Mar 28 2018

The price of Turkish citizenship expected to decrease

The minimum amount of real estate investment necessary for foreigners to acquire Turkish citizenship is expected to decrease to $300,000 from $1 million in May as a part of an omnibus bill, Sabah newspaper reported . Attracting foreign investors and increasing the demand in the housing market are behind this decision to decrease the price of Turkish citizenship.

An expert from the construction sector told Sabah that, while residents with housing equal and over $1 million in value constitute just 2-3 percent of the housing market, foreigners mostly prefer housing priced at between $100,000-$300,000. Zya Yılmaz, the CEO of DAP Yapı, said the amount of real estate purchases by foreigners totals $4.6 billion annually, while it is $48 billion in London. The amount of annual sales can be increased to $20 billion in Turkey, he said.

Foreigners who make a fixed capital investment of $2 million in Turkey or buy real estate worth at least $1 million with the guarantee to keep it for three years are eligible for Turkish citizenship since January 2017.