Recently, official Turkish media released a statement announcing that, starting in 2024, the investment threshold for property-related immigration in Turkey will be raised from $400,000 to $600,000. This means that the next month will be the last opportunity for those intending to apply for property-related immigration in Turkey.

It's worth noting that in 2018, Turkey's property-related immigration program reduced the investment threshold from $1 million to $250,000, creating a significant buzz. Purchasing property in Turkey for $250,000 granted citizenship, making Turkey's property-related immigration a dark horse in the global investment immigration market from 2019 to 2020.

Data shows that the property-related immigration program in Turkey, after the price reduction, attracted 25,000 applicants in just 17 months. The program gained tremendous popularity during this period.

However, with the increasing number of applicants, the property-related immigration program in Turkey increased to $400,000 in June of the previous year. Despite the price hike, Turkey's property-related immigration continued to gain popularity among the global high-net-worth individuals.

Statistics from the Turkish Statistical Institute indicate that the number of properties purchased by overseas buyers in 2022 was 39,663, a YoY increase of 78%, with 60% of overseas buyers coming from China.

Therefore, with the upcoming increase in the investment threshold in early 2024, Turkey's property-related immigration program may return to the high level of $1 million.

Industry experts analyze that there are several reasons for the increase in Turkey's property-related immigration program.

Firstly, local residents in Turkey can no longer afford housing prices in major cities such as Istanbul. In recent years, factors such as inflation, the Russia-Ukraine war, soaring global energy prices, and supply-demand imbalances have led to a crazy surge in Turkey's property prices.

According to the latest Global House Price Index report released in the second quarter of 2023, Turkey's property prices have risen by 96% in the past year, ranking first in the world for three consecutive years. The soaring property prices have made it difficult for Turkish citizens to afford homes or pay high rents, leading to widespread dissatisfaction.

Secondly, the upcoming municipal elections in Turkey in March have acted as a catalyst for the price hike. To address the plight of local residents unable to buy homes, political parties are competing to raise the investment immigration threshold to limit the number of foreign buyers, ensure the stable development of the local real estate market, and garner more voter support.

Lastly, one of the significant reasons for the skyrocketing property prices across Turkey is the influx of numerous overseas investors.

In recent years, the Turkish real estate market has been favored by overseas investors, many of whom have obtained Turkish citizenship by purchasing properties. This inevitably pushed up property prices, especially in Istanbul, Turkey's largest city, which has been considered one of the most attractive destinations for property-related immigration.

However, the increase in the investment threshold for Turkey's property-related immigration to $600,000 in 2024 signals the end of the golden era of low thresholds and quick citizenship acquisition.