The real estate sales to foreigners have experienced an increase in Turkey in the past years. According to the researches, the sales have increased 79% in 2018 with more than 40.000 properties being sold to the foreigners. In the first quarter of 2019, 13.338 properties are sold to foreigners. Comparing the sales in June 2018 and 2019, it has examined that the sales have increased 82.1%.
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What Are the Most Preferred Locations?
According to the data from Turkish Institution of Statistics (TUIK), foreigners prefer coastline cities while they are purchasing a property. After examining the foreigners’ city preferences, you can see that 56% of the sales were made in Antalya and Istanbul. Among those cities, Istanbul is the most popular location for the foreigners to buy properties. The number of properties sold to foreigners in Istanbul was 676 in June 2018. This year, that number has raised to 839. It is possible to say that in each 10 sales, 3 of them were made in Istanbul. Other most popular cities are; Antalya, Bursa, Yalova and Ankara.
Why Did the Sales Increase?
One of the main reasons for the real estate sales to foreigners are increased significantly in 2018 is the steep decline in the value of Turkish Lira. Purchasing property in Turkey got more logical for the foreigners whose currency became much valuable according to Turkish currency.
Another factor that makes foreigners to buy property from Turkey is because it became much easier to become a Turkish citizen. Turkish government went for a change in the law which was stating that the foreigners who purchase a property in Turkey which is worth 1 million US Dollars and keep it for 3 years can become a Turkish citizen. The amount of money in the law has change to 250.000 US Dollars in September 2018. This factor can be considered as the most effecting factor for foreigners to buy property in Turkey.
Who Are Purchasing the Properties?
After examining the sales that are made to the foreigners by nationalities, Iraqi people are on the top of the list with the 24,4% of the purchases. 944 properties were sold to Iraqi people in August of 2018. The number of sales are followed by Iranians with the amount of 394, Saudi Arabians with 275, Kuwaitis with 271 and 192 with Russians.
Another Ways of Getting Turkish Passport
There are some other ways to get Turkish passport. Other than purchasing a 250 million US Dollars’ worth property. Those are;
- You must be adult or capable of understanding.
- You can apply for Turkish citizenship if you lived in turkey for at least five years. Five years’ rule is reduced to two years if you are originally Turkish.
- One of the most common way is buying immovable property in Turkey as it was mentioned before and then doing investments in Turkey, founding business in Turkey or marrying a Turkish citizen follows that subject.
- You must not have any hazardous diseases.
- You must not have any criminal records.
- You must be speaking Turkish at least to be able to communicate with people in order to full fill your daily duties.
- You must have enough level of income, the enough level refers to the situation that; you must be able to take care of the people in your family or the people that you are responsible for.
