The Immigration Presidency raises the value of the property eligible for real estate residency in Turkey to $200,000

The General Presidency of Immigration Management in Turkey announced that the minimum value of the property eligible for real estate residency in Turkey has been raised to $200,000 instead of $75,000.

The Immigration Presidency raises the value of the property eligible for real estate residency in Turkey to $200,000

Official sources in the Turkish government reported that the minimum amount of property eligible to obtain real estate residency in Turkey has been raised to $200,000, and the decision is scheduled to enter into force as of October 16, 2023. Check the details via Imtilak Real Estate.

The Immigration Department raised the minimum amount of property eligible for real estate residency

According to what was reported by Turkish media, citing official sources: The General Presidency of the Immigration Department in Turkey issued a decision to raise the minimum value of the property eligible for short-term real estate residency to $200,000 instead of $75,000.

In this context, the Presidency of the Immigration Department in Ankara sent a circular to all immigration directorates in the various Turkish states requiring that the content of this decision be implemented starting from the date of 16 October. According to this, all applications for real estate residency in Turkey 2023 will be rejected after the date as mentioned earlier unless the new amount is met.

The approved value is the value of the title deed

Speaking about the details of this decision, real estate expert Dr. Mustafa Koçak confirmed that the new decision includes all properties that entered ownership after October 16, 2023, and among what was stated in his statement:

“Any property owned by a foreign investor with the aim of obtaining real estate residency after the aforementioned date must meet the required value, which is set at $200,000 in Turkish lira according to the exchange rate of the Central Bank of Turkey, in the value recorded in the property title deed, and this means that the value will not be considered.” recorded in the real estate evaluation report for the property or in the property sale contract.”

Real estate owned before the aforementioned date is not included in the amendment

In another aspect of his statement, Dr. Mustafa Koçak said: “Old properties that were owned before the date of 10-16-2023, and after the date of 04-26-2022 will not be included in this amendment, and therefore the eligible value for obtaining real estate residency will remain $75,000 in large cities and $50,000 in small cities.”

Koçak noted that all residence applications related to real estate owned for the purpose of obtaining a residence permit will be subject to the new value, regardless of the type of application, that is, whether it is a residence application for the first time or a request for extension or renewal.

There is no significant change in residency registration procedures in the prohibited areas

In its circular, the Presidency of the Immigration Department confirmed that the new amendment does not include changes in the subject of registering the residence of foreigners in prohibited areas, confirming the continuation of work on this subject in accordance with the circulars issued on 04-26-2022 and the circular issued on 12/21/2022.

Edited by Imtilak Real Estate ©

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