Following the latest news on Turkish real estate market, it is now within reach of more investors as the Turkish government announced in September 2018 that citizenship can be obtained by foreigners who buy property worth of at least 250,000 USD.
As this update on the law is considered to be a bid to increase the real estate sales in Turkey with hopes to avoid the devaluation in Turkish lira, back in May 2012, in accordance with the Article 35 of the Land Registry Law No. 2644, amended by Law No. 6302, which came into force on 18 May 2012, the condition of reciprocity for foreigners who wish to buy property in Turkey was abolished.
The criteria to obtain Turkish citizenship in accordance to the new law
The real estate investment must worth at least 250,000USD whether for a single property or multiple real estate.
The purchased real estate must have title deeds (TAPU) completed and ready.
Application for the citizenship must be done via a lawyer.
A surveyor would be sent by the government for valuation of the purchased real estate - the investment amount that is spent and the amount on the title deed is to be checked and verified by these officals.
Following the acceptance of the application, Turkish government to place a charge over the title deed making the property unsellable for 3 years. After 3 years, the property will be free again to be sold.
The whole application process takes from 3 to 6 months all together.
Once all done, Turkish citizenship will be granted to the buyer, as well as their wife/husband and kinds who are under the age of 18.
In terms of suitable options for investment properties, we would recommend you to consider buying in central Istanbul, making it a valuable investment at the same time. Another issue to consider is investing on a highly-rentable apartments thus maximizing rental income.