased by foreigners is to obtain Turkish citizenship.

Regarding the recent decision, which raised the value of the property eligible for Turkish citizenship to $400,000, Mr. Bakim said, "The decision to raise the value of the property in exchange for Turkish citizenship is a right decision and will have positive effects on many respects, and I do not think that it will constitute a major obstacle for those who wish to invest the property to obtain citizenship”.

It is noteworthy that the Turkish government issued a new amendment to the law on granting Turkish citizenship to foreigners buying real estate in Turkey. The new decision published in the Official Gazette last Friday raised the value of properties eligible for Turkish citizenship from $250,000 to $400,000.

الجنسية التركية انجليزي الجنسية التركية انجليزي

Edited by Imtilak Real Estate ©

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