Turkey’s Citizenship by Investment (CBI) program is one of the world’s most sought-after second-passport routes — and with good reason. A minimum $400,000 real estate investment delivers full Turkish citizenship for you, your spouse, and children under 18, in as little as 3–6 months. No language test. No minimum residency requirement. One of the fastest processing timelines globally.
But where you invest matters enormously. The right city can add rental income, capital appreciation, and lifestyle value on top of the passport. The wrong choice can mean a slower exit, weaker yields, or complications at the Land Registry.
At Multi Mulk, we have guided hundreds of international clients through this exact decision. In this guide, we break down the top cities — backed by the latest market data — to help you invest with confidence.
Turkey CBI Program: 2025 Snapshot
Before comparing cities, here are the key program parameters you need to know:
| $400,000 Minimum Real Estate Investment | 3–6 Months Average Processing Time |
| 118+ Countries Visa-Free / Visa-on-Arrival Access | 3 Years Mandatory Property Holding Period |
| ~35,000 Passports Issued Since 2017 Launch | 7.32% Average Gross Rental Yield (Q1 2026) |
The real estate route accounts for approximately 90–95% of all applications, making property selection the single most important decision in the citizenship journey. All payments must be made via Turkish bank transfer — cash transactions are not permitted.
City-by-City Comparison
Use this quick-reference table, then read each city’s deep-dive below:
| City | Avg. Price/m² | Gross Yield | Foreign Buyer Rank | Best For |
| Istanbul | ~$1,755/m² | 8.17% | #1 (All Types) | Capital growth + CBI hub |
| Antalya | ~$850/m² | 6.14% | #2 (Tourism) | Vacation rentals + lifestyle |
| Ankara | ~$650/m² | 8.10% | #3 (Stable) | Yield-focused investors |
| Izmir | ~$700/m² | 7.10% | #4 (Emerging) | Work-life balance + growth |
| Bodrum | $1,000+/m² | 8–10% | #5 (Luxury) | Premium / ultra-HNW buyers |
| Bursa | ~$550/m² | 7.42% | Emerging | Budget entry + growth upside |
| Mersin | ~$400/m² | High | Rising (8.9%*) | Affordable CBI entry point |
*8.9% = Mersin’s share of total foreign property purchases in 2024 (TURKSTAT). Price/m² figures based on CBRT Q4 2025 data and Global Property Guide Q1 2026 yield data.
1- Istanbul — The CBI Capital
Why investors choose it: Istanbul is the undisputed leader for Turkey’s CBI program — not just in prestige, but in transaction volume, infrastructure, and long-term appreciation. As Turkey’s financial, cultural, and commercial engine, it draws buyers from the Middle East, Russia, Central Asia, Europe, and North America alike.
Key Investment Data
- Average price per m²: ~$1,755 (Q4 2025, CBRT)
- Gross rental yield: 8.17% (Global Property Guide, Feb 2026)
- Istanbul accounts for 18% of all national property transactions
- Year-on-year price growth: ~28% in TRY nominal terms
- Most popular CBI districts: Beylikdüzü, Başakşehir, Kadıköy, Şişli, Levent, Maslak
Why Istanbul Stands Out for CBI
Istanbul’s sheer scale — a city of 15+ million — ensures deep demand, fast resale, and rental liquidity. The new Istanbul Airport (the world’s largest by terminal area) has transformed western districts into investment corridors. Ongoing metro expansion is boosting accessibility and prices in emerging neighborhoods such as Pendik, Kartal, and Esenyurt, where annual price growth is estimated at 35-45% in TRY.
For CBI investors, the city’s appeal is twofold: strong nominal appreciation protects principal during the 3-year holding period, while rental demand from expats, students, and professionals generates consistent income.
Multi Mulk Insight: We recommend Istanbul for investors prioritizing long-term capital growth and portfolio liquidity. Our portfolio includes vetted units in Başakşehir and Kadıköy — two of the city’s most in-demand CBI zones — starting from $400,000.
