Changes to a regulation on the requirements for the acquisition of Turkish citizenship by means of investment might be raised to $600,000 for a piece of real estate, instead of $400,000, in 2024 according various sources and rumors.
In 2018 Turkiye lowered the investment criteria for foreigners to become Turkish citizens in a bid to boost investment in the economy. The regulations stipulated that foreigners can become citizens if they own property worth $250,000 for three years, down from a previous value of $1 million. The minimum investment necessary to obtain Turkish citizenship was increased to $400,000 in 2022.
Foreigners who purchase real estate for $400,000 will continue to be granted the right to apply for Turkish citizenship until the end of the year.
While housing and rental prices have continued to rise in Turkiye since the end of the COVID-19 pandemic, the number of housing sales has witnessed a decline.
Data from the Turkish Statistical Institute (TurkStat) showed that foreign property sales in Turkiye experienced an annual decline of 53 percent in October, reaching the lowest level in the past three years.
According to the statistics, the decrease in property sales to foreigners, initially 0.6 percent in January, was 27 percent following earthquakes in February and 42 percent by mid-year.
The magnitude 7.8 and 7.5 earthquakes that hit Turkiye on Feb. 6 killed more than 50,000 people and left millions homeless in 11 provinces in the country’s south and southeast.
Source: turkishminute