New Luxury Real Estate for Turkish CBI – Buy Like a Local

Sep 19, 2026 | Private List update

The Turkish citizenship by investment program turns a $400,000 investment in (almost) any real estate in Turkey into citizenship for you, your spouse and your children under 18. After three years, you are free to sell your real estate and keep the passport for generations to come. Or, you can keep your apartment(s) and continue collecting competitive rental yields.

The Turkish passport grants visa-free entry almost everywhere apart from the West, Russia and China. You can travel easily in Latin America, South East Asia, the Middle East and Africa.

Turkish consular services are present all over the world with 252 total diplomatic posts – the 3rd highest ranked country in this regard.

We’ve helped dozens of clients obtain citizenship by investment in Turkey. For investment conscious clients, our standard recommendation is to buy on the secondary market, where valuations are lower with better liquidity and yields.

But sometimes people prefer new buildings because they want to keep things simple. Maybe they fear earthquakes or they have their own lifestyle considerations. In this video we look at options ranging from less than $3,000 per m2 to $15,000 per m2. For each of those we look at who the target market might be.

https://youtu.be/XcUqhWjQVFA

New Luxury Real Estate for Turkish CBI – Buy Like a Local (https://youtu.be/XcUqhWjQVFA)

Now the world’s best tax deal

If you haven’t been a tax resident in Turkey in the past 3 years, you can move to Turkey and benefit from a 20-year tax exemption on overseas income. Living in Istanbul or on the Turkish coast is now as attractive as being in places like Panama and Paraguay. The difference is that you are in a major global city with culture and quick flights to Europe.

You can also benefit from this deal by getting residency by investment with a $200,000 real estate investment.

Is Turkey perfect?

Of course not. Nowhere is.

The risk of earthquakes in Istanbul is very real, which you can mitigate by buying quality new buildings or specific real estate on the secondary market.

And let’s not forget geopolitical risk. Israel is now openly threatening Turkey and trying to stir things up between them and Greece/Cyprus.

Life in Istanbul can be challenging. While it is globally integrated, massive and cosmopolitan, English is not widely spoken at all. Be ready for a thoroughly Turkish experience. It’s thrilling, functional and convenient, but it’s not Dubai with international vibes and Anglophone services. But it is a real city.

Understand your objective:

Do you want to move to Turkey for the tax deal?

OR

Do you just want a passport?

Most people just want a passport, and it’s best to not conflate this with investment or lifestyle goals.

Feel free to get in touch with Angelina.

Heading back to Panama 🇵🇦 soon

Our Panama event starts next Sunday evening in a week from now. People have signed up from the U.S., Canada, all over Europe, New Zealand and Australia.

We have fun and informative activities planned, nice lunches, dinners, wine tastings, drinks, real estate tours, workshops and interesting speakers who will join us.

A former writer for The Economist based in Panama will present on Panama’s geopolitical landscape. Calvin from X will come speak on the energy trade and life in Panama and join us for dinners and drinks. We’ll be hosted by one of the country’s largest banks at their headquarters and go to large local business organizations as well as meet local VCs.

This is not the usual “Retire in Panama” tour along with an overpriced condo and residency pitch. The goal is to get a much deeper understanding of Panama as a jurisdiction.

We’re excited!

To a World of Opportunities,

The Wandering Investor

Services in Turkey:

Articles on Turkey:

If you want to read more such articles on other real estate markets in the world, go to the bottom of my International Real Estate Services page.

Subscribe to the PRIVATE LIST below to not miss out on future investment posts, and follow me on Instagram, X, LinkedIn, Telegram, Youtube, Facebook, and Rumble.

My favourite brokerage to invest in international stocks is IB. To find out more about this low-fee option with access to plenty of markets, click here.

If you want to discuss your internationalization and diversification plans, book a consulting session or send me an email.

