Year
2022
Language
English
Abstract
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.
English
ISSN/ISBN
2152-050X
No. of Pages
697-712
Volume
32
Select type of work
Name of the Journal
CIS publications
No
CIS Thesis
No
Status
Pending
Issue
4-5
CIS Cluster
Publication Month
February
QF Thematic Areas
CIS Program
CIS Research Foci