Purchasing real estate is never easy. If you are interested in properties abroad, this may turn into an even more challenging task. Combine it with a desire to get citizenship by investment, and you’ll have a next-to-impossible squaring-the-circle business for certain foreign investor categories. Luckily, the International Wealth team is always here to help you with achieving your goal, provided you have enough determination and purpose. This article may serve as a guide to getting citizenship by investment in Turkey, where you are about to purchase attractive real estate in Istanbul.
Many people see even moving to a new cottage or apartments in the nearby town as a rather complex and cumbersome process. Moving abroad to reside there on a permanent basis would seem like a mammoth task to them.
However, when a push comes to shove, like in the case with the COVID-19 pandemic, many wealthy foreign investors start considering this step. In the least, they are now ready to take measures to develop a backup plan, with foreign properties being the whole show.
In an effort to help these investors, the International Wealth pros came up with a unique offer. The below information may be used to kill two birds with one stone. You may purchase top-quality modern apartments in the West Block residential project in Istanbul and get citizenship by investment in Turkey at the same time.
The asset in question may earn you a passive rental income if you decide to lease it out, while a second passport and citizenship by investment in Turkey will make social integration a lot easier for a foreigner and give them a number of benefits, with simplified entry to the USA and Great Britain among them.
Istanbul West Blocks project in detail
The West Blocks apartment complex in the Istanbul Büyükçekmece district sits in the European part of the Turkish capital, close to the Marmara sea coast. In the past, the district was mostly built up with industrial properties. Today, with new construction and gentrification in process, the territory is vigorously renovated and perfected.
Istanbul real estate in the most dynamic city district
The West Blocks concept combines city dynamics and the power of nature in the fastest growing Istanbul district. With its stylish architecture and strong identity, multiple amenities blended into the natural environment and supplemented with high-quality man-made objects, the Büyükçekmece district welcomes tourists, investors, and visitors to enjoy the superb new lifestyle in Istanbul, Turkey.
Future apartment owners in the West Blocks residential real estate will enjoy the highest living standards, combining functionality, safety and top design solutions with the newest materials and cutting-edge technology. You’ll be able to enjoy your weekends and weekdays here with your friends and family, while savoring comfort and safety due to the 24/7 security, CCTV cameras, and the reception service. The Istanbul real estate in the West Blocks apartment complex may easily become your best choice, if you are looking for peace, comfort, and security amidst the huge modern metropolis.
Hectic social life
Future residents will enjoy multiple entertainment areas in West Blocks. A mini-golf course, an open swimming pool, a paddling pool, tennis and basketball courts, a playground, a climbing wall, bike lanes 330 meters long, jogging tracks, walkways, indoor amenities, a health and fitness area, a sweating-room, a coffee house, and a sauna – project designers took into account every single need of the West Blocks residents by providing for the corresponding infrastructure in the complex.
With its fabulous location at the junction of the TEA and the E-5 highways, the West Blocks apartment complex makes Istanbul trips a lot easier. Local residents enjoy an opportunity to reach their destinations in Istanbul in a matter of minutes. The well-developed infrastructure provides for quick access to hospitals, shopping centers, and universities both in the Büyükçekmece district and nearby.
Ideal solutions meeting every need
With its construction footprint of 22,500 square meters, West Blocks houses 3 huge high-risers, encompassing 192 residences, 96 apartments, and large commercial areas.
The project’s design is meant for people looking for an opportunity to savor a contemporary lifestyle in the beachfront district. Investors may choose between 7 property types in West Blocks, including 1 + 1, 2 + 1, 3 + 1 apartments, 2 + 1 duplexes, 4 + 1 penthouses, and 5 + 1 lofts. The West Blocks project provides for indoor, outdoor, and guest parking lots. Future dwellers may also use warehouses in the apartment complex.
Layout options and apartment areas
- 1 + 1 totaling 88.42 square meters
- 2 + 1 totaling 105.45 square meters
- 2 + 1 totaling 164.11 square meters (duplex)
- 2 + 1 totaling 176.83 square meters (duplex)
- 3 + 1 totaling 197.30 square meters
- 3 + 1 totaling 206.37 square meters
- 4 + 1 totaling 381.38 square meters (penthouse)
- 5 + 1 totaling 395.53 square meters (loft and duplex).
Potential investors in Istanbul real estate having eyes for the West Blocks properties and wishing to get citizenship by investment in Turkey should remember that the minimum apartment price in the project makes up TRY 1,480,500 (or USD 176,905 as of May 20, 2021). A 2+1 duplex will cost you this much. To be eligible for the citizenship by investment program in Turkey, a potential applicant shall purchase properties to the tune of USD 400,000 and above, be it in Istanbul or any other city of Turkey. Investors are welcome to buy several properties totaling the said amount (or exceeding it).
Commercial real estate in Istanbul, Turkey
The West Blocks apartment complex in Istanbul, Turkey also includes a commercial center of 1,900 square meters, with 4 separate shopping areas and 2 duplex office premises of 397 square meters.
Developer in charge of the West Blocks project
Istanbul real estate in the West Blocks project is offered for sale by the Bilgili Holding development company. Bilgili Holding wishes to add value to Turkey as a tourist destination and real estate heaven by pouring money in the above industry segments. The company develops eco-friendly projects that make Turkish cities better. It restores buildings with high historical value and constructs top-quality properties from the ground up.
Bilgili Holding authored quite a number of landmark projects apart from West Blocks. Here belong the luxury BodrumBodrum villas on the Aegean Sea, the Istanbul One Ortaköy high-riser apartment complex boasting unique designs, and the W Istanbul hotel in the Akaretler neighborhood of the city, as well as Radisson Blu Conference & Airport Hotel Istanbul.
