Great interest in Turkish Passport for 250.000 USD

22 January 2020 0 Comment(s)

The number of houses purchased by foreigners in Turkey grew by 105% in the last two years. This increase in the last two years of opening the way for foreign citizenship residential area in Turkey drew attention to arrive soon after.

With the law accepted on January 12, 2017, 1 million USD investment was enough for Turkish citizenship if kept in the hands in the Republic of Turkey. This amount decreased to 250.000 USD with the amendment made on September 18, 2018. Foreigners have bought 180.000 houses in the last 7 years.

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Turkey Statistical Institute (TÜİK) show that the amount of housing purchased by foreigners every year since data from 2013. According to this, foreigners bought 12.181 houses in 2013, 18.959 houses in 2014 and 22.830 houses in 2015. This number dropped to 18.189 in 2016. According to the law adopted on January 12, foreign nationals had the opportunity to become Turkish citizenship if they purchased 1 million USD of real estate and maintained its ownership for 3 years.

In 2017, when the citizenship road was opeend, the number of selling houses to foreigners increased slightly to 22.234. However, despite the increase, it stayed below the 2015 level. Turkish citizenship by investment, which was 1 million dollars in September 2018, was reduced to 250.000 USD. In 2018, the number of purchased houses increased to 39.663. This number climbed up to 45.483 in 2019. Thus, there was an increase of more than 100% between the beginning of 2017 and 2019 when the citizenship road was opened. In 7 years covering 2013-2019, foreigners purchased a total of 179.539 houses.

Iraqi Investors Purchased 1 out of 5 Houses

TÜİK started to announce the nationalities of foreigners who purchased houses since 2015. Considering the process including 5 years from 2015 to 2019 was the most housing foreigners bought Iraqi citizens in Turkey. Foreigners purchased 148 .399 houses in total in these five years. It is seen that Iraqis purchased 1 out of 5 houses sold. Iraqi citizens purchased a total of 26,870 houses in these five years. This corresponds to 18,1%.

After Iraq, Saudi Arabian and Iranian Citizens Purchased Houses in Turkey

After Iraq, Saudi Arabia citizens come with 12.861 houses. Citizens of this country bought 8.7% of the houses sold in the last five years. Iranian citizens in the third row, they purchased 11.275 houses in Turkey. The rate of Iranians was 7.6%.

These countries are followed by Russia: 9.781 (6.6%), Kuwait 9.697 (6.5%), Afghanistan 7.214 (4.8%), Germany 5.944 (4%), UK 5.265 (3.5%), Azerbaijan 4.808 (3.2%) and Jordan 4.029 (2.7%). Qatar citizens purchased a total of 2.323 houses.

Istanbul and Antalya are the leaders, Izmir is not on the list

Considering the city preferences of foreigners, the total share of Istanbul and Antalya exceeds 56% of total house investment. In a four-year period covering 2015 and 2018, foreigners total 35.756 in Istanbul; they bought 23.069 houses in Antalya. These correspond to 34.4%and 22.2% respectively.

Bursa, Yalova, Ankara, Trabzon, Sakarya, Muğla and Mersin follow Istanbul and Antalya respectively. It attracted great attention that İzmir ,which is one of the most important cities of Turkey, is not on the list.

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