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With the arrangement made by the Directorate of Migration Management of the Ministry of Interior, the lower limit on the sale of housing for obtaining Turkish citizenship was increased by 200 thousand dollars and increased to 600 thousand dollars for 2024. According to TURKSTAT data; In October 2023, housing sales to foreigners decreased by 53 percent year-on-year and saw the lowest level in the last 3 years.
THE LOWER LIMIT FOR THE SALE OF HOUSING TO GET TURKISH CITIZENSHIP IS 600 THOUSAND DOLLARS
By the regulation of the Migration Management on October 16, 2023, the lower limit for the sale of residence and purpose-built houses to foreigners was increased from 75 thousand dollars to 200 thousand dollars. The lower limit for the sale of housing for citizenship purposes was set at 400 thousand dollars. According to the latest regulation; Starting from 2024, the lower limit for the sale of housing to foreigners is 600 thousand dollars.
Turkey iResidence, “Currently, foreigners who buy real estate for 400 thousand dollars are given the right to apply for Turkish citizenship. The price required for real estate purchases in order to become a Turkish citizen has been reduced from $ 1 million to 250 thousand since September 2018 and increased to $ 400 thousand in 2022. with the new regulation to be made as of 2024, the lower limit for the sale of housing to foreigners will increase from 400 thousand dollars to 600 thousand dollars.” was said.
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HOME SALES TO FOREIGNERS SAW THE LOWEST LEVEL IN THE LAST 3 YEARS
According to TURKSTAT data, housing sales to foreigners in October 2023 have fallen to the lowest level in the last 2.5 years. After the pandemic, while rental and housing prices increases in Turkey continue to increase rapidly, the number of housing sales began to decline. In October 2023, housing sales to foreigners saw their lowest levels in about the last 2.5 years.
According to the data, the decline in housing sales to foreigners, which was limited to 0.6 percent in the first month of the year, increased to 27 percent in the same month after the earthquakes that occurred on February 6 and affected 11 provinces, and continued to decline sharply by 42 percent in the middle of the year.
In October 2023, housing sales to foreigners decreased by 53 percent year-on-year. Thus, housing sales to foreigners saw the lowest level since 2020.
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