Sunset in Istanbul, drone view Galata Tower and Golden Horn

Foreign Investors Flock to Istanbul, Antalya, Mersin for Citizenship

In the first quarter of 2024, foreign investors have shown a keen interest in Turkish real estate, with 43.8% of their investments aimed at gaining citizenship. This is a significant increase from the same period last year, where only 18% of investments were for citizenship.

According to EVA Real Estate Appraisal, foreign nationals invested in 7,037 properties in Turkey during the first three months of 2024. Out of these, 3,084 properties, or 43.8%, were bought for the purpose of acquiring Turkish citizenship. Istanbul led the way, accounting for 74.1% of these citizenship-driven purchases.

The cities of Istanbul, Antalya, and Mersin were the top choices for foreign investors seeking citizenship. These three cities collectively accounted for 86.7% of the properties purchased for citizenship.

On a country basis, Russia, Iran, and China were the top three nationalities investing in Turkish real estate for citizenship in early 2024. Other countries in the top ten included Afghanistan, Palestine, Iraq, Pakistan, Sudan, Egypt, and the United States.

Istanbul emerged as the most preferred city for foreign real estate investment aimed at citizenship. It was followed by Antalya, Mersin, Yalova, Ankara, Kütahya, Kocaeli, Bursa, İzmir, and Muğla.

In Istanbul alone, 87.4% of the 2,612 foreign property investments in the first quarter of 2024 were for citizenship. The top investors in Istanbul were from Iran, followed by Russia, Iraq, China, Palestine, Afghanistan, Azerbaijan, Egypt, Algeria, and Saudi Arabia. Within Istanbul, the districts of Esenyurt, Beylikdüzü, and Başakşehir were the most popular among foreign investors. These were followed by Küçükçekmece, Avcılar, Bağcılar, Büyükçekmece, Kağıthane, Şişli, and Sarıyer.

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