Major Turkish news outlet T24, as well as a number of local papers citing the same source, yesterday reported that the newest regulation from the country’s Directorate of Immigration Administration (under the Ministry of Internal Affairs) will see the minimum investment for the citizenship by investment program’s real estate option rise from $400,000 to $600,000 “as of 2024”.
IMI’s correspondent has reached out to the Directorate of Immigration to obtain confirmation but has so far not been able to corroborate the claims through official sources.
The increase would mark the third price change in the program’s six-year history: When the program opened in late 2016/early 2017, real estate had a minimum investment requirement of $1 million. The government sharply reduced this to $250,000 in 2018 before raising it again to $400,000 last year.
The same article also states that data from the country’s statistics bureau has revealed property sales to foreigners had dwindled to a three-year low in October, declining by 53% year-on-year. The devastating earthquakes that struck the country early this year are thought to be the chief cause of the drop in international interest: Sales to foreigners were down by just 0.6% in January but fell to 27% in February and 46% by the end of June.
IMI will return with more information as it becomes available.
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