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23 November, 2022

Turkish real estate prices rose by 199% year‑over‑year. To buy, or to wait?

The average price per square meter of residential real estate in Turkey reached $675 in October 2022, and the average cost of a house was $87,736.

Residential real estate increased in price by 199% year‑on‑year, while the return on investment period grew up to 19 years. The data is provided by the Turkish portal Endeksa.com.

Turkish citizenship by investment
Photo: Adobe Stock

Residential property prices in Turkey are rising every year. This is confirmed by statistics from Eurostat and the Central Bank of Turkey.

Turkey leads the way in the House Price Index by Eurostat: the cost of Turkish properties has increased by 902% over the past 12 years. This is almost 20 times more than the average residential property prices increase in the European Union.

902%
The increase in Turkish residential property costs from 2010 to the 2nd quarter of 2022

The Central Bank of Turkey also notes an increase in residential property prices, by 184,6% in August 2022 year‑on‑year. The highest price increase of 231,3% is observed in Antalya. In the largest Turkish city — Istanbul — prices increased by 210,8%.

How the demand for Turkish real estate is growing

1,159,853 residential properties were sold in Turkey between January and October 2022. This is a 6,7% increase compared to the same period last year. Reports on housing sales are published every month by the Turkish Statistical Insitute.

55,021 properties were bought by foreigners. Sales of real estate to foreigners grew by 26,9% year‑over‑year. Most of the properties were bought by Russians, with 11,594 purchase and sale agreements. The second and third places were taken by Iran and Iraq citizens.

Istanbul, Ankara, Antalya and Mersin are leaders in residential property purchases among both citizens and foreigners. Sales in the new property market increased by 4,8%, and secondary residential property sales — by 7,6% in the ten months of 2022, compared to last year.

Turkish residential property is becoming increasingly popular with investors. The 2022 sales growth is also driven by the tense geopolitical situation in the world. The graphs demonstrate the number of purchase and sale agreements in the Turkish real estate market during the ten months of 2022.

What does buying a property in Turkey provide?

Second citizenship for the whole family. Turkey issues citizenship to foreigners for buying real estate worth at least $400,000. Buyers can choose any property type: apartments, houses, commercial or industrial premises, or land.

Members of the investor’s family can participate in the citizenship program together with the investor: these are a spouse and children under 18. Parents and adult children can only be added to the application if they are financially dependent on the investor.

Liquid investment property. The demand for Turkish properties is growing every year. Real estate experts predict that the increased interest in real estate in Turkey will continue. Following the demand, residential property prices are also growing — over the past year, the cost of real estate has increased by 184,6%, according to the Central Bank of Turkey.

Additional income from renting out real estate. Turkey is a popular holiday destination: about 26 million tourists visited the country in the first half of 2022. They rent apartments, houses and hotel rooms. Rental income reaches 15% per annum.

How to get Turkey citizenship by investing in real estate

Turkey has a citizenship by investment program. One of the options is purchasing real estate for at least $400,000. This investment option is chosen by approximately 95% of program participants.

Turkey allows foreigners to buy any type of real estate: secondary or new buildings, residential or commercial property, a share in a project under construction, or a plot of land. However, citizenship applicants can’t buy properties that have already been used for participation in the program.

Turkey also has restrictions on real estate purchases for citizens of particular countries. For example, foreigners are prohibited from buying land plots with an area exceeding 30 hectares, or 300,000 m².

Examples of real estate in Turkey for investors

Turkish citizenship for buying real estate

Three-bedroom apartment in a prestigious area of Istanbul. Price — from $500,000

Turkish citizenship for buying real estate

Sea view villa in Bodrum resort. Price — from $795,000

Turkish citizenship for buying real estate

Luxury apartment in a project managed by Hilton Istanbul. Price — from $805,000

Investors can also choose other investment options under the Turkish citizenship program. The minimum investment amount for them is $500,000. To obtain a Turkish passport, an investor can:

  • open a deposit at a local bank;
  • buy government bonds;
  • buy investment fund shares;
  • start a business with a capital of at least $ 500,000 or create 50 jobs.

A Turkish passport gives investors the right to come to the country at any time, travel without a visa to 110 countries worldwide, and apply for an E‑2 business visa to the US.

Along with the second citizenship, investors get access to free medical care in public hospitals in Turkey and can send their children to public kindergartens and schools for free.

Immigrant Invest is a licensed agent of government programs in the European Union and the Caribbean. If you want to get Turkey citizenship, please consult the investment program experts.

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Turkish real estate prices rose by 199% year‑over‑year. To buy, or to wait?