Throughout 2025, the Turkish citizenship-by-investment program maintained the USD 400,000 threshold for real estate investments. However, the depreciation of the Turkish lira has created a more complex return profile for foreign investors. According to data from the Turkish Statistical Institute, residential property prices increased by approximately 47% year-on-year in lira terms through September 2025.
A closer look shows that, given Türkiye's high inflation rate of around 39%, real property values in fact declined in real terms by roughly 0.5% to 8.8%, depending on location. In addition, the depreciation of the lira against the US dollar, estimated at around 20% over the same period, further reduced returns for foreign investors. As a result, despite strong nominal price growth in local currency, investors who funded purchases in US dollars generally experienced negative or near-zero returns. Properties that appeared to deliver a nominal appreciation of 5–10% effectively resulted in a loss once inflation and currency depreciation were taken into account.
Second Citizenship by Investment Is Not Free
This analysis of returns also overlooks an important factor: the investor and their family members obtain Turkish citizenship at a relatively low effective cost. Even if, after the mandatory five-year holding period, the property is sold at the same nominal price and the investor incurs a loss of USD 40,000–50,000 due to inflation and currency effects, this outcome remains significantly cheaper than acquiring second citizenship through a non-refundable donation of USD 90,000–140,000, as required by programs in São Tomé and Príncipe, Vanuatu, or Sierra Leone.