An investment of US$ 250,000 in the Turkish economy will make you qualified for full citizenship of the country. Where should you invest? We invite you to consider the opportunity to purchase an apartment in Ritz-Carlton Residences Istanbul.
The Turkish citizenship-by-investment program is among the most popular such programs in the world. The popularity is due, among other things, to lack of restrictions as far as the type of property is concerned.
If you would like to acquire citizenship of a Caribbean country or citizenship of Montenegro by investing into real estate there, you will have to choose from the development projects that have been approved by the respective Government. Thus, your choice will be limited and it may prove difficult to find an apartment or villa that appeals to you in terms of the price/ quality ratio.
Any piece of real estate qualifies for the participation in the local citizenship-by-investment program. Foreign investors are not allowed to buy only the property located close to national borders and near military objects. So you have a large choice of property in Turkey but this fact makes it hard to make the best choice!
However, the readers of InternationalWealth portal are lucky people. Our team has prepared a list of most attractive investment options in Istanbul. One of the top lines on the list reads ‘apartments in Ritz-Carlton Residences Istanbul’!
Ritz-Carlton Residences Istanbul project in detail
Ritz-Carlton Residences Hotel towers above the vibrant city. It offers fantastic views from the windows to the owners of the apartments and their guests. An elegant design and a superb location are two more advantages that this residential complex boasts. An apartment in Ritz-Carlton Residences Istanbul would be a perfect option for those who appreciate good style and have extensive practical expectations.
Nişantaşı quarter of Istanbul hosts the residential complex. The quarter is located in the European part of Istanbul and its prestige is unquestionable. It offers quick access to numerous restaurants, boutiques, historic buildings, and other attractions.
Ritz-Carlton Residences Hotel is a 22-story building with 121 apartments. A variety of apartment types is on offer, from one-bedroom apartments to a penthouse. The construction of the building is expected to be completed by 2022.
The project combines modern technologies and an elegant design by Tanu Ozelgin, a famous Turkish designer. The interiors have been designed by Geo_ID Studio.
The building gives the residents maximum comfort and direct access to the infrastructure of the luxury hotel. A concierge and a parking attendant are at your service round the clock seven days a week. The lobby is the place to meet up. Apartment cleaning and dry-cleaning services are also available.
Ritz-Carlton Residences Hotel will be a perfect place for spending time with your family and friends. The recreational facilities available there include a movie theater, art galleries, a fitness center, a spa and a massage salon. In addition, there are children’s playgrounds pet care services.
How much do apartments in Ritz-Carlton cost?
You can choose from one-, two-, three-, four-, six-, and eight-bedroom apartments in the residential complex. The price will depend on the floor space, the story, and the quarter(s) that the windows face.
|Number of bedrooms||Min. floor space, sq.m.||Min. price||Max. price||Number of bathrooms|
|1||110||US$ 518,000||US$ 944,000||1|
|2||130||US$ 666,000||US$ 2,616,000||2|
|3||268||US$ 1,640,000||US$ 5,246,000||4|
|4||285||US$ 2,004,000||US$ 5,646,000||4|
|6||807||US$ 11,170,000||US$ 11,170,000|
|8||766||US$ 10,72, 000||US$ 10,721,000|
Foreign investors wishing to purchase apartments in Ritz-Carlton Residences Istanbul thus qualifying for citizenship of Turkey have to realize that some additional administrative costs will be involved in acquiring the Turkish passport.
Please request more detailed information about the overall cost of acquiring citizenship of Turkey by investment by applying for a personal consultation with an InternationalWealth expert!
Information about Nişantaşı quarter where Ritz-Carlton Hotel is located in Istanbul
Nişantaşı quarter is part of Şişli district of Istanbul. It is one of the most prestigious regions of Istanbul offering fashionable stores, malls, cafes, pubs, restaurants and nightclubs. The quarter is very close to many places of interest around Istanbul:
• Taksim – 10 minutes;
• Besiktas – 10 minutes;
• Kadikoy – 25 minutes;
• Bakirkoy – 30 minutes;
• Levent – 20 minutes;
• Sariyer – 30 minutes;
• International airport – 40 minutes;
The quarter is the heart of luxurious and artist-style life in Istanbul located close to the cultural and financial centers of Istanbul. The often used term ‘synthesis of east and west’ applies to this part of Istanbul very well.
