Luxury Housing Sales Will Rise, Economy Will Gain

For foreign investors who wish to acquire citizenship by purchasing real estate in Turkey, the minimum house purchase figure has been changed. As a result, the real estate value to be taken in the application for Turkish citizenship has been increased from $250,000 to $400,000. In 2018, it was reduced to $250,000 in order to increase the purchase of foreign housing. The increase in the figure to $400,000 was welcomed by the real estate industry.


Chairman of the Istanbul Builders Association (IDER) Board of Directors, Nazmi Durbakyim, said: “For those who wish to acquire Turkish citizenship by buying real estate, it is a good decision to increase the lower limit to $400,000. Raise the lower limit because citizenship will bring positive development in many ways. Because it is both geopolitical and historical. “Every square inch of the land and citizenship of our country is very valuable in terms of nature and nature. On the other hand, the money paid by those who want to have this value will contribute more to the economy of our country. It will also lead to more qualified foreigners who will buy real estate from our country.


Minister of Environment, Town Planning and Climate Change, Murat Kurum, who made a statement on the matter, said, “There are about 40, 45, 50,000 foreigners sold every year. Last year, 59,000 foreigners were sold. This rate means 3% in a sale of 1.5 million. When you look at Istanbul in particular, it’s equal to 3 or 5 percent. Selling to foreigners is not a situation that increases the price of housing. I guess there’s no human attitude like being nice to people, instilling trust, saying “Come and sit in the safe harbor”. We are talking about a globalized world. “Are our citizens buying homes abroad? They are,” he said.


Stating that there will be an increase in luxury home sales with the decision taken, Denge Valuation Chairman of the Board, Baki Budakoğlu, said: “When we look at today’s current prices, the real estate prices in our country are still reasonable compared to the purchasing power of foreign investors.With this settlement, after the amount required for citizenship reached 400,000 dollars, we brought a higher price to our country. It would be appropriate to say the investor’s future in the profile,” he said.


Dilek Tunç, Bosphorus International Real Estate Project Manager, said: “We are in a period of increased sales to foreigners. Everyone expected such a change during this period. Especially in Istanbul, in branded housing projects, citizenship can be acquired even when 1+1 is purchased, since the prices of residences purchased for citizenship are based on return on investment.” Now they will have to buy 2+1 or 3+1 If we look across the country, more foreign exchange inflows will be obtained in this period when sales to foreigners are on the rise. I think it has a positive effect in all respects. It will be beneficial for all of us,” he said.


According to TURKSTAT data, the highest period of sales to foreigners was achieved with 5.7% in November 2018, after the property price was reduced from $1 million to $250,000, while the record of housing sales to foreigners was announced as 7 thousand 841 in December 2021. 293 thousand 271 of the 12 million 263 thousand 850 units sold in Turkey in the last 10 years after the law, which was enacted in 2012 and according to the revision in 2018, were sold to foreigners, bringing the total share of foreigners in sales to 2.5%. Istanbul, Antalya and Ankara are among the most popular cities.


PORTUGAL: Foreigners who buy a house worth at least 500,000 euros in Portugal obtain the right to travel without a visa. Again, a residence permit is granted to foreigners who establish a business in the country that employs at least 10 people. It is necessary to spend five years in the country to apply for the right of permanent residence.

MALTA: To apply for Maltese citizenship, there is a minimum investment requirement of 800,000 euros and you must donate at least 650,000 euros to the Maltese government. Or you must buy a house in Malta worth at least 350,000 euros. Alternatively, you can rent a residence for five years.

CANADA: To obtain a residence permit and citizenship in Canada, you must invest at a certain level. For this, a business investment of $400,000 or a bank account of $800,000 is enough for you to obtain citizenship.

United States: There are two ways to obtain permanent residency in territories designated by the US government; Invest 500 thousand dollars and provide employment for at least 10 people with this investment. The other is to create a company with a capital of 1 million dollars.

GREECE: When you buy a house worth 250,000 euros or more in Greece, you can get a residence permit for five years. The program, which obtains a five-year residence permit by buying real estate in Greece, is called the “Golden Visa”.

SPAIN: To obtain Spanish citizenship, you must buy a property worth at least 500,000 euros. After that, you can claim citizenship if you have been legally residing in the country for at least 10 years.

GERMANY: there is only one condition to obtain the right to reside in Germany first, then citizenship; Create a company with an investment of 250,000 euros and provide jobs for German citizens in this company.


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