Since the first quarter of 2020, the Turkish property market has grown exponentially. Recent amendments in Turkish National Law, which occurred on September 19, 2018, allows foreigners to become citizens if they own property.
As outlined in the amendment, foreigners who buy a minimum of $250,000 USD worth of property in Turkey can obtain citizenship with their spouse, and any children under the age of 18. However, one stipulation in the amendment requires that property purchased not be sold for three years. The Turkish government is making property ownership attractive to foreigners, in an effort to boost the Turkish property market.
To achieve its goal, Turkey has outlined a few essential regulations. One has been to change the financial limit for acquiring a Turkish passport through property ownership, which has been decreased from $1,000,000 USD to $250,000 USD. This, in large part is due to the recent depreciation in the Turkish Lira. Secondly, the process of getting a Turkish visa has been simplified, therefore allowing more people to qualify.
Amid Turkey's increasing need for foreign capital inflow, the above referred legal amendments have been approved, which has resulted in a very positive response by local authorities and executive bodies to Turkey's investments. Certainly, this new approach will eliminate the procedural and bureaucratic obstacles to foreign investors, as well as enable faster and more accessible transactions.
According to the Turkish Statistics Institute's data, the proportion of property sales to foreign investors is constantly increasing annually. This data clearly shows a direct correlation between the current demand to get citizenship through the new investment laws with the dramatic rise in real estate sales in the country.