Turkey offers citizenship to foreigners investing a minimum of USD1 mil in real estate.

Amid concerns over security and the depreciating Turkish Lira, the Turkish government has announced a new investment scheme targeted at foreigners. With a minimum of USD1 mil invested in property, a foreigner can get Turkish citizenship. Citizenship will also be offered to foreigners who make a fixed capital investment of at least USD2 mil, keep at least USD3 mil in a bank account for at least three years or create at least 100 jobs in the country.

Turkey is a country full of historical and unique tourist attractions attracting visitors from all over the world, some of whom have bought properties especially in Istanbul and Izmir. The latter is popular for its beaches and proximity to historical sites like the Roman ruins in Ephesus and Virgin Mary house. Buyers come mainly from Saudi Arabia, Kuwait and Russia.

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Last year however, a spate of terror attacks have left hundreds dead including a foreign diplomat and has caused international confidence in the country to plunge.

For the first 11 months of 2016, sales to foreigners have fallen by 19% compared to the same period in 2015. On the other hand, domestic real estate sales has charted an increase of 4.5% to 1.2 million properties in the first 11 months of 2016. The divergence is caused by low supply which is driving demand causing the underlying sentiments to remain bullish, according to reports.

As a result, prices of property have risen by 13.98% in H1 2016, according to data published by the Central Bank of the Republic of Turkey. Istanbul registered the highest growth at 17.68%, followed by Izmir (14.71%) and Ankara (9.16%).

Turkey, straddling Europe and Asia, has always been sought after by empire after empire, and today, it is among the world’s top 20 countries for property investment, according to The Telegraph.


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