Home - News - Turkish Investors Eyes on Foreigners Housing

Currency-based rental income, the 25% rent increase limit, visa-free free movement rights, fear of earthquakes, and education issues are directing investors towards foreign property purchases. Especially Greece, the UK, and the Miami area of the USA are emerging as prominent locations in this trend. These places, which offer opportunities for rental-based income from real estate investments, have started to attract the interest of Turkish citizens as well. V. Armağan Akyüz, the Co-Founder of Vesta Global, stated, "Turks have always had an interest in investing abroad, but in recent years, the increase in housing prices in Türkiye, rent restrictions, and visa limitations have caused demand to rise by more than 100%."

MANSION IN GREECE

Akyüz pointed out that Russian tourists have been turning to alternative destinations like Dubai to avoid high inflation and costs in Türkiye. He mentioned that price increases in Türkiye’s southern regions have reached worrying levels. Akyüz said that housing prices in Türkiye are quite high compared to mansion prices in Greece and noted that the number of people choosing Greece as a summer home has increased. He added, "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." Akyüz stated that in the past, only large holding owners with millions of dollars were interested in foreign real estate investments, but now even white-collar workers with $150,000 are showing interest in these investments.

GLOBAL DEMAND ON THE RISE

Teuta Narazan, the Co-Founder of Vesta Global, also said, "Today, even Americans are looking for ways to obtain residence permits in Europe. In fact, citizens from countries like China, India, and Pakistan are also seeking to move westward. Therefore, this situation is driving up global demand for housing. Türkiye is among the favored countries in this process because Turkish citizenship is considered extremely valuable for some countries."

Investors are choosing to buy mansions in Greece instead of purchasing a high-priced summer home in Türkiye.

MEASURES AGAINST GREY AREAS

Akyüz listed the points investors should pay attention to: "When buying property abroad, investors must read and understand the invoices and contracts. It is important that the money used for investment is sent from an official source, and each step should be determined with a notarized power of attorney. People need to educate themselves against possible abuses in these matters."

EU COUNTRIES PROVIDE WORK RIGHTS

The conditions of the countries that investors are interested in vary. Greece’s Golden Visa program offers a 5-year valid residence permit with a €500,000 or €250,000 real estate investment. Portugal’s Golden Visa program offers options such as a €250,000 donation to cultural heritage projects or a €500,000 fund investment, while Spain requires a €500,000 real estate investment. Malta’s Golden Visa program provides permanent residency with a €300,000 property purchase and either a €70,000 donation or a €10,000 annual rental contract, along with a €100,000 donation. The amount paid in donation investments is refunded after 5 years. Families and investors benefiting from the program can earn EUR-based rental income from real estate investments while also gaining the right to trade and work in EU countries.