Interview with our local agent in Turkey

Today, One World Migration spoke with its local agent in Turkey. The expert shared valuable information regarding current trends in the real estate market in Turkey in the context of the expectation of the adoption of a new law on increasing investment prices, talked upon the optimal areas for buying real estate for various reasons, and also gave important tips.

-The purchase of real estate is becoming a guide to acquiring citizenship of a certain country. Tell us in which countries this plan can be implemented now.

– Turkey is one of very attractive countries where you can get citizenship by investment.

-What is happening in the real estate market in Turkey in the context of the news about a possible increase in the necessary investments to get a passport from $400,000 to $600,000 starting from the New Year 2024? Do you know if this introduction is accurate and when it will take effect?

– Yes, we know that it is planned to raise the threshold for obtaining citizenship for investments in Turkish real estate for foreigners. The cadastral value will amount to at least 600,000 USD (in Turkish lira). There is no such law yet, just as there is no law on obtaining a residence permit when buying from 200,000. But we expect that this practice will come into force after the New Year holidays, starting in January. However, this increase will only affect investors, for whom the most significant thing is to obtain citizenship of the Republic of Turkey. Investments in the purchase of real estate are possible with any budget, real estate is growing in price, and the buyer will anyway remain in the black and will regain part of the funds spent (ROI).

-In which areas is it best to purchase real estate if the client aims at buying real estate for investment purposes (to lease/resell)?

– Turkey is actively developing the real estate segment, and there are some areas where the price is constantly rising for various reasons. This is primarily Istanbul, then the areas next to the sea – everyone's favorite Antalya and Alanya, Bodrum, Dalaman, Izmir, Ankara, Mersin, and others are developing as well. A foreigner has the right to resell real estate after 3 years, not 5. As for the growth of the cost per square meter, as well as the growth of rent - it all depends on the specific region. For example, Istanbul is a huge city, and each district has its own figures for the increase in value. The increase is influenced by many factors: infrastructure, social facilities, proximity to the airport, accessibility of public transport and many others.

-In which areas is it best to purchase real estate if the client plans to use the property and live there?

-Traditionally, Russians love areas near the sea - Antalya and Alanya. At the same time, we advise our clients to consider other regions of Turkey for both residence and investment.

-Give me three tips on what one needs to know when buying a property in order to obtain citizenship (difficulties, nuances)?

-That's an excellent question. First of all, you are buying a property in an unfamiliar country with its own legislation and many nuances. Our advice is to work only with a trustworthy expert in real estate, with agencies that have connections, reputation, who will definitely keep promises, and will provide any advice, legal and financial, so that your purchase will bring joy, and you will not worry about your savings you have invested in real estate. This is especially true for getting citizenship: it is necessary to check the cadastral value, the availability of all documents for the property, check in advance all taxes and all additional payments necessary for obtaining citizenship and passport. An critical notice is that when buying real estate for citizenship, it can also be obtained by family members of the owner: spouse, children under the age of 18.

-Are all regions of Turkey available for purchase of real estate, or are there any restrictions?

-One may buy real estate in any region of Turkey, but some areas may be closed for registration, and this issue needs to be checked in advance with the agent.

-According to your own experience, when clients buy real estate to obtain citizenship, are they more likely to rent it out or use it for living?

-In Turkey, everything is individual. It is majorly up to the situation of a particular client, his or her investment experience, budget, etc.

-How long does the process of obtaining citizenship take on average after buying property?

-It takes approximately from 8-12 months. Before getting passport, you will gain a residence permit to stay legally in Turkey. Then the residence permit will be exchanged for a passport.

-Could you give a forecast for next year regarding the development of the real estate market? What trends are expected?

-Further growth is forecast for the Turkish market in 2024. Government is investing budgets in infrastructure, transport, and materials to guarantee that housing meets all standards and high customer requirements. Therefore, an increase in the value of real estate and the development of various regions are predicted. In addition to residential real estate, investors are interested in commercial real estate and land purchases.