Favorite of Foreign Investors: Istanbul, Antalya and Mersin
In the first quarter of 2024, real estate investments for citizenship acquisition among foreign investors in Turkiye increased greatly. According to data from EVA Gayrimenkul Degerleme, 43.8% of foreign real estate investments made in this period were made for the purpose of obtaining citizenship rights. In the same period last year, this rate was only 18%. Especially Istanbul, Antalya and Mersin were among the main cities preferred by foreign investors. Esenyurt, Beylikduzu and Basaksehir districts in Istanbul were the most popular regions. This report reveals how attractive the real estate market in Turkiye has become for foreign investors.
Favorites of foreign investors: Istanbul, Antalya and Mersin
According to EVA Gayrimenkul Degerleme, as of the first three months of 2024, 43.8% of real estate investments made by foreigners in Turkiye constituted citizenship acquisition. This rate was 18% in the same period last year. While Istanbul, Antalya and Mersin were in the top three in foreign investments for citizenship acquisition throughout the country, Esenyurt, Beylikduzu and Basaksehir were in the top three in foreign investments in Megacity Istanbul.
EVA Gayrimenkul Degerleme examined the real estate investments made by foreigners in Turkiye for citizenship acquisition as of the first three months of 2024. It was determined that 43.8% of the 7 thousand 37 real estate investments made by foreigners in Turkiye in the first three months of 2024 were for citizenship acquisition. While the real estates purchased by foreigners for citizenship acquisition were 3 thousand 84, it was determined that 74.1% of the real estates acquired for citizenship were acquired in Istanbul. It was determined that 86.7% of the properties purchased for citizenship were purchased from Istanbul, Antalya and Mersin.
The top three countries by country are the Russian Federation, Iran and China.
According to the investments made by foreigners in Turkiye for citizenship acquisition on the basis of all real estate types in the first three months of 2024, the Russian Federation ranked first on a country basis. The Russian Federation was followed by Iran, China, Afghanistan, Palestine, Iraq, Pakistan, Sudan, Egypt and the United States.
Istanbul ranks first in real estate investments
As of the first three months of 2024, the city most preferred by foreigners to acquire real estate for citizenship on the basis of all real estate types was Istanbul. Istanbul was followed by Antalya, Mersin, Yalova, Ankara, Kutahya, Kocaeli, Bursa, Izmir and Mugla, respectively.
87.4% of investments in Istanbul are for citizenship acquisition.
Foreign real estate investments in Megakent Istanbul amounted to 2 thousand 612 units as of the first three months of 2024. It was determined that 87.4% of this investment consisted of real estate acquired for citizenship application. In the first three months of 2024, Iran ranked first in foreigners’ investments in Istanbul for citizenship acquisition on the basis of all real estate. This country was followed by the Russian Federation, Iraq, China, Palestine, Afghanistan, Azerbaijan, Midir, Algeria and Saudi Arabia. In the same period, Esenyurt, Beylikduzu and Basaksehir districts were among the top three in real estate investment preferences of foreigners in Istanbul for citizenship acquisition. These districts were followed by Kucukcekmece, Avcilar, Bagcilar, Buyukcekmece, Kagithane, Sisli and Sariyer, respectively.
Source: Emlakdergisi / Prepared by Irem Yildiz