The Turkish investment property market is a market with highly active sales. Real estate investors in Europe, America and the Middle East prefer to buy houses, especially in Istanbul and many other popular centers of Turkey. The latest figures are quite high. In a very short time, even within a few months, real estate sales were made to nearly 500,000 foreign investors.
Another issue that we pay attention to in house sales is the issue of sales to foreigners. The Regulation Amending the Regulation on the Implementation of the Turkish Citizenship Law entered into force by being published in the Official Gazette dated 6 January 2022 and numbered 31711. The Regulation on the Implementation of the Turkish Citizenship Law set certain limits in US Dollars for obtaining citizenship through capital or real estate investment. While other foreign currencies corresponding to these limits are still accepted, the phrase “Turkish Lira with equivalent” has been removed. Thus, it was determined that foreigners should invest in foreign currency in order to qualify for citizenship within the scope of capital or real estate investment.
According to TUIK statistics, house sales to foreigners increased by 78.4% in 2018 compared to the previous year, while 39,663 house sales to foreigners were over 45 thousand in 2019 and 40 thousand in 2020. In 2021, with the decrease of the effects of the Covid pandemic, this statistic has exceeded 58 thousand. In this way, 3.9% of the total house sales were realized in the form of sales to foreigners. With the new regulation, it is aimed to evaluate the increasing demand more effectively, to increase the demand for Turkish Lira considering the exchange rate fluctuations experienced in Turkey in recent months, and to support the CBRT’s foreign exchange reserves. (vizyongd.com).