Bilgili Holding has designed and made a city park in Istanbul in cooperation with Doğuş Holding, trying to give new energy to the metropolis and provide its dwellers with a comfortable environment, as well as access to cultural life by holding outdoor concerts and other events.
With the Galataport project providing for the improvement of the river stretch leading to the Sali Pazari Port occupying nearly 1200 meters of the Karaköy – Tophane coastline completed, Istanbul tourism will be spurred on, as real estate prices in Istanbul will grow and the city’s position among the most coveted destinations in the world will become stronger.
Bilgili Holding has by now completed a number of landmark projects in tourism and real estate sectors. It promotes the development of the national investment potential and the tourist industry.
Developments on Istanbul real estate market
Undisputed leader in the number of transactions
According to the recent TurkStat data, in March 2021, real estate sales in Turkey grew by 2.4% YoY. The authorities registered 111,241 change of ownership agreements. Istanbul properties accounted for 19.8% thereof, or 22,000 transactions.
Ankara with 11,000 transactions (9.9%) and Izmir (6,630 transactions or 6%) follow suit. The lowest figures were recorded for Ardahan, Hakkâri, and Tunceli, with 15, 16, and 52 deals closed, accordingly.
TurkStat notifies that the number of new residential properties sold in Turkey in March dropped by 2.1% YoY, amounting to 33,360. The share of new construction in the total sales volume reached 30%. Istanbul was again the leader among local markets. The total of 6,300 new Istanbul properties were sold (18.9% of all deals). Again, Ankara (2,098 deals) and Izmir (1,836 deals) follow.
Approximately 77,800 properties were sold on the secondary housing market, with Istanbul real estate taking the first place (15,690 transactions, or 20.1%) and Ankara (8,905 transactions) plus Izmir (4,800 transactions) following. The share of secondary housing sold in Istanbul within the said period amounted to 71.3%.
In Q1, 2021, as many as 5,000 foreign nationals purchased residential properties in Istanbul. Transactions with foreign buyers accounted for 19.6% of the total deal number in Istanbul within the said period.
Interestingly, the Istanbul real estate market made up 50.8% of the total housing properties sold to foreigners in Turkey in Q1, 2021. The figure dropped by 6.5% YoY and grew by 16.3% compared to the same period in 2019.
In February 2021, prices for new Istanbul residential properties grew by 29% YoY. Prices on the secondary market at the same time increased by 28% YoY. As for Turkey in general, price growth in the said period amounted to 32% for new properties and 31% for secondary market housing, accordingly.
Experts believe that real estate prices in Istanbul will keep growing. The uptrend is currently strengthening due to a number of reasons, with a steady population growth in the country being the main driver. The second important factor is the continuing migration to cities. Foreigners wishing to get citizenship by investment in Turkey after purchasing Istanbul real estate happen to be another impetus behind the demand growth and the price surge on the market.
Expert support for investors purchasing properties in Istanbul to get citizenship by investment in Turkey
It appears today that most Turkish real estate agents offer immigration services, with an opportunity to apply for citizenship by investment in Turkey as a bonus. In many cases, prices for the above services are strikingly low, and some agents even claim them to be free.
On the face of it, the offer seems to be perfectly appealing. However, don’t be deceived. These are still real estate agents, whose primary goal is selling properties. Whatever happens afterwards is oftentimes not their problem.
Real estate agents from Turkey have been selling Istanbul properties to foreigners for dozens of years. Transactions involving buyers from abroad were successfully made long before an opportunity to get citizenship by investment in Turkey appeared. If the program is closed, these agents will continue dealing with foreigners. For them, the citizenship by investment initiative is just an instrument to gain additional customers while it is possible.
Unlike these real estate agents, the International Wealth team boasts a network of trusted partners in Turkey with extensive experience in the investment immigration industry.
The International Wealth experts are always cautious and careful to the max when studying cases of certain customers. We strive to guarantee the best possible outcome, that is, obtaining citizenship in Turkey by investing in Istanbul real estate with minimal time and financial inputs.
Unfortunately, the number of real estate agents with little knowledge in the area of investment migration is growing, and they are often trying to benefit from the citizenship by investment program in Turkey in the short-run. More and more foreign investors are turning to the International Wealth experts for help and assistance after such agents incorrectly process or submit applications for the above program on their behalf.
The International Wealth pros discovered that incorrect declaration of available funds when entering Turkey and failure to properly register title transfer documents were among the most common reasons for applications to be rejected. Other common issues include VAT exemption (foreign buyers are exempt from paying VAT, but the procedure is lengthy. It usually takes at least 8 weeks, and many agents are not eager to wait that long, they just want their commissions as soon as possible).
With many years of experience, the International Wealth team managed to optimize the procedure of getting citizenship by investment in Turkey, where an investor purchases Istanbul properties. With our expert support, all procedures take a lot less time and are more efficient as compared to those of our competitors.
You are welcome to contact International Wealth for more information and updates.
How can I be sure the property I am going to purchase to be eligible for the citizenship by investment program in Turkey is worth USD 400,000?
The real estate you would like to buy shall be valued by a licensed expert. The buyer shall pay for the services provided by such expert. The General Directorate of Land Registry and Cadastre will also verify the asset cost.
Is it true that it takes 3 years to get citizenship by investment in Turkey?
No, this is not the case. You may apply for citizenship by investment in Turkey right after you purchase the corresponding properties and obtain your residence permit. The holding period in case of your investment makes up 3 years, and you shall keep it to avoid losing your citizenship. Thus, if you received citizenship by investment in Turkey, you’ll be able to sell the properties you invested in only 3 years later.
Am I obliged to renounce my current citizenship when getting citizenship by investment in Turkey?
You are not. The laws of Turkey allow multiple citizenship.