The value of real estate investment with the aim of obtaining Turkish citizenship in 2022 increased from 250 thousand dollars to 400 thousand dollars after the meeting of the Presidential Council on April 12, 2022, headed by Turkish President Recep Tayyip Erdogan.
According to this news, the minimum value of the property to obtain Turkish citizenship will rise to 400 thousand dollars, and the news will be published in the official newspapers at a later time.
This decision will not have any effect on the investors who started the procedures for obtaining Turkish citizenship, as for the impact of this decision on the current investors, there is no change so far.
Changes in the cost of citizenship through real estate investment will change the Turkish real estate market significantly in the coming days, especially with a large number of Russians and Ukrainians buying real estate in Turkey during the recent crisis.
The data showed that home sales in the January-February period during this year achieved a sales rate of 55.5% on an annual basis to reach 8,843 housing units so far.
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Reasons for raising the value of real estate investment to obtain Turkish citizenship
The Minister of Environment and Urban Development stated that the reason behind raising the value of Turkish citizenship from $250,000 to $400,000 is the high cost of construction and its impact on real estate prices, contributing to the rise in prices, so the investment amount was raised in exchange for citizenship to reduce the rise in real estate prices.
The Minister also stated that the President of the Republic, Recep Tayyip Erdogan, will announce new housing projects for government companies (Toki – Amlak Konut) in the month of June or July targeting the middle classes, with prices and an easy payment system to limit the rise in prices and provide real estate for this class
The minister stated that the prevailing belief that foreigners’ interest in buying real estate in Turkey has contributed to the rise in prices is a misconception.
Foreigners’ purchase of properties in Turkey during the past years ranged between 40 and 59 thousand properties annually, and therefore this figure constitutes only 3 percent of the number of properties sold in Turkey, which amounts to up to one and a half million properties sold annually.
Also, the foreign demand for buying real estate in Turkey is a positive factor and indicates that investors view positively the stable situation and the brilliant future of Turkey, and the presence of these investors is beneficial on the economic level because their investments go beyond real estate to benefit the community in general, as some open factories or Establishing partnerships with Turkish companies, which leads to an increase in job opportunities and the introduction of more foreign exchange into the economic cycle.
