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

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.

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.

How to obtain Turkey citizenship by real estate investment

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.

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 Citizenship by Investment

Turkey allows foreigners to buy any type of real estate: resale or new objects, residential or commercial properties, or land plots. 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 properties in Turkey

Turkey, Izmir

$1,000,000+

Two-floor villa with a swimming pool near the sea

140 m²

3

3

Turkey, Istanbul

$280,000 — $2,020,000

Furnished apartments in a prestigious area of Istanbul

55 m² — 200 m²

1—3

1—3

Turkey, Istanbul

$124,000 — $510,000

Apartments and commercial premises in a premium residential complex

40 m² — 162 m²

2—3

1—2

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 111 countries worldwide, and apply for an E‑2 business visa to the US.

Benefits of Turkish citizenship: why you should consider applying for it

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.