This post was written by Connor Balough
Turkey will give foreigners that buy property in the country citizenship, but there’s a catch. Foreigners must buy property worth at least $1 million Turkey to get the citizenship, according to a recently-issued note from the Turkish government.
According to a decree published Turkey’s Official Gazette, citizenship will also be offered to foreigners who buy real estate worth $1 million, make a fixed capital investment of at least $2m, keep at least $3m in a bank account for at least three years or create at least 100 jobs in the country.
The decree has come amid concerns that foreign investment in real estate sector is on the decline in Turkey.
Sales of properties to foreigners dropped 19% in the first 11 months of the year compared to the same period in 2015, a according to Turkey’s official statistics agency, TUIK. Iraqis, Saudis, Kuwaitis and Russians bought the highest number of properties.
The decline was in contrast to an increase in domestic real estate sales. They increased 4.5% to 1.2 million properties in the first 11 months last year.
Experts say that the decline in property sales to foreigners can be attributed to rising security concerns.
Turkey, a tourism hotspot that historically attracted foreigners, has experienced a bloody year of attacks that have left hundreds dead and put the country on high alert.