Transcription of “New Luxury Real Estate for Turkish CBI – Buy Like a Local”

LADISLAS MAURICE: Hello at Istanbul. Today we’ll be looking at new builds for the Turkish citizenship by investment program or even residency by investment. We have a lot of clients who come here and don’t necessarily want to buy second-hand property, though that is typically the better way to invest in the market if you’re looking at pure returns. Many people come from places like the UAE, Qatar, et cetera. They’re used to new buildings, amenities, and they want to stick to that sort of investment. But you have to be really careful. There are a lot of new buildings in Istanbul that are specifically targeted to CBI people and that are vastly over-priced. Typically, they’re in nowhere zones. They’re in areas far away from everywhere. They’re completely overpriced and there’s no clear target market. You’re actually the target market and then when you try to exit, it’ll be problematic. So today, together with Angelina, my realtor here in Istanbul, who also does renovations, she helps me manage some of my properties, we’ll be looking at three different new buildings. One, this one at $15,000 a square meter, then we’ll cross over to the Asian side at $4,500 a square meter, and then we’ll come back to the European side in a different neighborhood at $3,000 a square meter, which is objectively quite affordable. All right, Angelina, how are you?

ANGELINA: I’m fine. Thank you, Ladislas. How are you doing today?

LADISLAS MAURICE: Good, good.

Touring a luxury 220m2 apartment in a new build ($1.8M)

LADISLAS MAURICE: All right, so tell us about where we are right now, because $15,000 a square meter is not cheap. It’s typically not the sort of investment I would make, but where are we? What’s the thesis? Then we’ll go check out inside.

ANGELINA: We are in the heart of business district of Istanbul. It’s called Levent, the neighborhood, but we would say that this is like a New York Wall Street. So, it’s a Wall Street of Istanbul. We have here around all banks, all huge holdings buildings, very famous, huge, expensive hotels, huge shopping malls, everything is luxury. It’s a luxuriest area of Istanbul. This area doesn’t have any more land to build. This particularly building, this new builds were built by bank. Bank bought long time ago this land and here is a bank, Seker Bank, this is the owner and the builder of this new build. So, of course, this kind of property cannot be cheap, but this kind of properties, they every year increase on the price 10%. From 7 to 10% increasing price. Constantly, without doing anything.

LADISLAS MAURICE: In dollars.

ANGELINA: In dollars, of course.

LADISLAS MAURICE: So, one of the advantages here is it’s entirely dollarized. All the apartments are priced in dollars, the rents are priced in dollars, so for people that are worried about the lira depreciating, this has literally nothing to do with the lira. But then again, you know, $15,000 a square meter. So let’s go inside, let’s check it out, and then let’s really discuss in there who the target market is.

ANGELINA: Okay. Let’s go. So here, a very large apartment. It is the biggest apartment of this new build. Two bedrooms, two and a half bathroom. 220 brutto square meters. Net 135 square meters. The price is 1.8 million USD. Beautiful view, Bosphorus view, actually 360 view on Istanbul. It’s not about sea view, it’s about having all Istanbul under the your knees.

LADISLAS MAURICE: So Sheraton right here. And other apartments, the one bedrooms, how much?

ANGELINA: Uh, so they have small bedroom apartment and huge one bedroom apartment. The price varies from around 600,000 USD to 900,000 USD, depends on the floor, view and a bit different square meters.

LADISLAS MAURICE: Okay. I like the fact that it’s a separate kitchen, you don’t really get this nowadays. Like a proper separate kitchen.

ANGELINA: Big, like a room, yeah. And look at the ceiling.

LADISLAS MAURICE: Yeah, there, yeah.

ANGELINA: It’s like a historic building ceilings. Very high ceiling here.

LADISLAS MAURICE: Yeah, I could see myself having breakfast from here.

ANGELINA: So here is on left side, we have beautiful sea view, Bosphorus, one bedroom with on suite bathroom. So, this is the second bedroom, this on suite bathroom. And beautiful view on all this business district with holdings, bank buildings, headquarters of the bank, QNB Bank, Garanti Bank, uh, İşbank, all the famous and very strong bank of Turkey is here. So it’s a real Wall Street.

LADISLAS MAURICE: QNB right here is a Qatari bank.

