The Real Estate Scope... Did the "Citizenship for Investment" program work?
Updated: Aug 2, 2022
In 2017, Turkey has issued the Citizenship for Investment program which states that any foreign investor could acquire Turkish citizenship by buying a property of 1,000,000 USD worth without selling it for 3 years, or by depositing 1,000,000 USD in one of the Turkish banks without using them for 3 years.
Then later in 2018, Turkey altered the program of granting citizenships by lowering the property worth to 250,000 USD and making the deposited amount 500,000 USD but kept the 3 years constriction. Nonetheless, did this program work and achieve its goals in Turkey?
The effectiveness of the program was confirmed by a thorough investigation of all statistics and details issued by the Turkish Statistical Institute and the General Directorate of Civil Registration and Nationality.
Accordingly, between the years 2018 and 2021, foreigners who obtained Turkish citizenship through investment were mostly Iraqis (4631 naturalizations) and Iranians (4600 naturalizations).
Turkey has witnessed a total of 45k and 483 real property sales in 2019, while in the first 8 months of the current year 2021, it has been recorded that 30k and 849 of real property were purchased by foreigners.
The foreigners' property sale of the past years were as the following:
12k and 181 properties in the year 2013
18k and 959 properties in the year 2014
22k and 830 properties in the year 2015
18k and 189 properties in the year 2016 (decreased in the second half of the year due to the failed coup)
22k and 663 properties in the year 2017
39k and 663 properties in the year 2018 (highly increased after September the 18th due to the alteration of the "Citizenship for Investment" program)
45k and 483 properties in the year 2019
40k and 812 properties in the year 2020 (sales decreased in the first half of the year due to Covid19 lockdown)
30k and 849 properties in the first 8 months of 2021 which is a 47.6% increase compared to the same period of the previous year.
The Presidency of the Republic of Turkey Investment Office confirms the success of the "Citizenship for Investment" program.
The President of Turkey's Presidency Investment Office "Burak Dağlıoğlu" stated last August that between 2013 and 2020 Turkey has attracted around 250 billion USD from abroad due to the government's facilitation such as tax reduction, simplified investing program, and residential permits for investors, property and company owners as well as providing them with rights for citizenships.
"Burak Dağlıoğlu" added that the most benefited nationalities of the "Citizenship for Investment" program are Middle Easterners, North and East Europeans, Azerbaijanis, and many Asian countries since the program is aimed at a wide aspect of the world and not limited areas.
Foreign statistics confirm the great demand on Turkish Properties
Titling our Real Estate compass towards the South East, statistics will show that Iranians have spent more than 7 billion USD on Turkey’s real estate market in 2 years only. This was revealed in a tweet published by "Mojtaba Yousefi" earlier this month criticizing his people and surprised by their passion and insistence on owning Turkish property.
The president of Tehran's Chamber of Commerce "Masoud Khansari" declared a few days ago that most Turkish properties last year were purchased by Iranians, and within the first 7 months of 2021 only, they have purchased 4600 properties.
This indicates an increase of 21% compared to the same period of the previous year.
Official Data displayed an incredible growth within the Turkish real estate market caused by Iranians alone between 2017 and 2020
700 properties were reportedly purchased by Iranians in 2017 while in 2020, the number of purchased properties by Iranians increased to 7189 properties.
Statistics show that Iranian investors increased the size of the Turkish market by 866%.
According to official resources, Iranians have invested a total of 1.2 billion USD in the Turkish property market between January and July of 2021, which is considered a monthly record within property ownership.
Hence, there is no doubt that the " Turkish Citizenship for Investment" program has succeeded immensely.
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