Property prices in Turkey continue to rise. In December 2023, the average cost of residential property reached $100,000, which is 84% higher than in December 2022.
Price growth is observed in all regions of the country, but Istanbul has been affected the most. Prices in the capital of Turkey have increased by 73%.
Despite the price increases, the demand for real estate in Turkey remains high. In December 2023, there were 23,700 property transactions in Istanbul, accounting for 17% of the total sales volume in the country.
Property buyers in Turkey have the opportunity to obtain Turkish citizenship. To do this, they need to purchase residential or commercial properties worth at least $400,000.
As of January 2024, there have been some changes in the procedure for obtaining Turkish citizenship. Now, the citizenship application must be submitted in person in Turkey, and the spouse of the investor must have a valid residence permit in Turkey. The spouse can be included after the investor and their children obtain passports.
With a Turkish passport, investors can travel visa-free to 126 countries, including Caribbean countries, Singapore, and Japan. Turkish citizens also receive a Schengen C-2 visa valid for 5 years.
