By Accommodation Times Bureau
Turkey has lowered the minimum amount of capital investment required to obtain Turkish citizenship from $2 million to $500,000 while the lower limit for granting citizenship to foreigners that buy real estate was also decreased from $1 million to $250,000.
It has been a month since the amendment has been passed, and according to data gathered by Antalya Homes, a real estate agency in Turkey, residence sales to foreigners increased a record-breaking 151.1% year-on-year since last September.
In Turkey, which allows dual citizenship, the residences sold to foreigners in the first nine months of 2018 was purchased by citizens of Middle Eastern countries, Russia, Germany, UK and India.
Foreigners that intend to buy property in Turkey, which offers visa-free entry to citizens of 102 countries, prefer mostly Istanbul, Antalya, Bursa, Yalova, and Trabzon.
Bayram Tekçe, Chairman of Antalya Homes explained that the Asian countries are significant for property sales.”Turkey does not require purchasing one single residence or land for citizenship but allows buying multiple properties amounting to at least $250,000 in total. The property deeds bear an annotation that they cannot be sold for three years, while the owners, their spouses and minor children can finalize citizenship procedures in approximately 12 months”, he said.