Last October, the minimum value of a property required to obtain a Turkish residence permit in Alanya almost tripled, rising from $75,000 to $200,000. In 2024, this threshold was already $400,000. In 2023, 800,000 valuation reports were prepared, of which about 40,000 concerned transactions with foreign citizens, and about 10,000 concerned real estate acquired for citizenship.
The Capital Markets Board Association (SPK) has tightened controls in the real estate sector, as well as over the activities of companies engaged in the valuation of objects. Now, in order to obtain citizenship through investment in real estate, prior approval from local authorities and the submission of a valuation report from companies licensed by SPK, which will take into account the characteristics of the property, are required. These new measures came into force on October 16.
How to get an appraisal report from SPK licensed organizations
The document is required to prove that the property value meets the minimum requirement for the citizenship program.
Step-by-step process:
- Choosing a certified appraiser.
You need to choose an appraisal company or certified appraiser that is accredited by the Capital Markets Board of Turkey.
- Requesting an appraisal.
- Conducting the appraisal.
Includes a physical inspection of the property, checking the entire dossier, and analyzing the real estate market in the area to determine the current market value.
- Receiving the report.
Once completed, the company will provide you with an official property appraisal report.
- Use to obtain a certificate of compliance.
This report is required to apply for a certificate of compliance from the Turkish Ministry of Environment and Urbanization. The certificate confirms that your investment meets the requirements for obtaining citizenship.
It will contain:
- a description of the property;
- market value, which must be at least $400,000;
- confirmation that the appraisal was carried out by a company licensed by SPK.
Reasons for the innovation
The decision of the Turkish government to tighten control over the sale of property for the purpose of obtaining citizenship is a justified step. It is aimed at preventing speculative transactions and fraud in the real estate sector, which can negatively affect the economic situation of the country.
The increase in the minimum property value is due to the desire to ensure security and prevent the migration of people with insufficient financial means, as well as to maintain ethnic balance. In addition, the changes are due to the need to support the Turkish economy, which now needs tax revenues.