Foreigners who want to buy houses in Turkey to become citizens of the country will now have to pay more.
The Turkish authorities have increased from 250,000 to 400,000 dollars the cost of real estate acquired by foreigners, which is necessary for exceptionally obtaining citizenship.
It is reported that such a decision was made at a government meeting chaired by Turkish President Recep Tayyip Erdogan. Changes to the current legislation will soon be published in the government bulletin, after which they will come into force.
As noted, foreigners wishing to obtain Turkish citizenship in exchange for the purchased property will be required to not sell it or transfer it to management for at least three years.
Ankara adopted a citizenship-by-housing scheme in 2017. A year later, Turkish authorities lowered the minimum price to $250,000 from $1 million to attract foreign buyers.
Foreign home sales in Turkey – mostly to Iranians, Iraqis, Russians, and Afghans – hit a record 58,576 units in 2021, up 43.5 percent from last year, according to official data.
Recall that last year, against the background of the fall of the lira, sales of houses in Turkey to foreigners jumped by almost 50 percent, to a record level.