The announcement regarding the increase in the real estate value that must be purchased for citizenship acquisition caused an increase in housing sales in Turkey.
After the Presidential Cabinet meeting held on April 13, following the discussions on the right of foreigners to get Turkish citizenship by buying real estate worth 250 thousand dollars, the news that
"It was decided to increase the real estate value that must be purchased for citizenship acquisition to 400 thousand dollars" was reported in the media.
It has been stated that the news that the price of housing, which must be purchased for Turkish citizenship, will be increased from 250 thousand dollars to 400 thousand dollars, has turned into a promotion in citizenship.
There is an increase in the demand for real estate to be purchased for Turkish citizenship because it will increase to 400 thousand dollars.
The Turkish citizenship program by real estate investment was first implemented in 2017. A year later, the amount of investment required for citizenship was reduced from $1 million to $250,000. In 2021, a total of 58 thousand 576 houses were sold to foreign citizens and real estate investors.
Turkish real estate specialists point out that the application for citizenship by property investment has been effective in the astronomical increases in real estate prices in the recent period. Experts emphasize that the increase in construction costs and the negative real interest rate, as well as the increasing housing purchases by foreigners, push prices up.