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25 April, 2022

Prices for the purchase and rental of residential real estate in Turkey are growing faster than in the EU

Turkish property sales grew by 21.7% in the first quarter of 2022 compared to the same period in 2021.

Real estate prices also grew 10 times faster in Turkey than in the EU. This rate has been given by Eurostat for the last 12 years.

Turkish citizenship for the purchase of real estate
Photo: Adobe Stock

The Institute of Statistics in Turkey published a report of sales of residential real estate: 320,063 houses and apartments were sold in the first quarter of 2022. This is 21.7% more than in the same period last year.

Most of real estate — 134,170 objects — were sold in March. Demand rose by about a third compared to February. The reason is that the inflation rate in the country reached 60% in March.

94,437 objects were purchased on the primary real estate market, that is, in buildings under construction. The rest of the houses and apartments were purchased by buyers on the secondary housing market.

Real estate sales statistics in Turkey from January to March 2022

How many accommodations were bought by foreigners in Turkey from January to March 2022

The number of transactions for the purchase and sale of housing by foreigners increased by 45.1% in the first quarter of 2022 compared to the same period last year. Foreigners bought 14,344 Turkish properties, which is 4.5% of all sales in the country.

In Turkey, there is a principle of reciprocity applies: citizens of countries where Turkish citizens are allowed to buy real estate can buy real estate. Demand for real estate in Turkey is growing steadily.

In the last five years, foreigners have bought 188,144 residential properties. Such data led the Minister of Environment and Urban Development of Turkey Murat Kurum in response to one of the meetings of representatives.

Natalia Oganesyan
Natalia Oganesyan
Real Estate Chief Operations Officer, RICS certified professional

Foreigners are more likely to buy houses and apartments in Istanbul, Antalya, Ankara and Izmir. These cities consistently top the ranking of the most popular places to buy property in Turkey from foreigners.

Foreigners are much less likely to buy housing in small towns, for example, only 25 houses were sold in Ardahan in March 2022, and 82 houses in Bayburt. These two cities are located in the northeast of Turkey.

Most housing was sold to Iranian citizens: they bought 2256 properties. In second place are the citizens of Iraq: they signed 1887 contracts for the purchase of Turkish housing. Russia is in third place, Germany and Kazakhstan close the top 5.

Statistics of sales of residential real estate to foreigners in Turkey for January, February and March 2022

How prices for residential real estate in Turkey have changed

The dynamics of property prices in Turkey is ahead of the dynamics of the European Union. Turkey ranks first in the Eurostat housing price index among European countries. Turkish property increased in value by 427% from 2010 to the fourth quarter of 2021. That is 10 times more than the increase in real estate prices in the European Union.

By 427%
prices of accommodation in Turkey rose from 2010 to 2021 according to Eurostat

The Central Bank of Turkey has updated the price index for residential real estate

in February 2022. During the year, housing prices rose by 96.4% on average in the country. In the largest Turkish city — Istanbul — prices rose by 106.3%.

How has the cost of renting housing in Turkey changed?

The rise in housing prices has also affected the rise in rental prices, especially in large cities. The cost of renting property in Turkey increased by more than 100% in March 2022 year on an annualized basis.

The average rental price in Turkey is 3,100 Turkish Lira ($210) in March 2022. Rental prices in Istanbul have reached 6,500 Turkish Lira ($440), according to real estate portal Emlakjet.com.

Real estate specialists also note that the criteria for choosing housing have changed. Due to rising prices, tenants choose objects by cost, while earlier criteria such as proximity to work, age and seismic resistance of the building, and developed infrastructure were a priority.

What investors get by buying property in Turkey

Turkish citizenship for the whole family. The investor took part in the state citizenship program. One of the program options is the purchase of real estate. You can buy any object: apartment, house, commercial or industrial premises, land.

Together with the investor, members of his family can obtain Turkish citizenship: spouse and children under 18 years of age. The investor can attach parents and adult children to the application if they are financially dependent on him.

The Turkish passport gives rights to live, work, study and come to the country at any time, even when the borders are closed.

Additional income from the rental of real estate. Turkey is a popular holiday destination: about 9 million tourists visited the country in 2021. They rent apartments, houses and hotel rooms.

Prices for Turkish real estate are growing on average by 5-20% per year, depending on the region. Rental income reaches 15% per annum.

Examples of investment properties in Turkey

Turkish passport for the purchase of real estate

Modern apartments in Istanbul, Turkey. Cost — $385,000

Turkish citizenship for the purchase of real estate

Duplex with private garden in a residential complex in Alanya, Turkey. Cost — $300,000

how to get for the purchase of real estate

Sea view apartments in Izmir, Turkey. Cost — $645,000

Visa-free travel to 110 countries. With a Turkish passport, you can freely visit several countries that are inaccessible to Russians without visas. Among them are Japan, Singapore and Hong Kong.

The opportunity to obtain an E-2 business visa to the USA and move to the country with the whole family. The E-2 visa is non-immigrant — it cannot be used to obtain a green card and apply for citizenship. The visa is valid for 5 years, then it can be extended an unlimited number of times.

To obtain an E-2 visa, you need to invest a significant amount in a US business and take over the management of the company. The minimum investment threshold is not defined: in practice, it is enough to invest about $200,000.

Social guarantees. Turkish citizens can be treated for free in public clinics and study at universities. There are also no restrictions on the inheritance of real estate and assets in the country.

How to get Turkish citizenship by investment

To obtain Turkish citizenship for the purchase of real estate, necessary to take part in the state program. The minimum investment for the option with the purchase of real estate is $400,000.

It is not necessary to buy one object — can be bought several apartments, but no more than two months should pass between transactions. The investor will also be required to own the property for at least three years.

Immigrant Invest is a licensed agent of the Turkish citizenship by investment program. If you want to buy real estate in the country and get a Turkish passport, seek advice from investment program experts.

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Prices for the purchase and rental of residential real estate in Turkey are growing faster than in the EU