Türkiye has changed the requirements for real estate valuation when obtaining citizenship by investment.
Aras Aydın answers investors’ most frequently asked questions.
4 key questions
The General Directorate of Land Registry and Cadastre of Türkiye has published an update to the circular on the procedure for valuing real estate for citizenship by investment applicants[1]Source: Announcement on the amendment to Circular No. 2024/4 on the website of the General Directorate of Land Registry and Cadastre of Türkiye, TKGM.
The changes concern:
- choosing a valuation company;
- checking real estate valuation reports;
- validity period of documents.
The minimum investment threshold for buying real estate remains the same. To participate in the programme, an investor must buy one or several properties worth at least $400,000.
1. Is it true that 25% is now automatically added to the valuation?
There is no such rule in the official announcement[1]Source: Announcement on the amendment to Circular No. 2024/4 on the website of the General Directorate of Land Registry and Cadastre of Türkiye, TKGM. Information about an automatic 25% addition to the valuation appears in the media, but it is not reliable.
If the value in the report is below $400,000, the property will not qualify. The price in the agreement does not change this requirement. The value stated in the valuation report is taken into account.
2. How to choose a valuation company?
The investor can choose a valuation company independently through GABİM, the Real Estate Information Centre. GABİM does not replace the valuer, but acts as a selection and control system: the prepared report is audited and checked.
Previously, the valuation report was ordered only through GEDAŞ, a valuation company that appointed the contractor itself.
3. How long is a real estate valuation report valid?
The validity period of a valuation report has been extended from 6 to 12 months. Investors now have more time to complete the deal.
If the investor does not submit the documents for registering the real estate sale and purchase transaction within 12 months, the report will need to be updated.
4. How to obtain Turkish citizenship by investing in real estate?
A foreigner can obtain a Turkish passport by purchasing real estate worth at least $400,000. The property must be kept in ownership for at least 3 years.
The procedure takes at least 8 months. The investor and their family members do not need to take exams or live in the country.
Before the purchase, the investor needs to make sure that the property meets the program requirements:
- minimum valuation is confirmed by an official report;
- it has no encumbrances;
- it is not used in another citizenship application.
Immigrant Invest lawyers help investors select Turkish real estate for purchase. Our clients do not need to independently check the real value of a property or worry about the result.
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