History of Nişantaşı
Nişantaşı was founded in the middle of the 19th century by Abd ül-Mecîd-i I, an Osman sultan. Two rocks mark the beginning and the end of the quarter. The word ‘Nişantaşı’ literally means ‘target stone’ in Turkish.
Target stones were used in the Osman Empire period to keep track of the archers’ skills. Some target stones are still to be found in the streets of Nişantaşı preserving the memories of the past. Scripts in the old Turkish on the stones carry the information about the archer, the date, and the distance that the arrow travelled.
A magnet for foreigners and artistic personalities
If you are thinking of purchasing an apartment in Nişantaşı, you should know that today the quarter is a home for numerous trade streets and cultural clusters. A number of artists reside there. Besides, the quarter is the third most popular area in Istanbul with foreign nationals (trailing only Taksim and Jihangir).
Transportation in Nişantaşı, Istanbul
If you purchase an apartment in this part of Istanbul, you will have access to an advanced transportation network. In particular, there is a subway line nearby (Yenikapi — Haciosman) that allows quickly reaching various destinations. In addition to that, numerous buses, large and small, run around Nişantaşı.
Entertainments and shopping
Nişantaşı quarter cannot be matched in terms of entertainment opportunities that it offers. If you buy an apartment there, you will be in the middle of various cultural events. There are dozens of world-class restaurants, cafes, and pubs in Nişantaşı. IN the neighboring quarters, you will find large trade centers such as Cevahir Mall, for example. You can easily reach the trade centers on foot or by taking a short bus ride.
Abdi İpekçi street is the most expensive trade street in Turkey (the rent there is higher than anywhere else in the country). The street runs through Nişantaşı quarter. Ritz-Carlton Residences Istanbul building sits close to Abdi İpekçi street and it is surrounded by picturesque neoclassical and neo-baroque buildings.
Education and healthcare
Several prestigious universities are located close to the area including Nişantaşı University, Marmara University, Koç University, and Istanbul Technical University. As far as healthcare is concerned, the residents of the quarter can find numerous state and private clinics there including an American hospital.
Information about the Ritz-Carlton brand
The Ritz-Carlton Hotel Company, LLC is an American transnational company managing a luxury hotel network known as The Ritz-Carlton. The company owns 108 luxury hotels in 30 countries and territories with over 29 thousand rooms in total. Forty-six more hotels with 8,755 rooms are under construction.
The Ritz-Carlton Hotel Company, LLC is a subsidiary of Marriott International. In its present form, the company has been in existence since 1983 when Marriott bought the Ritz-Carlton hotel in Boston, Massachusetts as well as the trademark. Later, the company spread to other regions of the world, including Turkey.
Ritz-Carlton hotel network is stably found among the industry leaders. It is often at the top of various hotel, restaurant, and related service ratings such as Zagat Survey, for instance. Today, Ritz-Carlton is the only company in the world that has been awarded the American Malcolm Baldrige (hotel services) prize twice: in 1992 and 1999.
The Ritz-Carlton hoteliers are well known for their desire to share their knowledge of the hospitality industry with others. This desire has led to the establishment of Ritz-Carlton Institute and Leadership Center. The company runs several other educational centers whose ultimate goal is to improve the overall quality of hotel services in the world.
It would probably be of interest to you to learn that Ritz-Carlton is engaged in some secondary business activities such as cruise ships, for example. The company entered the cruise ship market in 2018. The building of the ship called Evrima was started at a Spanish dock but it has had to be suspended due to the COVID-19 pandemic. When this line of business goes into operation, the company is going to work under the brand name ‘The Ritz-Carlton Yacht Collection’.
Why should you buy an apartment in Ritz-Carlton Istanbul right now?
If you are considering the opportunity to purchase an apartment in Istanbul, you should be aware that the dynamics of the local real estate market is conditioned by predictable cycles attributable to the political power balance. This characteristic makes the Turkish city an attractive place where you can make a lucrative investment. The key point here is choosing the right time to make the purchase.
The phenomenon is intuitively clear for the locals but it can appear somewhat mysterious to foreigners. Many residents of Istanbul have heard the same story from a relative of theirs: he or she bought a land lot at a rock-bottom price some time ago and now it costs millions. This market tendency has allowed a new elite class to emerge in Istanbul.
Why did apartments and other real property in Istanbul grow in value at the turn of the Millennium (see the graph above)? The short answer is ‘politics’. A two-party system is effectively in place in Istanbul and the parties take turns to win the local elections. Now, one of them is pro-construction while the other one is anti-construction.
