Limit for Turkish Citizenship by Real Estate is Increasing
The minimum property value is getting increased to 600.000 $ to benefit from Turkish citizenship by real estate investment. The new regulation is expected to enter into force at the beginning of the new year.
Turkey has a citizenship by property investment law for foreigners. The minimum property value to benefit from this law was 400 thousand dollars. The Presidency of Migration Management of Turkey will increase this amount to 600 thousand dollars at the beginning of next year.
Foreigners can still benefit from this law by purchasing at least 400.000 thousand dollars worth of property until the end of the year. So, it is still possible to get Turkish citizenship with the current law. The new regulations for Turkish citizenship by real estate investment are expected to enter into force with the new year.
How Will the Increase in Minimum Limit for Turkish Citizenship by Real Estate Investment Affect the Market?
While the increased threshold may pose initial challenges, some experts believe that this move will bring in more impactful investments, reshaping the landscape of the Turkish real estate sector.
As Turkey is one of the most popular countries in terms of overseas real estate investment, the demand is expected to continue according to the experts.
Also, the minimum limit for residency by real estate investment has been increased to 200 thousand dollars from 75 thousand dollars on 16 October 2023. So, there is an increase in minimum property value in both options to buy real estate and live in Turkey.
During these minimum value regulation changes, experts say that property buyers should work with professional agencies to avoid any fraud or traps.