Who is buying apartments in new builds in Istanbul?

LADISLAS MAURICE: So Angelina, who is the target market both for sales and for like who are the tenants?

ANGELINA: For sales, uh, actually here the main buyers are Turkish, because Turkish people know the value of this location. Local rich Turkish people.

Also, some many Iranians bought already in this building. Some Russians bought. And we have like few Uzbek person. The target market for the tenants, Turkish people buy to invest and to rent out, they are not gonna live here because they know that this location appreciated by rich Turkish people that want to have like a second home. Or the guys who divorce and he wants to stay in modern residence without, you know, not so many family oriented place.

Amenities in modern new buildings in Istanbul

ANGELINA: The downs we have special facilities, like special room for party with Jacuzzi, massage. Of course, these guys they have a girlfriends, models. So, yeah, a girlfriend like this, they’re going to have party, they’re going to have good times here. It’s very secure, all cameras, nobody can enter here. Ex-wife cannot enter here for example, if he’s still in divorce process. Because nobody can enter without permission the owner or tenant. And no car, no registered numbers of the car cannot even enter to the parking. Down is uh, Bank, Seker Bank, which is a government bank and very strong bank. So it’s a perfect place for this kind of, you know, people, this level of and this portfolio of tenants.

LADISLAS MAURICE: Yeah, I can I can see the picture.

Rental income from the apartments in new buildings in Istanbul

LADISLAS MAURICE: Cool, so how much would a one bedroom, large one bedroom go for, like rental? The one that cost 900,000.

ANGELINA: 900,000 you can lowest rental 4,000 USD per month. If you 600, you can do… The lowest prices, lowest rental price in whole this building is 2.5.

LADISLAS MAURICE: So, for the small, small.

ANGELINA: The small, small, the cheapest apartment.

LADISLAS MAURICE: Okay, cool. And you do property management as well?

ANGELINA: Yes, but here they also have their own management, building management, they all connections, they also advertise their houses for rent. They will not still all occupation is 100 occupied and people not start living here, once they start living here, of course the prices will go up first and then rentals, of course will be many apartment rented out very quickly here, I believe.

LADISLAS MAURICE: Yeah, so when we do all of the numbers taking into account a bit of maintenance budget, property tax, earthquake insurance, we landed around 4% net rental yield. Look, the target market for such buildings is very niche, but the location really meets the very specific demands of the target market. So, premium location, premium finishings, nice amenities in the best area of Istanbul for new builds. Um, you know, we’re not talking about the historical part of Istanbul, we’re talking about the new areas of European Istanbul. This is the best of the best. Um, you’re paying for the best, you know, $15,000 a square meter, and you get a very specific type of tenant that is happy to pay the premium because it’s hard to get a very comfortable, comfortable lifestyle in a new building here in Istanbul. Like 4% net rental yield, 4 and a half, 3 and a half, it doesn’t really matter. This is not the sort of play. This is for people who just want the best of the best and who will also get the best of the best in terms of tenants. They want to do the CBI or just want a lifestyle property without any hassles, without having to have any second thoughts. That’s it, you know, they come down to Istanbul, they have a place for themselves, when they’re here, their time is precious, they have the best. And there’s not a lot of construction around here either.

ANGELINA: There is zero construction around because this is Wall Street of Istanbul. The banking, uh, business district that built 30 years ago. Yeah, and that little bit more rebuilt in 10 years, the bank was keeping this land and he didn’t build on the land, he on top of his own construction until 23 floors, until 23rd floors, it’s for sale. After this, they’re keeping all the floors for themselves.

LADISLAS MAURICE: Interesting. Look, in limited supply, so more of a capital play, I’d say, it’s more of a capital and lifestyle play than a yield play, though you do get some yield. All right, so now let’s go over to the Asian side and see the property for $4,500, $5,000 a square meter.

ANGELINA: Yes, and also it’s another financial center on Asian side of Istanbul.

LADISLAS MAURICE: All right, let’s go to Asia.

ANGELINA: Let’s go.

LADISLAS MAURICE: Angelina, you were telling me some people buy entire floors?

