Many real estate investors in Türkiye have recently set their sights abroad. Rapidly increasing prices, restrictions on rents, and problems in obtaining visas have been the factors that have brought the foreign alternative to the fore. According to sector representatives, purchases abroad, which were on the radar of the upper-income group in the past years, have now spread to the grassroots. White-collar workers or SMEs in the upper-middle-income group are now also planning to buy a house abroad.

Teuta Narazan, Co-Founder of Vesta Global, which provides consultancy services on overseas investments, said that Greece, the UK, and Miami in the US are the most prominent locations for Turkish investors recently. Stating that the interest of Turkish investors abroad has increased and that this trend is observed in similar ways in the world, Narazan said, "Although factors, such as real estate investment for some investors, residence permit for others, visa-free free movement right, and fear of earthquakes are important, the general trend is to invest abroad. While earning rental income is attractive to many, there are also those who buy for their children's education."

WHAT ARE THE CONDITIONS?

What are the conditions for obtaining a residence and work permit? Teuta Narazan answered this question as follows:

• The Greek Golden Visa program provides a residence permit valid for 5 years with a real estate investment of 500 thousand or 250 thousand Euros.
• The Portugal Golden Visa program also offers 250 thousand Euro grants for cultural heritage projects or 500 thousand Euro fund investment options.
• Spain Golden Visa program requires an investment of 500 thousand Euros.
• The Malta Golden Visa program provides a permanent residence permit with the purchase of property worth 300 thousand Euros and a grant of 70 thousand Euros or a lease contract worth 10 thousand Euros per year and a grant of 100 thousand Euros. The amount paid in grant investments is returned after 5 years.
• The US EB-5 Visa is an investor visa program. The program includes a direct EB-5 investment of 800 thousand dollars and provides a refund of the total investment after 5 years. It also offers work and residence permits in the United States, permanent GreenCard and US citizenship after 5 years. The application process costs 50 thousand dollars, and legal procedures vary between 10 and 20 thousand dollars.
• The Caribbean Islands offer programs that provide citizenship and passport rights quickly. The application process usually takes 3-4 months. Programs usually include guaranteed government funds starting at $100,000."

MANSION IN GREECE FOR THE PRICE OF A SUMMER HOUSE IN THE AEGEAN

Stating that Türkiye has become an expensive option for both Turkish citizens and foreigners, ArmağanAkyüz, Founding Partner of Vesta Global, said that for the price of a summer house in a new project in the Aegean in Türkiye, you can buy a mansion in Greece or a house with a garden in the 2nd and 3rd regions in England. Explaining that Turkish investors are making interesting investments abroad, Akyüz said, “For example, we sell different assets such as vineyards, tomato fields, and hotels to our clients.” Akyüz noted that some investors in Türkiye sell their second or third houses that they bought for investment in the past years and use this budget abroad, and that there are even those who sell their luxury cars and make purchases.

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-Gülistan ALAGÖZ

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