An important decision was made regarding the sale of housing to foreigners. The immigration administration has changed the lower limit for short-term residence permits for foreigners. As of October 16, 2023, the lower limit of 75 thousand dollars has been increased to 200 thousand dollars for the immovables that foreigners will buy in order to obtain a residence permit
Immigration administration changed the lower limit for short-term residence permits for foreigners. As of October 16, 2023, the lower limit for real estate purchases for foreigners to obtain a residence permit has been increased from 75 thousand dollars to 200 thousand dollars.
An important decision was made regarding the sale of housing to foreigners. Immigration administration changed the lower limit for short-term residence permits for foreigners. As of October 16, 2023, the lower limit for real estate purchases for foreigners to obtain a residence permit has been increased from 75 thousand dollars to 200 thousand dollars. Making a statement on the subject, Real Estate Expert Dr. Mustafa Koçak said; “In the application for a short-term residence permit for real estate purposes on immovable properties with an acquisition (purchase) date of 16.10.2023 or later, the sales price on the title deed must be a minimum of 200 thousand dollars, based on the Central Bank foreign exchange sales rate on the day the title deed was obtained (deed acquisition date) for all cities. It will be required to have lira currency. "For title deeds obtained after 16.10.2023, the real estate valuation report will not be accepted and the sales price on the title deed will be taken as basis."
The lower limit for new applications is 200 thousand dollars Providing information about the scope of the regulation, Mustafa Koçak said, “The application type (initial/transitional/extension) does not matter for this application. Applications made for real estate with an acquisition date before 16.10.2023 are not within the scope of this application. "For real estate acquired between 26.04.2022 and 16.10.2023, the requirement of 75 thousand dollars for metropolitan cities and 50 thousand dollars for other cities will continue to be required, and a real estate valuation report will continue to be requested for these applications," he said. How will housing sales to foreigners be affected? It is wondered how this decision will affect housing sales to foreigners. With the latest regulation, foreigners who purchase real estate worth 400 thousand dollars gain the right to directly apply for Turkish citizenship. As it is known, the price required for real estate purchases for citizenship was 1 million dollars in September 2018. This figure was later reduced to 250 thousand dollars, and after the reactions, it was increased to 400 thousand dollars on June 13, 2022. With the new regulation, the lower limit for short-term residence permit has been increased from 75 thousand dollars to 200 thousand dollars. Sales to foreigners decreased by 42% Housing sales to foreigners decreased by 42% in September and were limited to 2,930 houses. During this period, the share of sales to foreigners in total housing sales was 2.9%. The provinces with the highest number of housing sales to foreigners were Antalya, Istanbul and Mersin, respectively. In the January-September period, a 43.5% decrease was recorded in housing sales to foreigners, and 28 thousand 64 houses were sold to foreigners. Between 2018 and 2022, they purchased an average of around 50 thousand houses annually. The number of houses purchased by foreigners in June 2020 increased by 185 percent to 4,826 in June the following year. The number of houses purchased in the first six months of 2021 exceeded 20 thousand. Housing sales to foreigners broke a record in 2022. While it was 46 thousand in 2019, it exceeded 68 thousand in 2022.
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