ANGELINA: Yes. One client came to check the building and he told, ‘I want one floor,’ but office business. The bank sold him second floor that was not for sale, just for this client. So second floor sold. To one person.

Istanbul’s Financial Centers on European and Asian sides

LADISLAS MAURICE: Okay, so now we’re going to the to the business district, the financial center on the Asian side. This is the financial center on the European side. Can you explain the difference between the two?

ANGELINA: So, this financial center was established 40 years ago, 50 years ago. It’s a very old downtown, mid-downtown area. So, it’s a real Wall Street. Then after time, 20 years ago, they started build on Asian side and the famous builder Aolu, he built Atasehir. It’s sehir, it means city, like whole city, financial city. So, around the city now, they decided to create a business district with all the banking again, headquarters and Bursa and all the financial institution on Asian side to facilitate, you know, working movements of people, not going through Asia, Europe back and forward. And it’s becoming more and more popular. They didn’t open this financial center yet, it’s about to open in few months and all new builds around this financial center on Asian side are very appreciated because many workers who work high, high level of staff of the banks and Bursa and others will be renting out apartments there. So investors now buying there to rent to this specific target group.

Which side of Istanbul do real estate investors prefer?

LADISLAS MAURICE: Angelina, do most of your clients end up buying on the European side or the Asian side?

ANGELINA: Most of the clients prefer to buy on European side.

LADISLAS MAURICE: Why?

ANGELINA: Because European side, you know, renting to tourists and foreigners are easy, especially the ones who don’t want to rent out to long term, they prefer mid-term, short-term. But the clients who looking for the long-term rental, they actually don’t mind Asian side or European side.

LADISLAS MAURICE: There’s a lot of housing pressure in Istanbul. Um, people say there’s a housing crisis in Istanbul, not enough housing. So it’s pretty easy to find tenants. I mean, if you price things right, you get a tenant within a few days. Your occupancy rate can easily be 100%.

Zorlu Center in Istanbul

ANGELINA: We are passing the most expensive new build and more luxurious new build in Istanbul called Zorlu. All the apartments here are huge, large apartments, there is no small apartments. They all 360 view, sea views, uh, city view. And the most expensive shopping mall, restaurants, the most expensive brand are selling here. So, it’s a prestigious.

LADISLAS MAURICE: How much per square meter roughly?

ANGELINA: 20, 25,000 USD per square meters. Depends again, on the floor, view, size of apartment. They have balconies, terraces, every apartment has terrace or balcony.

LADISLAS MAURICE: All right, so we got a little surprise when arriving here because we were when we’re selecting which developments to show, we, you know, we went through a whole bunch together, thinking, okay, this one’s fine, this one’s overpriced, this one is interesting, this one’s not. This one caught our attention because the builder has a good reputation, the location is really interesting, we’ll see the views. Prices were at $4,500 a square meter and just this week they raised them to $6,000 a square meter. Because the building is practically finished. So a little disappointing, but it also shows that people can make money on flips here. So if you get early enough and there are other developments where you can get in early, then you can get these decent deals.

Ataşehir Neighborhood of Istanbul

LADISLAS MAURICE: So Angelina, can you tell us a little bit more about this neighborhood?

ANGELINA: Yes, as I said before, they moved financial center on Asian side, just here to Atasehir. It’s a six minutes from here, but beside that, this neighborhood are very famous by the beautiful luxurious street of Asian side, Bağdat Caddesi, it’s just 10 minutes walking distance from here. And then Bostanci street along the sea with the uh sea view promenade. The building has stunning sea view. Next to the building, they built new hospital. All the college and prestigious school are around. All the best brand, famous, luxurious, or Prada shops around. So, restaurants, bars, whatever you need.

LADISLAS MAURICE: We talked to the developer and about 80% of sales are to Turkish citizens. All right, let’s go check out these amazing views.

ANGELINA: Let’s see.

Touring a sea view 3-bedroom 128m2 apartment in a new build ($780k)

LADISLAS MAURICE: Gorgeous views.