When the anti-construction party comes to power, the number of development permits issued to construction companies decreases drastically. Therefore, the supply of new apartments in Istanbul becomes shorter.
When the pro-construction party takes office, new buildings are erected in large numbers, as the demand will have accumulated over the ‘prohibition’ years. The construction boom then leads to oversupply and price fall, as a consequence.
There is one more important factor to take into account though. When the anti-construction government takes over and the number of development permits lessens, the cost of land drops as potential investors cannot obtain permits for political reasons. Naturally, low demand for land brings about low prices.
Lack of new property supply causes the rise in the existing property prices. The houses and apartments located in the center of Istanbul grow in value to an especially high degree.
At the same time, the city of Istanbul is growing incessantly: the population has increased by 2.5 million people in the last ten years growing by 1.8% per year. Thus, the demand for new real property is almost always on the rise. If the supply is short for political reasons, the high demand will cause a sharp increase in prices.
When the powers went from anti-constructionists to pro-constructionists in Istanbul, the issuance of development permits picked up. As the permits became easy to obtain, the land prices rocketed. The construction boom was characteristic of Istanbul for some fifteen years when the demand (and the property prices) were growing.
When the property became overpriced, that political support shifted towards the party advocating the ‘no construction’ stance. Today, the Mayor of Istanbul is dead against development. He ran for the office with a ‘no construction’ promise.
What does this state of affairs mean for a potential foreign investor? Under the new political conditions, the supply of new property is lessening while the demand is still high. This means that real property in Istanbul and the rest of Turkey is growing in value.
According to the Knight Frank consulting agency, the Turkish real estate has been growing in value at the highest rate in 2019, 2020, and 2021.
This tendency is probably going to remain until restraining the construction in Istanbul becomes politically unjustified and the political support shifts back to the pro-construction party.
Expert assistance to those wishing to purchase apartments in Istanbul
Have you been thinking about acquiring Turkish citizenship by investment for a while? Do you like the Ritz-Carlton offer? InternationalWealth team will be happy to provide full support to you in achieving this goal! We will also gladly assist you in opening a bank account in Turkey, acquiring a local tax number, and relocating to the country.
The following additional services are available to those wishing to purchase an apartment in Istanbul this qualifying for Turkish citizenship:
- Construction work monitoring with the help of frequent personal visits to Turkey: You are welcome to enjoy the famous Turkish hospitality and pay a personal visit to the construction site in Istanbul. We guarantee that your trip will be comfortable as there is a wide choice of transportation means. We will take care of picking you up at the airport, getting you to the hotel and the construction site.
- Legal support in the purchase deal: You do not have to be scared or stressed about passing through the legal procedures in Turkey. Leave the formalities to experienced lawyers. We will gladly consult you on issuing the Power of Attorney, help collect the required documents, and lead you through the procedure of coming in possession of the apartment in Istanbul.
- Residence permit and full citizenship of Turkey: Please apply for our assistance in acquiring the Turkish passport in exchange for investment. A team of professionals is going to take care of the application documents, negotiations, and all formalities. You can rest assured that we will do our best to save your time, money, and effort needed for acquiring Turkish citizenship by investment.
We have an extensive network of partners all around the world. We collaborate with immigration agencies, real estate agencies, and law firms in Turkey, among other countries. InternationalWealth portal services wealthy individuals wishing to obtain foreign citizenship of Turkey or some other country.
Please contact InternationalWealth team and apply for a consultation right now!
You are welcome to contact us by email, a messenger or our live chat to request a consultation from an immigration specialist. We always respond quickly!
Do I obtain lifetime citizenship of Turkey when making an investment?
Yes, the Turkish citizenship-by-investment program brings the foreign investor lifetime citizenship of the country. He or she will have the same rights and opportunities that native-born Turks enjoy.
Do I have to be able to speak Turkish to participate in the citizenship-by-investment program?
Neither the main applicant nor the members of his or her family (if a family application for Turkish citizenship is filed) need to speak the Turkish language to acquire citizenship of the country.
How much time does it take to obtain the Turkish passport?
As soon as you buy property in Turkey and receive your certificate of ownership, your immigration agent will file an application for citizenship on your behalf. The process usually takes between two and four months. InternationalWealth team will be happy to provide support to you at all stages of the application process beginning with choosing the property to buy and ending with picking your Turkish passport.