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Foreign investors are flocking to Istanbul, driven by the lure of Turkish citizenship. This trend has surged dramatically in the first quarter of 2024, significantly impacting the local real estate market.

Recent data shows that nearly half of foreign investments in Turkish properties are now aimed at securing citizenship. This rise has been attributed to Turkey’s attractive Citizenship by Investment (CBI) program. The program offers a straightforward path to citizenship through various investment options.

Investment Routes and Rising Popularity

Turkey’s CBI program provides three main routes for foreign investors to obtain citizenship: acquiring property, creating jobs, and making capital investments. Of these, investing in real estate has emerged as the most popular option.

Foreign nationals are required to invest at least US$160,000 in Turkish real estate to qualify for citizenship. Property flexibility is also allowed and  can range from houses and apartments to land. This program has positioned Istanbul as a prime destination for international buyers.

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Key Statistics and Trends

In the first quarter of 2024, foreign investments in Turkish real estate reached over 7,000* properties. Of these, over 3,000 were purchased specifically for citizenship, accounting for 43.8% of the total. This marks a substantial increase from last year when only 18% of foreign property purchases were for citizenship purposes.

Istanbul leads the way, with 74.1% of citizenship-driven purchases occurring in the city. The districts of Esenyurt, Beylikduzu and Basaksehir are particularly popular among foreign investors. These areas are followed by Kucukcekmece, Avcilar, Bagcilar and Buyukcekmece. This is just but the diverse opportunities within Istanbul’s real estate market.

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Dominant Nationalities and Preferences

Investors from Iran, Russia, and China are at the forefront of this trend. These countries collectively account for a significant portion of the investments. Nationalities also not left behind include Afghanistan, Palestine, Iraq, Pakistan, Sudan, Egypt, and the United States.

In addition to Istanbul, the cities of Antalya and Mersin are also attracting considerable interest from foreign buyers. Together, these three cities represent 86.7% of the properties purchased for citizenship in Turkey.

Benefits of Turkish Citizenship

Beyond real estate investment, there are many advantages of Turkish citizenship. Turkish citizens enjoy visa-free travel to over 120 countries, access to free public healthcare, and the ability to relocate to countries like the UK and the USA through specific visa programs.

Future Prospects

The trend of foreign investors seeking Turkish citizenship through real estate investments is expected to continue. Turkiye’s location is strategic, the economy robust and policies welcoming ensuring it remains an appealing destination for global investors.

As more foreign nationals discover the benefits of Turkey’s CBI program, Istanbul’s real estate market will likely see sustained growth. This influx of investment boosts the local economy. Foreign investors are encouraged to explore the diverse opportunities in Istanbul and other major cities.