Updated: Apr 7, 2022
More than a fifth of foreigners' real estate investments in Turkey in 2021, and about 40% of their investments in Istanbul real estate were for the purpose of obtaining Turkish citizenship.
About 40% Of Foreign Investments In Istanbul Real Estate For Obtaining Citizenship
The real estate market in Turkey has achieved great success in attracting foreign investors to it, outperforming many real estate markets open to foreign investors in developed countries.
Real estate sales figures in Turkey, especially in recent years, have witnessed a great demand for foreign investors on real estate in Turkey in general, and its apartments in particular.
A record number of real estate sales to foreigners in Turkey
The real estate sector in Turkey witnessed great progress in providing the best options for the real estate investor, and had an important role in increasing the demand for real estate investment in Turkey.
In addition to, the facilities and incentives provided by the Turkish government to foreign investors, on top of which is the granting of Turkish citizenship for a property worth $250,000.
Which made a major turning point in the foreign demand for investment in real estate in Turkey, reflected in the record sales figures that followed the decision to grant Turkish citizenship in exchange for a property.
As real estate sales to foreigners reached their peak in sales last year 2021, achieving a record number of sales of 68,168 properties.
Turkish citizenship is at the top of the aspirations of foreign investors
According to a report prepared by IFA Real Estate Appraisal Company in Turkey, the number of properties owned by foreign investors in Turkey with the aim of obtaining Turkish citizenship during the past year 2021 reached 15,071 properties.
Therefore, investments for the purpose of citizenship achieved 22.1% of the total real estate investments of foreigners in Turkey in 2021.
ccounts for 80% of citizenship investments all over Turkey
Istanbul accounted for 80.1% of real estate investments aimed at obtaining citizenship all over Turkey, achieving first place among the Turkish states.
Antalya ranked second, Ankara third, Yalova fourth, Mersin fifth, Izmir sixth, Bursa seventh, Muğla eighth, Samsun ninth, and Sakarya tenth.
The Iranians are at the fore
As for the classification of foreign investors according to their nationalities, Iranians have issued the most foreign nationalities investing in real estate with the aim of obtaining Turkish citizenship in 2021.
Followed by the Iraqis, then the Afghans, then the Yemenis, then the Chinese, then the Palestinians, then the Egyptians, then the Jordanians, then the Pakistanis, and then the Russians.
More than a third of foreign investments in Istanbul real estate were for obtaining citizenship
According to the data of the aforementioned report, the number of properties owned with the aim of obtaining Turkish citizenship in the state of Istanbul amounted to 12,078 properties.
Investments for Turkish citizenship accounted for 38.37% of all real estate investments for foreigners in Istanbul during 2021.
Iranians also led the foreign nationalities investing that invest the most in real estate with the aim of obtaining Turkish citizenship in Istanbul, followed by the Iraqis, then the Afghans, then the Yemenis, then the Chinese, then the Palestinians, then the Egyptians, Jordanians, Pakistanis, and then the Russians.
Esenyurt, Beylikduzu and Basaksehir are at the fore
As for the classification of Istanbul regions due to foreign investments with the aim of Turkish citizenship.
Esenyurt, Istanbul topped the list, followed by Beylikdüzü, then Basaksehir, Bagcilar, Avcilar, Buyukcekmece, Kucukcekmece, Kağıthane, Zeytinburnu, then Fatih.