Why has the value of the property eligible for Turkish citizenship increased?

With the high rate of inflation and the rise in the price of the dollar against the Turkish lira, the Turkish government raised the value of the property eligible for Turkish citizenship from 250 thousand dollars to 400 thousand dollars, provided that it is not sold for a period of 3 years.

The economic researcher at Ege University in Izmir told Al Jazeera Net that the reason for raising the value of the property in order to obtain Turkish citizenship is due to the increase in foreign demand for Turkish real estate, which led to price inflation with the inability of supply to cover demand, and with the aim of reducing demand and controlling price increases, The government is taking this step.

He also pointed out that the upcoming elections and the government’s desire to restrict the presence of foreigners before the start of the elections, because this file is one of the opposition’s files used against the government.

He pointed out that there must be security reasons at a time when the flow of foreigners to Turkey is increasing, especially from Iraq, Iran, Ukraine and Afghanistan.

This decision will surely reduce foreign demand for Turkish real estate.

Observers confirm that the condition that the property not be sold to foreigners is 56.5% in January 2022.

Those who wish to obtain Turkish citizenship and do not want to buy a property can obtain Turkish citizenship in exchange for a fixed capital investment of at least 500 thousand dollars or its equivalent.

The new regulation also confirms that foreign exchange amounts must be sold to a bank operating in Turkey, and from there to the Central Bank.

As experts in Turkish real estate affairs, we advise our clients to prefer the option of real estate investment, as it represents a profitable investment and an unparalleled investment opportunity.