ANGELINA: Princes’ Islands. You can see and you can count them all. Here just on your hand it’s Princes’ Island.

LADISLAS MAURICE: Gosh, what a nice living room to hang out. And uh, okay, so price, square meters, size, give us the details.

ANGELINA: So it’s 128 square meters, it’s 780,000 USD price, sales price. It has three bedrooms, two bathrooms, one walk-in closet, kitchen, like separate room, also with exit to this balcony and large living room with beautiful sea view on Prince Island, and you can see even Yalova, you see? This is Yalova, the mountains, famous mountains.

LADISLAS MAURICE: And where’s the ferry station to get to the islands?

ANGELINA: Somewhere here. You see like kind of land going to the water, yes, so there is a ferry station.

Princes’ Islands (Adalar) in Istanbul

LADISLAS MAURICE: Not everyone necessarily knows about the Princess Islands. Can you elaborate a little bit?

ANGELINA: Yeah, this is the famous islands of Istanbul. You can go for swimming, for dining, for having good times, you can stay there, there is no cars on Princess Island. It’s car not allowed, it’s only electric kind of mobile moving you around the island. It’s very green and it’s very authentic with old, uh, authentic wooden house, like palaces, very beautiful, very famous. So, four of them and the ferry goes through every of them.

LADISLAS MAURICE: Yeah, cool beach clubs as well. Fun place.

ANGELINA: Yes, many beach clubs.

LADISLAS MAURICE: A bit depressing in winter, but in the summer, amazing. And they’re building something here. Does it risk blocking the view?

ANGELINA: No, the view cannot be blocked because the hospital built with nine floors and it is hospital, this all the land belong to the hospital.

Tenants of apartments in financial areas of Istanbul

LADISLAS MAURICE: I guess this is an apartment for a family, the dad works in the financial center right around the corner.

ANGELINA: Yeah.

LADISLAS MAURICE: The children go to one of the nice schools.

ANGELINA: Yes.

LADISLAS MAURICE: The wife goes shopping.

ANGELINA: Yes, it’s one of the high level of worker of banks or stock exchange office. They’re going to rent out this house and yes, with the family, he can enjoy his social life, people children can go to the prestigious school, wife can shop in the best, you know, shops. And he can go to his work very shortly.

LADISLAS MAURICE: And there is a metro station right here, uh with and in 30 minutes you’re at Sabiha International, which is Istanbul’s second airport with connections to everywhere in Europe and the Middle East and Turkey. So, well connected. The other one we saw before was also right next to the metro station with connection downtown with the European area. So, very different locations, uh both in financial districts, uh but both have their own clear value proposition and a clear target market, and Turks are the main buyers for these two buildings. The biggest red flag when you buy in a new build in Turkey is when most of the buyers are foreign. That is the biggest red flag. What about the more affordable units in this building?

ANGELINA: Actually, it has two buildings. This building more expensive because a sea view. Next to this building, there are more affordable building with more affordable units. The price is 550,000 USD, the square 85 square meters. 2+1, 3+1. The cheapest apartment is 440,000 USD, it’s 2+1, it’s around 65-70 square meters with the view on financial center and Çatalca.

LADISLAS MAURICE: Okay, so a lot of different configurations. Okay, great. So, now we’re going to go have lunch and then head back to Europe for the $3,000 a square meter in Kağıthane apartment. Hopefully they didn’t, they didn’t also increase their prices.

ANGELINA: I hope so.

LADISLAS MAURICE: We’ll go find out. All right, lunch was good. We had a good burger. Your favorite food, right?

ANGELINA: No. But I had doner.

Kağıthane area of Istanbul

LADISLAS MAURICE: Okay, so can you tell us about Kağıthane here?

ANGELINA: This is uh Kağıthane, it’s uh started built 10 years ago and now developed a lot. It’s a head heart of downtown of Istanbul. It’s one of the central location of downtown of Istanbul, all new builds, you see all these high buildings, skylights behind. And there are metro line, there are all also restaurants, luxury shops, shopping malls.

