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Buying Citizenship: A Boon to District-Level House Prices in Istanbul

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submitted on 2024-04-16, 06:45 and posted on 2024-04-16, 06:45 authored by Lokman Gunduz, Ismail H. Genc, Ahmet Faruk Aysan

Citizenship by investment (CBI) programs have recently garnered significant academic and media attention. Turkey introduced such a program in 2017 that offers citizenship in exchange for investment in residential property. Through the program, thousands of foreigners, mainly from the Middle East and Asia, have purchased houses, particularly in Istanbul. Foreigners’ share of total houses sold in Istanbul almost sextupled and exceeded 10% of total sales. This study estimates the short-run impact of relatively wealthy foreigners on the residential property prices in Istanbul investing to buy a Turkish passport. It finds that the Turkish CBI program positively impacts house prices by 2% in the districts, which are likely to be favored most by immigrant investors.

Other Information

Published in: Housing Policy Debate
License: http://creativecommons.org/licenses/by-nc-nd/4.0/
See article on publisher's website: https://dx.doi.org/10.1080/10511482.2021.2013283

History

Language

  • English

Publisher

Routledge

Publication Year

  • 2022

License statement

This Item is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Institution affiliated with

  • Hamad Bin Khalifa University
  • College of Islamic Studies - HBKU

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    College of Islamic Studies - HBKU

    Categories

    Keywords

    citizenship by investment programhouse pricesimmigrationIstanbul

    Licence

    CC BY-NC-ND 4.0

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