Housing Demand of Foreign Investors in Istanbul and Antalya May Shift to New Districts

The Directorate of Migration Management of Turkey announced that as of July 1, 2022, 1,169 neighborhoods in 62 different provinces, whose number of foreigners exceed 25% of the total population, will be closed to new residences for foreign nationals. Accordingly, foreign nationals will not be able to obtain a residence permit even if they buy property in these closed neighborhoods, where the relevant rate will be limited to 20% as of July 1st. 

After the decision, it was said that foreign demand could be directed to coastal neighborhoods such as Kadikoy, Kartal and Maltepe on the Anatolian side of Istanbul, and Altintas, Lara and Dosemealti in Antalya. There is no situation that prevents the current purchases made by foreigners for investment purposes. However, as of July 1, foreigners who want to buy a house should carefully examine the list of closed areas in order not to experience any grievances.

Residence permit requests will be directed to neighborhoods close to the coast

Stating that the demand for real estate with a residence permit may spread to neighborhoods close to the coast from now on, Tekce said, “Foreigners who want to buy a house in Istanbul may prefer Kadikoy, Kartal and Maltepe on the Anatolian side. In Antalya, we expect Altintas, Lara and Dosemealti regions, and Payallar, Konakli, Okurcalar and Oba in Alanya to be more popular by foreigners.”

Should foreigners with deed be worried?

As of July 1, foreign investors who will acquire residency and citizenship through investment should carefully examine the list. Title holders in already announced closed neighborhoods should not worry as they may continue to receive residence permit renewals.

Irregular migrant influence dominates Southeast

Stating that there are approximately 4 million Syrian refugees scattered all over the country, especially the Syrian border, Bayram Tekce said, “Most of the closed neighborhoods are located in the border provinces of Syria, Gaziantep, Kilis, Sanliurfa and Hatay. In addition, there are 3.5 million immigrants who cross the borders and do not return to their countries. These irregular migrants are mainly from many countries such as Iraq, Iran, Afghanistan, Pakistan and Somalia and generally live in Istanbul and Ankara. “These irregular migrants were able to obtain residence permits when they rented a house, but recently the residence permits issued by rentals have been stopped,” he said.

Foreigners who buy a house for vacation will not be affected much

Stating that foreigners who buy a house for vacation will not be affected much by the regulation, Tekce said, "Every foreigner can stay in Turkey for 180 days without a residence permit only with a tourist visa. Many holiday home buyers such as Germans, Scandinavians or Brits do not live in Turkey more than 180 days a year. " Since they do not need it, they can buy a house from anywhere they want.