How has the earthquake in Turkey affected the real estate market for investors?

Tragedy in Turkey

Last week, Turkey faced a severe tragedy - a devastating earthquake that killed thousands of people and left unbearable pain in the hearts of the population. In response to the disaster, huge human and material resources were mobilized to help those affected, rebuild infrastructure and re-erect destroyed buildings.

Investment attractiveness

Nevertheless, despite this catastrophic situation, foreign investors in the real estate sector in Turkey can find some comfort. Key regions attractive for investment, such as the coasts and Istanbul, have remained unscathed. While at the beginning of 2023 experts were making predictions about possible changes to the citizenship by investment program, today, considering the economic situation in the country and the need for additional funding, the likelihood of revising the rules has practically disappeared.

Investing in Turkish real estate is now not only a way to obtain a second passport but also an opportunity to support the recovery of affected areas, which is extremely important, especially considering Turkey's traditional hospitality towards Russian citizens in any political circumstances.

Real estate market dynamics

The overall situation in the real estate market shows a noticeable increase. In 2022, the cost of housing, not accounting for inflation, rose by164%in Turkish lira, reaching an average mark of1.8 million liraApproximately95,555 US dollars), and the payback period for the investment as of December 2022 was19 years oldIn particular, the most active region in terms of price growth in real estate has been the province of Antalya, where there is high demand from both local residents and foreign citizens.

Foreign investors

According to 2022 data, Russian investors ranked first among foreigners in the Turkish real estate market. They are followed by citizens of:

• Iran
• Iraq
• Ukraine
• Kazakhstan

Investors from the Middle East countries, such as the United Arab Emirates and Qatar, are also active. It is noteworthy that the share of sales to foreigners is only4.5%from the total number of transactions.

Leaders in deals

In 2022, the real estate market in Istanbul was the most active, with over recorded.259.6 thousand transactions. The second most active city was the capital, Ankara, with awith 126 thousand transactions...and closing the trio is Izmir, where it was also concluded.83,500 transactions. Istanbul, as one of the most attractive cities for citizenship investment, offers potential buyers unique opportunities due to the coincidence of cadastral and real estate prices.

Price growth forecast

Can we expect further increases in real estate prices? Probably, yes. The growing population, rising construction material costs, strengthening of the Turkish economy, as well as attractive offers for foreign investors, such as the possibility of obtaining residency and citizenship through investments, social guarantees, and a wide range of business opportunities, all contribute to this positive trend.

Obtaining citizenship through investment in 2023

In 2023, the issue of obtaining citizenship in other countries through investment is becoming increasingly relevant for many. One of the most attractive countries in this regard is Turkey, which offers several ways for foreign investors to acquire citizenship.

Methods of obtaining citizenship

The most common method is investing in real estate, the value of which should be at least400 thousand US dollarsbased on the assessment of the cadastre.

Processing times

The average processing time for citizenship is between six months to eight months. It is worth noting that not only investors can apply for citizenship, but also:

• spouse or spouses;
• minor children, including children from previous marriages.

Basic requirements

The main requirements for obtaining citizenship include:

• the presence of legal age (18 years);
• absence of criminal cases in Turkey;
• compliance with visa conditions.

Dual citizenship

In addition, Turkey allows for the presence ofdual citizenshipThis makes the program even more attractive to investors. Since the beginning of 2023, new rules have been introduced in the country regarding the acquisition of real estate for the purpose of obtaining citizenship.

Real estate prices and exchange rates

The minimum amount for investment remains at the level of 400 thousand dollars, but should take into account possible changes in exchange rates. When buying real estate in Turkey, the cost is often indicated in Turkish lira, but to participate in the program requires conversion into dollars.

Selection of real estate

Foreign citizens can choose from a variety of real estate options located in popular areas of cities such as:

• Istanbul
• Antalya;
• Alanya.

However, you should be careful, as there are certain restrictions on the purchase of housing in border areas and along the Black Sea. It is also possible to invest in properties that are under construction, but it is important that the developer provides a title deed.tapat the time of the transaction completion.

Conditions for retaining citizenship

According to the program's conditions, in order to retain citizenship, the acquired property cannot be sold for three years after purchase. However, the owner can:

• to rent out one's property;
• combine several objects into one citizenship package if they are acquired under one notarized contract.

For example, you can buy two apartments costing 200 thousand dollars each from the same developer in the same residential complex.

Restrictions on real estate purchases

It is important to note that a purchase cannot be divided among multiple owners — each property unit must be owned by a single individual. Thus, the citizenship by investment program in Turkey remains relevant and attractive for those who wish to become part of this country, offering numerous opportunities for potential applicants.

Obtaining citizenship through real estate investment

Obtaining Turkish citizenship through real estate investment has its nuances, and it is important to understand that it is not possible to apply for citizenship based on the purchase of real estate. This rule applies to all types of properties, regardless of their market value, even if the price reaches several million dollars.

