Turkish President Recep Tayyip Erdogan has approved a new amendment to the law regarding foreigners acquiring Turkish citizenship through property purchases via a presidential decree, Invest-Gate reports.

The revised regulation of the Turkish citizenship law was published in today’s issue of the official gazette.

With the modification introduced to the regulation, the operational article within the concerned regulation has been altered. It now stipulates that foreigners can obtain citizenship by purchasing properties in Turkey worth no less than $400,000, provided they are licensed for construction.

This new decision invalidates the eligibility to purchase agricultural lands to acquire Turkish citizenship.

Moreover, the previous version of the regulation referred to “immovable properties worth no less than $400,000 or equivalent foreign currencies.”

According to data released by the International Investors Association (YASED), the volume of investments entering Turkey through net real estate sales to foreign nationals amounted to $3.09 bn in the first ten months of this year. In the entire year of 2022, this figure reached $6.27 bn.