On September 19, 2018, the Turkish Parliament amended the Turkish Citizenship Law, significantly lowering the threshold for naturalization by reducing the required investment amount from $1 million to $250,000. This means applicants can obtain Turkish citizenship by purchasing real estate worth $250,000 or more. Consequently, the Turkish Citizenship by Investment Program has become one of the most competitively priced citizenship programs on the market, enjoying immense popularity among investors.
So, is Turkey truly worth investing in? What is the state of Turkey’s economic development? And how is the Turkish real estate market performing? Let’s explore these questions with WorldWay Group.
Strong economic momentum, leading the G20 nations
Turkey has experienced rapid economic growth with vast potential. It is one of the world's fastest-growing economies and enjoys the reputation of being a "New Diamond Country" in the international community. From 2003 to 2016, Turkey’s average annual GDP growth reached 5.6%. In 2017, the GDP growth rate hit 7.9%, ranking first among G20 countries. With a total GDP of $851.1 billion in 2017, Turkey ranked 17th in the world and 7th in Europe.
At the same time, Turkey is one of the hottest real estate markets in Europe. According to the Knight Frank Global House Price Index for Q3 2017, Turkey ranked 6th out of 56 countries, with a year-on-year house price growth rate of 11.1%, making it one of the best-performing housing markets globally. In the same year, property purchases by foreigners in Turkey increased by 22.2% year-on-year, with Istanbul being the top-performing province.
Rapid growth in foreign investment
In recent years, Turkey has continuously attracted foreign investors, thanks to its unique geographical location, unique geological structure, abundant resources, advanced land-sea-air transport infrastructure, and young labor force. Simultaneously, Turkey has consistently adjusted its measures and incentive policies to attract foreign capital and satisfy investor needs, further stimulating the development of foreign investment.
In 2017, Turkey became the 7th most popular destination for foreign direct investment (FDI) in Europe, having jumped 3 places compared to 2016. Turkey was home to 229 projects, a 66% increase compared to the same period the previous year, accounting for 3% of all FDI projects across Europe. Before 2002, Turkey’s total FDI was $15 billion. Between 2003 and 2017, total foreign investment reached $193 billion, an increase of approximately 12.8 times. By the end of 2017, there were more than 58,400 foreign-invested enterprises in Turkey. According to the World Bank’s 2017 "Doing Business" report, it takes an average of only 6.5 days to start a business in Turkey.
An ever-developing economy, a highly promising investment environment, and a sound industrial and service culture make Turkey one of the most competitive countries for business investment in Europe. It is expected that more investors will continue to flock to Turkey to invest in real estate, which will further drive the development of the Turkish property market.
Currently, an investment in real estate starting from $250,000 offers a low investment amount, a short investment term, and the flexibility to sell the purchased property after three years. More importantly, the investor's entire family can quickly obtain Turkish passports. For investors, this is a double benefit: securing significant investment returns while acquiring Turkish citizenship.
Unique advantages of the Turkish passport program:
1. Obtain a passport in one step, with visa-free or visa-on-arrival access to 111 countries and regions worldwide.
2. High cost-effectiveness; it is currently one of the lowest-priced citizenship by investment programs on the market.
3. Fast approval, with no immigration restrictions and no residency requirements.
4. Eligible to apply for U.S. E1/E2 visas, facilitating rapid entry to the United States.
5. Benefits from a Customs Union with the EU and bilateral trade agreements with many surrounding countries in Europe, Asia, and Africa, which is highly advantageous for business.
6. Turkey is an EU candidate country with a clear goal of joining the European Union within the next 5 years.
7. Real estate prices are currently at a low point—a great time for investment—and the investment cycle is short, as properties can be sold after 3 years.
8. It is the only geographical, demographic, and economic powerhouse from the Eurasian continent currently offering a fast-track citizenship program, and the only major G20 country providing such a low-cost, fast-track investment passport program.
WorldWay Group, one of the Top 500 Asian Brands and a leading institution in investment migration, serves as a pioneer in European investment migration. We maintain excellent relations with the Turkish government and are your best choice for obtaining a Turkish passport.
Now is the perfect time to invest in Turkey. Purchasing Turkish real estate allows your whole family to obtain a Turkish passport. Inquiry Hotline: 400-138-2929.