Turkish citizens, who are trying to overcome the 25% rent increase limit, the removal of foreign currency rent, the visa difficulties for Schengen countries, and the fear of earthquakes, are redirecting their property investments to Europe. In addition to rental income in USD and EUR, the opportunity for free movement, trade, and work in EU countries is attracting Turkish investors. When it comes to real estate investments, Turks are mostly interested in Greece and the UK. As for investments made for foreign currency rental income, the UK leads, followed by Dubai and Miami.
 

Teuta Narazan, the Co-Founder of Vesta Global, stated that the interest of Turkish investors in foreign investments has been increasing, and this trend is also observed worldwide. She said, “For some investors, real estate investment, for others, factors like residence permits, visa-free free movement rights, and the fear of earthquakes are important, but the general trend is to invest abroad. Today, even Americans are looking for ways to obtain residence permits in Europe. The British are also showing great interest in residence permit programs in Europe. Even citizens from Asia, such as China, India, and Pakistan, want to move westward.”
 

Narazan emphasized that Türkiye is among the favored countries in this process, saying, “Turkish citizenship is considered an extremely valuable status for some countries. For example, for Chinese citizens who want to settle in the USA, Turkish citizenship is seen as an important advantage.” She also noted that the interest in Türkiye from foreigners has increased, and predicted an increase in foreign property sales throughout the year.
 

Programs include refundable government funds

Narazan explained that many countries offer an immediate second passport to investors through national funds or real estate investments under citizenship programs. “For instance, the Caribbean Islands offer fast-track citizenship and passport programs. These programs generally include refundable government funds starting from $100,000,” she said.
 

The rent increase limit also influenced the demand

V. Armağan Akyüz, the Co-Founder of Vesta Global, drew attention to the increase in demand for foreign real estate investments by Turkish citizens, indicating that the 25% rent increase limit has also played a role in this. Akyüz continued, “Especially landlords in luxury neighborhoods are greatly affected by these restrictions. In this situation, the homeowner feels the need to invest abroad to utilize their money and seeks to earn rental income in foreign currency. The demand for real estate investments abroad has increased in recent years.”
 

Mansion in Greece for the price of a summer house

Akyüz emphasized that housing price increases in Türkiye's southern regions have reached worrying levels and stated, “Housing prices in Türkiye are at the level of a mansion in Greece or a house with a garden in the UK.” He noted that some clients prefer projects on Greek islands instead of buying summer houses in Türkiye. “There are affordable and attractive projects on islands close to Crete and Athens. In the UK, houses with gardens are being sold at more affordable prices, especially in the second and third regions. This is causing shifts in Türkiye’s tourism industry balances,” he explained.
 

Turks are buying vineyards and tomato fields abroad

Akyüz pointed out that Turkish investors are making interesting investments in various sectors abroad, saying, “For example, we are selling vineyards, tomato fields, and hotels to our clients.” He added that in the past, only large holding owners with millions of dollars were interested in real estate investments abroad, but now even white-collar workers with $150,000 are showing interest in these investments. “SMEs are also part of this picture,” he said.
 

$800,000 in the US

Teuta Narazan mentioned that the EB-5 Visa in the US is a Green Card and citizenship program, saying, “The program includes an $800,000 direct EB-5 investment and provides a return on investment after 5 years. It offers work and residence permits in the US, a permanent Green Card after 5 years, and US citizenship.”
 

• Hamide HANGÜL
   

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