What nationalities buy real estate in Istanbul the most?
Foreign investors are increasingly interested in investing in Turkey in various sectors, such as industry, trade and tourism. The real estate investment sector in particular has witnessed an increasing demand since the amendment of the Turkish Citizenship Law in 2018, which allowed foreigners to obtain Turkish citizenship by buying real estate in Turkey. Turkey, provided that the value of the property is not less than 250 thousand dollars with a pledge not to sell it for a period of 3 years, in addition to more conditions that are modified every period.
What are the conditions for obtaining Turkish citizenship by buying real estate in Turkey?
Although the conditions for obtaining Turkish citizenship by purchasing real estate in Turkey are subject to a number of amendments every period, the main conditions remain the same since their amendment in 2018, and these conditions are:
Buying a property from a Turkish citizen or from an approved real estate company, and its value should not be less than 250 US dollars.
Paying the price of the property by bank transfer, and the payment can be to a Turkish bank or outside Turkey.
A pledge not to sell the property for a period of 3 years, and the buyer is allowed to reside in the property or rent it.
Obtaining a real estate appraisal from one of the specialized and reliable companies approved by the Turkish government.
Registering the property in the Land Registry Directorate “Tabu”.
Other reasons for foreign investors to buy real estate in Turkey
The opening of new projects in Turkey, such as the Istanbul Water Canal project, encouraged Turkish and foreign investors to buy and invest in real estate in Turkey. The land and real estate surrounding the Istanbul Water Canal project witnessed a large buying and selling movement before the canal was announced, and the value of real estate is expected to rise in the area by 50% upon completion of the project.
Many applicants for citizenship want to acquire a Turkish passport, which has many advantages and allows its holder to enter more than 70 countries without having to request an entry visa.
Many foreigners also want to obtain Turkish citizenship for themselves and their family members for many reasons, including the enjoyment of citizenship rights in Turkey, such as free education in Turkish schools, and access to free medical care.
Arab investors prefer Turkish citizenship over other options offered, as they are comfortable with residing in Turkey, due to its geographical and cultural proximity to Arab countries.
And if you are wondering about the success of the Turkish experiment, the statistics give you the answer:
Real estate sales in Turkey to foreigners have achieved record numbers, as the sales of apartments to foreigners during the month of July only this year amounted to 4,495 apartments.
The number of those who obtained Turkish citizenship by buying and investing real estate in Turkey reached 17,968 investors from the beginning of 2017 until the end of June of this year.
In the first six months of this year only, the number of obtaining Turkish citizenship through real estate investment reached 10,000 foreign investors.
What are the most popular nationalities to buy real estate in Turkey?
According to data issued by the General Directorate of Land Registry and Real Estate Survey, investors who obtained Turkish citizenship by purchasing real estate in Turkey belong to 122 countries, and their investments were distributed in 48 Turkish cities.
The first place was for holders of Turkish citizenship by buying real estate in Turkey, for Iranian investors, followed by Afghan investors in second place, then Iraqis in third place, Yemenis in fourth place, Chinese in fifth place, Palestinians in sixth place, and Jordanians in seventh place. The Lebanese ranked eighth, the Egyptians ranked ninth, and the Pakistanis ranked tenth.
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