It should also be noted that the same object cannot be used as a basis for applying for citizenship more than once. This means that the scheme "bought - obtained citizenship - sold for the next passport" will not work.

Conditions for obtaining citizenship

Additionally, purchasing real estate that previously belonged to foreigners is also not eligible for this program. To be on the list of candidates for citizenship through real estate investment, the property must be acquired from a Turkish citizen or legal entity, and this property must have been owned by them for at least three years.

This information is particularly relevant when dealing with secondary real estate transactions, as it can often be quite difficult to verify such data, making purchases from developers safer and more advantageous.

It's important to consider when making a purchase.

When choosing properties in the secondary market, it is important to ensure that the cadastral value of the property matches the market value. This will help avoid potential legal complications and issues in the future. It is also worth considering that if, after obtaining citizenship, you decide to sell the property back to the same owner or company from which it was purchased, this action may lead to the cancellation of your passport.

Examples of real estate in Turkey

• Istanbul:For 303,454 euros, you can purchase a 98 m2 apartment with two bedrooms. This unique complex is located in the prestigious Bahcesehir area and features a modern 40-story building with numerous amenities, including a 5-star hotel and office spaces. Apartments of various layouts are available here, ranging from 1+1 to more spacious 3+1 options, with sizes from 98 to 370 m2.
• Alanya:You will be offered the opportunity to purchase a stylish apartment for 120,000 euros, covering an area of 39 m2 with one bedroom. The new elite complex includes 200 apartments, ranging in size from 35 to 135 m2, and the rental income can reach an impressive 7% per year. This makes the property very attractive for those looking for profitable investments and a comfortable place to live.
• Central Istanbul:For 266,671 euros, an interesting property of 46 m2 is available. This project is located in the Beaumonti area, which is known for its developed infrastructure and vibrant atmosphere typical of five-star hotels. The complex has many cafes and restaurants, making it a unique place to live.

Conclusion

Purchasing real estate in Turkey while adhering to all the aforementioned conditions can be a sensible decision for those interested in obtaining citizenship, provided that you take into account all the requirements and rules of the process. Based on the examples given, it can be understood that investing in Turkish real estate can be not only profitable but also quite convenient for new residents of the country.

The variety of apartments in Istanbul from Intermark Global

In Istanbul, located in Turkey, Intermark Global offers a wide range of residential properties. One of the available options is an apartment priced at €337,213, covering an area of 61 m² and featuring one bedroom and one bathroom. This project is designed with a focus on modern architectural concepts that promote an active lifestyle.

The complex includes not only residential areas but also office spaces, hotels, and shops located along the avenue.

Review of the study

According to an independent study conducted by the Forbes editorial team, one of the residential complexes in Istanbul has been recognized as a project that meets the highest standards for comfortable living and offers significant investment potential. This complex covers an extensive area of 141,000 square meters and includes 15 residential buildings...

Acquisition of apartments in Istanbul

There is an opportunity to buy apartments in Istanbul through Intermark Global at a price.226,211 eurosfor an apartment with an area105 square meterswith the layout3 + 2 + 2There is also the option for an online presentation and to finalize the deal remotely. The project consists of a group of five small buildings located in the Umraniye area on the Asian side of the city.

Umraniye is one of the most developed and populated areas of Istanbul, with active infrastructure growth and numerous industrial facilities.

Villas in Izmir

Luxury villas in Izmir are also available from Intermark Global starting at179,313 eurosfor120 square metersThese villas can be used to obtain citizenship. The project includes a number of modern villas with various layouts.2and2+2located in the territory of150 hectaresThe villas are surrounded by a well-maintained garden and have their own beach. The completion of construction is scheduled for June.2023.

Elite villas in Istanbul

Elite villas in Istanbul are also offered at a price.1,195,423 eurosfor400 square metersThis luxury class project includes84 private mansionslocated in the square100,000 square metersThe property offers amazing panoramic views of the forest and the Riva River. Residence permit and Turkish citizenship is also available.

The complex is conveniently located — just 5-7 minutes to the Çekmeköy metro station, 25 minutes to Sabiha Gökçen Airport, 10 minutes to Istanbul University, and 20 minutes to the nearest beach.

Apartments in Istanbul

In addition, apartments in Istanbul are offered starting from119,542 eurosfor58 square meterswith the possibility of obtaining citizenship and an online demonstration.

• The project includes residential apartments, residences, a shopping center, and a hotel with stunning views of the Marmara Sea.
• The project includes874 apartmentsIn addition, the hotel concept and guaranteed income at a level of up to7% per yearand also44 commercial premises.
• The infrastructure includes a modern sports center with both indoor and outdoor swimming pools, a water park, and a Turkish hammam.

Luxury apartments in Bekkos

There is also an opportunity to purchase apartments in Istanbul, located on the Asian side of the city, in one of the greenest areas.Beckoz, at the price562,768 eurosfor97 square meterswith the possibility of obtaining citizenship. The luxury class project occupies an area of2,000,000 square metersand offers stunning views of the forest and the Bosphorus.

