40% of foreign investments in Istanbul real estate for Turkish citizenship
Recently, the real estate market in Turkey is witnessing a great demand from foreign investors and has achieved record numbers for foreign sales compared to other developed countries.
A record number of real estate sales in Turkey to foreigners
When searching for the reasons that make foreign investors prefer buying real estate in Turkey over other countries, we find the most important of which is a large number of options to suit all budgets while maintaining the quality of the property, in addition to the Turkish government’s plan to attract investors by providing a set of facilities and incentives to foreigners, foremost of which are grants Turkish citizenship for investors according to certain conditions, the most important of which is the acquisition of property worth 250 thousand US dollars.
All this led to an unparalleled demand for real estate purchases by foreigners, especially after the issuance of the decision to grant Turkish citizenship, and 68 thousand and 168 properties were sold in 2021 only, which is a significant number.
Turkish citizenship is the most important attracting factor for foreign investment in Turkey
The percentage of investments to obtain citizenship in 2021 amounted to about 22.1% of the total sales, which is equivalent to 15 thousand and 71 properties, according to the report issued by the real estate appraisal company in Turkey.
Istanbul accounts for 80% of citizenship investments throughout Turkey
The report indicates that 80.1% of real estate sales to obtain Turkish citizenship went to Istanbul, which ranked first among the Turkish states, followed by Antalya, while in third place it was for Ankara, Yalova in fourth place, Mersin in fifth place İzmir ranked sixth, Bursa ranked seventh, Mugla was ranked eighth, Samsun ninth, and finally in tenth place was Sakarya.
The Iranians are at the lead
According to what was mentioned in the report, we find that the Iranians have topped the list of foreign nationalities in terms of real estate investments to obtain Turkish citizenship in 2021. The Iraqis came in second place, followed by the Afghans and then the Chinese, and in fifth place was the Palestinians, then the Egyptians, followed by the Jordanians. Then the Pakistanis and finally the Russians.
More than a third of foreign investments in Istanbul real estate was for citizenship
When looking at the data for the state of Istanbul in the aforementioned report, we find that it acquired 38.37% of the total real estate that was owned to obtain Turkish citizenship, and we find that Iranians also came first in terms of nationalities most in demand for real estate investments to obtain Turkish citizenship, followed by the Iraqis, and finally in the tenth place were the Russians.
As for the most attractive regions of Istanbul for foreign investors, the Esenyurt region ranked first, and in second place Beylikdüzü, followed by Basaksehir, then Bagcilar, then came Avcilar, then Buyukcekmece, then Kucukcekmece, then Kağıthane, then Zeytinburnu, and finally the Fatih region.
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