Turkey Dreams Apartment
- May 15, 2022
- 3 min read

What is the impact of raising the property value on foreigners' Turkish citizenship applications?

Local media reported on the Turkish government's decision to raise the property value to obtain Turkish citizenship from $250,000 to $400,000. The decision is valid when published in the Turkish Official Gazette.

Turkey launched the "Investment for Turkish Citizenship" program in 2017 and made many amendments to it in subsequent years. The number of people obtaining Turkish citizenship through investment exceeded 19 thousand investors between 2017 and 2021.

What is the impact of raising the property value on applications for Turkish citizenship?

The amendment to the property value stipulates that the purchase of a property worth 250 thousand dollars was issued in September 2018. And between 2021 and early 2022, there were significant changes in the Turkish property market, where prices increased.

This significant increase in prices is the result of several factors, including:

1- Coronavirus: the epidemic led to prices rising significantly in all countries due to the interruption of supply, the closure of airports, the daily and weekly bans, repeated closures, and disruption of the production that affected all economic sectors, especially the aviation, tourism, and property sectors.

2- The Turkish lira: The value of the Turkish lira has decreased significantly. The value of the Turkish lira when the Turkish citizenship decision issuance was 6.75 liras per dollar in September 2018, while became 15 lire per dollar in April 2022.

3- The rise in the consumer price index (inflation): In September 2018, inflation recorded an increase and reached 24.52%, while in March 2022, the inflation price exceeded 61%.

4- The Turkish demand for Turkish property increased, especially in the last quarter of 2021 and early 2022, due to the depreciation of the Turkish lira and the return of life to normal following the lifting of restrictions imposed two years ago.

About the new amendment will negatively affect the percentage of requests for Turkish citizenship through property investment. TDA Turkey dream apartment | Kamiran said that the effect will be relatively and not noticeable, due to the investors looking at other foreign nationalities through the investment.

What are the most prominent countries that grant citizenship through investment?

Austria: Citizenship and Austrian passport are obtained through an investment of at least $3.5 million.

Cyprus: To obtain a Cypriot passport 2.5$ million must be spent on donations or property investments.

Britain: An investment of at least 2 million pounds is required to obtain British citizenship and a passport.

Egypt: To obtain Egyptian citizenship a state-owned property must be purchased with 500,000$.

Accordingly, we see that the value of Turkish property that grants Turkish citizenship is still low compared to other foreign nationalities, especially European ones.

TDA Turkey Dreams Apartment | KAMIRAN

TDA specializes in Turkey’s real estate market.

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