The new government decree increased the investment required to obtain Turkish citizenship by purchasing residential property from US$250,000 to US$400,000. Turkish residential property market brings one of the highest yields on investment to investors. A recently released report forecasts CAGR 8% during 2022 - 2028 period. Most recent Central Bank data in February revealed that the The RPPI increased annually by 96.4 percent in nominal terms and by 26.9 percent in real term.
Istanbul, one of the most vibrant cities in Europe attracting millions of people from the region for business and tourism every year. Residential property prices per square meter in the city centre is still dwarfed by other metropolitan cities in Europe.
Average unit prices in Istanbul is US$895 per square meter.
A market intelligence company, Mordor, said in a recent report:
"Turkey is an attractive country because of its transportation facilities, tourism, entertainment opportunities, and convention tourism. Istanbul, where Europe and Asia meet, emerges as a haven for real estate investments and is a rising star full of real estate opportunities and stands out as a haven for high value-added and profitable real estate. High-interest rates and economic restraints have had an impact on the economy, and one of the impacts is a decline in real estate prices and a decline in the lira."
Foreign nationals, mainly from Iran, Iraq and Russia, purchased 14,344 homes in Turkey in the first quarter, a rise of 45% from a year earlier.
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