According to the International Monetary Fund, Turkey's economy will be the 13th largest in the world within a decade. These expectations come in the wake of a rapid recovery of the Turkish lira from about 7 to the dollar at the end of last year to about 5 to the dollar currently.
With the rapid rise in the value of their currency, the Turkish economy is witnessing a boom in the rate of foreign investors wanting to pump their money into local real estate. Here are some reasons why you should trade pounds and dollars for luxury apartments and villas in Turkey:
New nationality laws
- Turkish citizenship laws were recently changed to help restore the lira to its original status and boost foreign investments. Now, foreign investors can obtain Turkish citizenship by investing $250,000 in Turkish real estate for three years.
- Previously, this amount was an investment of 1 million USD to be applied to Turkish citizenship. It has now been reduced by a much manageable amount. The scheme has worked well with a significant increase in foreign investment in the Turkish real estate market.
Faster and easier purchasing process
- In order to make things easier for investors, Turkey has made several amendments to its real estate purchasing laws over the years. Buying real estate in Türkiye is now easier and faster than ever.
- In some cases where a military permit is required, the property can be purchased within just 24 hours! In addition, VAT deductions and regulations within the real estate market, make buyers more confident and happy about investing their money in Turkish real estate.
Affordable living
- The cost of living in Türkiye is relatively low for foreigners. Food, utilities and transportation are remarkably cheap, making life in Türkiye very easy. Adding the stunning landscape, wonderful weather and legendary hospitality of the Turkish people makes it the perfect place to live!
Rental applications
- Turkey's thriving economy and thriving educational sector attract many young people to Türkiye. Demand for rental properties, especially along the coast, is growing at an astonishing pace.
- With a number of management companies willing to take the hassle of dealing with strict rental procedures, more and more investors are now purchasing rental properties in Turkey. The country's lucrative tourism market combined with the housing shortage has great potential for healthy returns on real estate investment!
Buying real estate in Türkiye
- Damasturk has been one of the largest real estate companies in Turkey since 2014. We can help you find and buy properties for sale in Turkey, which have a high growth rate and potential returns. Our simplified search option can help you find the best seasonal real estate deals.
Turkish citizenship through real estate investment
- By purchasing a property for an amount exceeding $400,000, the investor becomes eligible to apply for Turkish citizenship. The passport is usually granted within 6-8 months after submitting the application. With relatively high rental yields and rising real estate costs, 95% of investors prefer this option.
- The property must cost $400,000 or more. It may be either residential or commercial, new or resale property. An investor cannot purchase property that has already been used once in the Turkish Real Estate Investment Program - such property will not make the investor eligible to apply for citizenship.
- Citizenship for all family members. Purchasing the property makes the investor and his immediate family eligible to apply for Turkish citizenship. The investor's wife and children under the age of 18 can apply for citizenship alongside the investor. Parents and children over 18 years old can obtain a residence permit.
- The property can be resold after 3 years of ownership. The only restriction here is that the investor cannot resell the property to its previous owner. While owning the property, the investor can also rent it out.
- Light living requirements. To apply for citizenship, the investor does not need to reside in Türkiye. They do not have to pass language or history tests to obtain a passport.
The strength of the Turkish passport
- The Turkish passport 2023 ranks thirtieth among the passports of countries in the world.
- Ease of obtaining a Schengen visa to enter the European Union.
- The strength of the Turkish passport will increase if Türkiye joins the European Union.
The Turkish passport allows the holder to enter:
- 77 around the world without the need to obtain a visa.
- 33 countries and automatically obtain a visa upon arrival.
- More than 8 countries have an electronic visa that can be obtained online.
- Maintaining the original nationality or obtaining another nationality.
A Turkish passport holder can:
- To benefit from retirement programs like any Turkish citizen.
- Full medical rights granted to Turkish citizens.
- Full educational opportunities granted to Turkish citizens.
- Participation in all Turkish presidential, parliamentary, municipal and other elections.
- The Turkish passport can be obtained in only 10 days.
- The application for a passport can be submitted directly after obtaining Turkish citizenship, and there is no need to wait for a specific period.
- The validity period of the Turkish passport is up to 10 years.
- The holder of a Turkish passport has the right to retain his mother’s nationality in addition to a third nationality other than Turkish nationality.