LADISLAS MAURICE: But it’s not high-end like the other areas that we just saw. No, it’s just it used to be working class.

ANGELINA: No, no.

LADISLAS MAURICE: And then gradually it became better.

ANGELINA: Now it’s a high mid-class. Also, Kağıthane has 21 university and high schools.

LADISLAS MAURICE: 21?

ANGELINA: 21. It’s famous with this. This is actually destination to bring children to teach private schools, many private, prestigious schools and high schools here.

LADISLAS MAURICE: Okay, cool. And we’re going to look at an apartment, brand new, $3,000 a square meter.

ANGELINA: Yes.

LADISLAS MAURICE: All right, let’s go check it out.

Touring a duplex 160m2 apartment in a new build ($419K)

ANGELINA: We are at the biggest apartment on this new build. It’s a duplex apartment with beautiful, huge terrace on one side, on this floor and two terraces on top floor. So, total it’s 160 square meters. The purchase price is 419K USD.

LADISLAS MAURICE: Okay, this is a one-shot citizenship then.

ANGELINA: Yes, it’s a one-shot CBI.

LADISLAS MAURICE: Okay. A bit over $2,600 per square meter for new construction, nice terrace. The view, ask the cameraman to come over here. You can see Kağıthane, like you’ve got horrific buildings like the one in front, the Salon, whatever terrace. But then behind there you see new construction, nice new buildings. You see this mix of old working class and newer more expensive buildings. This is kind of the vibe here. And again, Metro, 10 minute walk to the metro that is directly linked to Istanbul Airport, so the biggest one, uh not the secondary one unlike the previous place. In 40 minutes, 45 minutes using public transport, you’re at Istanbul Airport, direct line, no traffic. So, interesting. And then there’s a second floor, we can’t get there yet. All right, I mean, it is what it is. It’s effectively the penthouse in this building. What are the amenities?

ANGELINA: There is no swimming pool, but there is all other amenities, like gym, conference hall, sauna.

LADISLAS MAURICE: Okay.

ANGELINA: Or cinema salon.

LADISLAS MAURICE: Okay. I would expect at this price point for the amenities to be relatively mid. But I mean that’s besides the point, the point is you have this view, you have this terrace, which will most likely remain unobstructed. Very bright, very bright place. So, I could think of worse ways to get your citizenship in one go.

Investing in new builds for Turkish Citizenship By Investment

LADISLAS MAURICE: Again, the whole purpose of this video is to show that you can make good investments or decent investments when you buy new builds, new construction for your citizenship by investment program. Compare this with what some online agencies will try to sell you, will try to sell you some two bedroom apartment somewhere in Beylikdüzü, you know, and they’ll say one two bedroom apartment plus a free studio just 400,000. Just stupid things like that that you’re paying like 30, 40% above the market rate, it’s ridiculous. So this here is just the genuine market value that the local market is willing to pay for your CBI investment. So it’s very non-controversial. You can get in, you can get out later, it’ll be easy to find to find tenants. So yeah, a place like this on the local market, what, 2,000 a month?

ANGELINA: Yes, it’s approximately 2,000.

LADISLAS MAURICE: About 6% gross, taking into account vacancy, property management, property tax, earthquake insurance, all these things are probably at around 5% net roughly.

Contact Angelina for real estate in Istanbul

LADISLAS MAURICE: I wrote a whole article on the real estate market here in Istanbul, the neighborhoods that are interesting, the ones you should avoid, there’s a link below. And then if you want to find out more about the citizenship by investment process, how it works from A to Z or even residency by investment, there’s a link below and Angelina can help you with the whole process. She’s helped a number of our clients get citizenship and invest in real estate here in Istanbul, there’s a link below to get in touch with her. Angelina, thank you very much.

ANGELINA: You’re very welcome.

LADISLAS MAURICE: Make sure to download my free e-book 12 Mistakes to Avoid When Investing in International Real Estate, which you can find on my website, link below, and feel free to follow me on Instagram @thewanderinginvestor. I look forward to hearing from you.

Submit a Comment Cancel reply