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Revised January, 2025 – Resource, Turkey iResidence
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| . IN ISTANBUL 781 AREAS OF HOME ADDRESS (RENT, PROPERTY PURCHASE FOR CITIZENSHIP, STUDENT, MARRIAGE, WORK PERMIT) NEIGHBORHOODS DUE TO THE FOREIGNER POPULATION REACHED THE 20% MAXIMUM LIMIT THAT WILL NOT QUALIFY A NEW RESIDENCE PERMIT IN ISTANBUL IS AVCILAR, DENIZKÖŞKLER, BAŞAKŞEHIR, İKITELLI OSB, ZIYA GÖKALP, BEYLIKDÜZÜ, BEŞİKTAŞ YILDIZ. ESENYURT ALEVLER, GÖKEVLER KOZA, PIRI REIS, YEŞILKENT, ZAFER, FATIH. BALABANAĞA, İSKENDERPAŞA, KATIP KASIM, KEMAL PAŞA, MESIHPAŞA, MIMAR HAYRETTIN, MOLLA GÜRANI, MUHSINE HATUN, NIŞANCA, SARAÇ ISHAK, BEYOĞLU, BÜLBÜL, ÇUKUR, KAMER HATUN, KOCATEPE, ŞEHIT MUHTAR, KÜÇÜKÇEKMECE, ŞİLE, BEŞYOL, SARIYER, MASLAK ERGENEKON, MECIDIYEKÖY, İNÖNÜ, MEŞRUTIYET, ÜMRANIYE, TUZLA, DUDULLU OSB, ZEYTINBURNU, MALTEPE, AYDINLI KOSB. . |
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LAW UPDATE ‘NEW REGULATION’ ON THE SALE OF HOUSING TO FOREIGNERS
The law amended and effective from May 13, 2022 for the Turkish real estate minimum value that will be received when applying for Turkish citizenship investment program has increased from 250 thousand dollars to 400 thousand dollars.
According to the statement of the Ministry of Internal Affairs, it was announced that the value of real estate to be applied for Turkish citizenship has increased from 250 thousand dollars to 400 thousand dollars.
According to the news, the conditions for applying for Turkish citizenship through the purchase of real estate will be changed. According to the decision taken at the Presidential Cabinet meeting held yesterday; The application requirement, which is 250 thousand dollars, will increase to 400 thousand dollars.
In addition, an annotation will be made that the residence received by a foreigner who wants to obtain citizenship should not be sold for 3 years.
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Turkey iResidence – the increase in the application of granting citizenship to foreign nationals in exchange for the sale of housing from $ 250 thousand to $ 400 thousand affects sales to foreigners. “But in a graphical sense, it didn’t happen at a very high rate, especially due to the influence of the Russia-Ukraine war,” said.
iResidence underlines in bold that “Not every real estate sale made to foreigners turns into citizenship, and only 15 percent of these sales result in Turkish citizenship approved.”
Therefore, he expresses that the entire decrease in housing sales to foreigners cannot be reconciled with the increase of 250 thousand dollars to 400 thousand dollars. iResidence also says that Turkey has entered into an election process, and this election process is usually during periods when the sale of housing to foreigners slows down..
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IT WAS RAISING HOUSE PRICES IN TURKEY
The citizenship in exchange for Turkey real estate investment program was first implemented in 2017. A year later, the amount of investments required for citizenship was reduced from $1 million to $250 thousand. in 2021, a total of 58,576 housing units were sold to foreigners.
Experts point out that the practice of citizenship in exchange for the purchase of real estate has been effective in the astronomical increases seen in house prices in recent years. Experts emphasize that the increase in construction costs and negative real interest, as well as the ever-increasing housing purchases by foreigners, have pushed prices up.
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FOREIGNERS HAVE BOUGHT 293 THOUSAND HOUSES IN TURKEY IN 9 YEARS
While Turkish citizens are experiencing a housing crisis due to high prices, the number of houses sold to foreigners has reached 293 thousand in the last 9 years. with the application of citizenship to real estate worth 250 thousand dollars and the depreciation of TL, sales to foreigners increased rapidly. in 9 years, foreigners have bought $41 billion worth of Turkey real estate.
While there is a housing crisis in Turkey, it is worth noting that the number of houses sold to foreigners is gradually increasing.
According to data, in the 9 years and 3 months since 2013, foreigners have purchased a total of 293 thousand 271 housing units in Turkey.
Along with the practice of granting citizenship to foreigners who buy real estate with a price of 250 thousand dollars and above and the drastic depreciation seen in the Turkish lira in recent years, housing sales to foreigners have increased.
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Turkey iResidence, “As a matter of fact, alone in 2021, foreigners made a record property purchase on an annual basis with 58 thousand 576 housing units in Turkey.” was said.
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ONE OUT OF EVERY FOUR RESIDENCES SOLD IN ANTALYA IS OWNED BY A FOREIGNER
The share of sales to foreigners, which was 1.1 percent of total housing sales in 2013, increased to 4.5 percent in the first three months of 2022.
In the first three months of 2022, 15,386 houses in Turkey, were sold in Antalya, while 3,447 of them were bought by foreigners, and the share of foreigners in the total was 22.4 percent.
During this period, 57,836 houses were sold in Istanbul, of which 5,974 were bought by foreigners, and the share of foreigners in the total was 10.3 percent.
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ISTANBUL AND ANTALYA STAND OUT
Since 2013, the number of housing units purchased by foreigners in Istanbul has reached 116 thousand 258. During this period, foreigners received 67,766 housing units in Antalya.
Ankara, the capital, was another province where foreigners showed interest with the sale of 14,577 housing units during this period.
In the first three months of 2022 alone, foreigners bought 14 thousand 344 houses, while of this, 5 thousand 974 houses took the first place. In Antalya, 3 thousand 447 houses were sold to foreigners in three months.
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IRAQIS AND IRANIANS GET THE MOST
Since 2015, Iraqis have purchased 44 thousand 92 units of housing in Turkey, while this figure was 30 thousand 776 for Iranians.
During this period, Russians also bought 19,773 housing units, while Ukrainians bought 5,338 housing units.
In the first three months of 2022, Iranians took the first place with 2,256 housing units, Iraqis took the second place with 1,887 housing units, Russians took the third place with 1,535 housing units.
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RAISING HOUSE PRICES IN TURKEY
The citizenship in exchange for real estate investment program was first implemented in 2017. A year later, the amount of investments required for citizenship was reduced from $1 million to $250 thousand. in 2021, a total of 58,576 housing units were sold to foreigners.
Experts point out that the practice of citizenship in exchange for the purchase of real estate has been effective in the astronomical increases seen in housing prices in recent times. Experts emphasize that the increase in construction costs and negative real interest, as well as the ever-increasing housing purchases by foreigners, have pushed prices up.
Upon the reactions received, the government’s plans to increase the 250 thousand dollar limit to 400 thousand dollars were reflected in the press.
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TURKEY REAL ESTATE SOLD IS VALUED $ 41 BILLION IN 9 YEARS
Despite the housing crisis, the government is encouraging foreigners to purchase housing, both to provide resources to contractors and to finance the current account deficit.
According to the data of the Central Bank, foreigners have purchased $41 billion worth of real estate in Turkey in the last 9 years. In addition to housing purchases, foreigners are buying a large amount of land.
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