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REAL ESTATE TURKEY

Turkey is the fifth country in selling properties to foreigners

11 September 2019
Turkey is the fifth country in selling properties to foreigners

The real estate sales to foreigners in Turkey have increased significantly in recent years. After the changes in the law which was covering the topic with the necessary money to invest in order to apply for citizenship, the sales have raised more and more. It was observed that in April 2019, 3.720 properties were sold to foreigners which means that the sales have increased 82%, compared to April 2018. After all the sales and the investments that are done by foreigners, Turkey is the fifth country in selling properties to foreigners.

Who Are Buying the Properties?

The investors who are interested in purchasing the property from Turkey are mostly from the Middle East. Investors from Iraq are the people who are buying the most. Iran is in second place and Afghanistan, Yemen, Saudi Arabia are following these countries in purchasing properties in Turkey.

Which Cities Are the Most Preferred Ones?

After examining the data received by the Turkish Institute of Statistics, it has observed that foreigners usually prefer seaside cities. Istanbul is the most preferred city among those cities. Antalya, Bursa, Ankara, and Yalova are following Istanbul as the most preferred cities by foreigners.

How Turkey Did Became the Fifth County in The Real Estate Sales to Foreigners?

After the value of Turkish Lira got lower, the foreigners started to buy more properties or started to do more investments. However, this is not the main reason why foreigners purchase the property from Turkey that much. With the current law in Turkey, foreigners who buy a property which is costs at least 250.000 US dollars, can apply for Turkish citizenship. For overhead capital investment, the amount is 500.000 US dollars. Those factors attract foreigners to purchase a property or do any kind of investments in Turkey.

How to Become a Turkish Citizen?

There are several ways to become a Turkish citizen. Two of those ways are buying property which is worth 250.000 US dollars and keeping it for at least 3 years and doing the investment of overhead capital for at least 500.000 US dollars. The other ways are;

  • Founding or owning a profit or non-profit organization where you employ at least 50 people and give them a salary.
  • Keeping at least 1 million US dollars in any Turkish bank for at least 3 years.
  • Marrying a Turkish citizen and keeping the marriage for at least 3 years.

The Requirements to Fulfil After Applying

After applying for the citizenship, you have to satisfy some requirements and those are;

  • Being adult by the law of your county. Turkey’s law if the person doesn’t belong to any countries.
  • Not having any contagious diseases that could be dangerous to other people.
  • Not having any criminal record.
  • To be capable of speaking Turkish in a sufficient level.
  • Having enough level of income or wealth to satisfy the needs of the people you are responsible for.

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