Buying citizenship: A boon to district-level house prices in Istanbul

Lokman Gunduz, Ismail Genc and Ahmet Aysan

MPRA Paper from University Library of Munich, Germany

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. Eventually, thousands of foreigners, mainly from the Middle East and Asia have purchased houses, particularly in Istanbul. Foreigners’ share in total houses sold in Istanbul almost sextupled and exceeded 10 percent of total sales. This study estimates the short-run impact of relatively wealthy foreigners on the residential property prices in Istanbul to buy a Turkish passport. It finds that the Turkish CBI program positively impacts house prices by two percent in the districts, which are likely to be favored most by immigrant investors.

Keywords: Citizenship by investment program; house prices; immigration; Istanbul (search for similar items in EconPapers)
JEL-codes: A1 O1 O15 (search for similar items in EconPapers)
Date: 2021-05-07
New Economics Papers: this item is included in nep-ara, nep-mig and nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/110028/1/MPRA_paper_110028.pdf original version (application/pdf)

Related works:
Working Paper: Buying citizenship: A boon to district-level house prices in Istanbul (2021)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:110028

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().