The possibility of obtaining citizenship and residency is available. The apartment layouts include options.2,2+1and3+1with an area of97to191 square metersand all the ownership documents are ready.

Additional apartment options

In addition, apartment options in Istanbul from Intermark Global are available starting from119,542 eurosfor56 square meters, with the possibility of obtaining citizenship. The project deadline is2.5 years.

All apartments offer a picturesque view of the sea. The advantages of this project include:

• A low price per square meter,
• Developed infrastructure
• Conveniently located in close proximity to Istanbul Airport.

Apartment layouts are available.2,2+1,3+1andloftwith an area of56to295 square meters.

Investment opportunities in Istanbul

Apartments in Istanbul represent an exceptional opportunity for both investors and those looking to enjoy a comfortable life in one of the most picturesque cities on the planet. Intermark Global offers a wide range of real estate, starting from areas of 110 m² to luxurious penthouses covering up to 369 m². All the available apartments are located in prestigious neighborhoods in the European part of the city and are ready for immediate occupancy. One of the options includes apartments priced at551,734 €that offer modern equipment and amenities for living.

Intermark Global Projects

Another interesting project from Intermark Global offers apartments in the very heart of Istanbul with a total area of70 square meters, at a cost of505,756 €This complex includes two residential buildings and a five-star hotel, from the windows of which there are stunning views of the Bosphorus. All construction work is expected to be completed byJune 2025This project features apartments with various layouts, from2to2+1, with an area of70 to 170 m².

Additional options

In addition, Intermark Global offers the opportunity to purchase housing for91,956 €on the site47 m²This project includes apartments of various configurations:

• 1+0
• 2
• 2+1

Everything is provided here.692 apartmentsthat will be submitted at the beginning2024 yearThe prices for these apartments range from100,000 to 350,000 dollars.

Residential complex with unique opportunities

Another attractive project offers apartments for445,985 €with a total area70 square metersThis is a low-rise residential complex located in a green part of the city and consisting of16 residential blockstotal area103,000 m², in which is placed1050 apartmentsand40 commercial unitsThis area offers recreational zones, sports fields, and running tracks, making it an ideal place for an active lifestyle.

Modern apartments in Atasehir

For example, a project costing410,209 €represents apartments with an area of84 m²with unique design solutions and high-quality finishes. The complex is located in the Atasehir district and stands out with its modern architectural style and well-thought-out infrastructure. All apartments here provide a high level of comfort for their residents.

The process of acquiring real estate

To purchase real estate in Turkey and apply for citizenship, the buyer's presence on-site is not required. The transaction can be completed through a power of attorney granted to a lawyer who will represent the investor's interests. To obtain citizenship, one must contact the Turkish consulate in their place of residence.

Banking services in Turkey

As for a bank account in Turkey, opening one is not mandatory to finalize the transaction. All transfers are made through the bank from the buyer's account to the seller's account. However, if the investor decides to open an account, his presence will be mandatory and all details should be discussed in advance.

Timeframes for obtaining citizenship

The processing time for a citizenship application can take fromsix to eight months...50 стран. It is important to note that having a Turkish passport allows for visa-free entry into more than 50 countries.125 countriesThe world, including popular destinations such as Singapore, Hong Kong, Thailand, Brazil, and Japan. This makes investing in Turkish real estate particularly attractive for foreign buyers.

Conclusion

In conclusion, I want to highlight the importance of the current situation in Turkey, which, despite the tragic events, opens up new opportunities for foreign investors. The earthquake, which claimed many lives, marked a crisis for both the country and its economy; however, it also drew attention to the investment potential of the region, especially in the real estate sector.

DespiteconcernsThe concerns that may have arisen at the beginning of the year regarding changes in the conditions of the citizenship by investment program are overshadowed by the current reality: Turkey needs foreign investments more than ever. This creates a unique opportunity for investors: not only can they become owners of real estate in picturesque locations in Turkey, but they can also contribute to the country's recovery.

Rise in real estate prices

According to the latest data, property price growth in Turkey in 2022 has been significant, indicating continued interest from both local and foreign buyers. These factors, coupled with the desire of new-fangled investors to obtain citizenship, make the Turkish real estate market an attractive investment in both the short and long term.

Advantages of investment real estate in Turkey

• Active growth of the housing market in major cities such as Istanbul and Ankara.
• A wide selection of options, convenient in terms of location and price level.
• The presence of investment citizenship programs that contribute to the influx of foreign investments.

If you are interested in the possibility of investing in real estate abroad, today, more than ever, you should take the chance. In the long run, given the population growth and changes in the number of foreign investors, the value of Turkish real estate will continue to rise.

Result

Ultimately, the Turkish citizenship by investment program remains one of the most attractive options on the market. Now more than ever, it's worth considering implementing your plans and seizing the opportunity for a better future that Turkey can offer you.