2- Antalya — Tourism Capital & Rental Powerhouse
Why investors choose it: If Istanbul is Turkey’s financial heart, Antalya is its tourism crown. Over 16.5 million visitors are expected in 2025 according to the Mediterranean Tourism Agency Federation — and each of those visitors represents potential rental income for property owners.
Key Investment Data
- Average price per m²: ~$850 — approximately 20% below Istanbul
- Gross rental yield: 6.14% (lower gross yield but high seasonal upside via short-term lets)
- Top CBI neighborhoods: Lara (luxury), Konyaaltı (urban-beach balance), Alanya (budget entry)
- Analysts projected a 25% value increase in Alanya by early 2025
- Direct flights to major European cities sustain year-round demand
The Short-Let Advantage
Antalya’s established tourism infrastructure means investors can earn well above headline gross yield figures through Airbnb-style vacation rentals during the mandatory 3-year holding period. Lara is known for luxury resort-adjacent residential complexes, while Konyaaltı offers a balance of amenities and beach access at more accessible price points.
Multi Mulk Insight: Antalya is ideal for buyers who want lifestyle value alongside citizenship. Our team sources sea-view apartments and managed resort properties in Lara and Konyaaltı that are fully compliant with CBI requirements and ready for short-let management from Day 1.
3- Ankara — Stability, Yield & Underrated Upside
Why investors choose it: Turkey’s capital is the CBI market’s best-kept secret. While it lacks Antalya’s beaches and Istanbul’s glamour, Ankara delivers some of the country’s strongest rental yields and the most stable property price trajectory.
Key Investment Data
- Average price per m²: ~$650 (lower entry cost than Istanbul or Antalya)
- Gross rental yield: 8.10–8.29% — among the highest in Turkey
- Average rental prices 20% lower than Istanbul — high tenant-to-property ratio
- Ankara posted 29.69% year-on-year nominal price growth (2025)
- One of few major cities with positive real (inflation-adjusted) price growth in recent periods
Yield-Focused CBI Strategy
Ankara’s diplomatic community, large civil service workforce, and major universities create consistent long-term rental demand. Unlike resort markets with seasonal vacancy risk, Ankara landlords enjoy year-round occupancy. For investors seeking maximum rental return during their 3-year CBI holding period, this is a compelling proposition.
Multi Mulk Insight: We source properties near Ankara’s university corridors and embassy districts — areas where tenant demand is structural and vacancy rates are minimal. Entry-level qualifying properties are available below the $400,000 threshold when two smaller units are combined.
4- Izmir — The Emerging Cosmopolitan Choice
Why investors choose it: Turkey’s third-largest city is experiencing a moment. A young, educated, bilingual population, a thriving tech startup scene, and a Mediterranean coastline make Izmir increasingly attractive to foreign buyers and expats — and investment returns are following.
Key Investment Data
Average price per m²: ~$700 — approximately 25% below Istanbul
Gross rental yield: ~7.10% (Q1 2025)
Year-on-year nominal price growth: 25.82%
Strong expat and digital-nomad driven rental demand
Major infrastructure investment underway — port expansion, metro extensions
Izmir offers a genuine work-life balance that Istanbul’s intensity can’t always match. For investors who plan to use the property themselves post-citizenship — or wish to attract higher-income long-term tenants — Izmir’s appeal should not be underestimated.
Multi Mulk Insight: Izmir is our recommendation for clients who want a ‘live-in’ CBI property — a home they’d genuinely want to spend time in, that also meets program requirements and delivers competitive returns.
5- Bodrum — Ultra-Premium, Ultra-Rewarding
Bodrum is Turkey’s answer to the French Riviera. Named one of Time Magazine’s “World’s Greatest Places,” this Aegean gem attracts ultra-high-net-worth investors from Europe, the Gulf, and beyond.
Key Investment Data
- Average villa price: frequently exceeds $1,000,000 — well above CBI minimum
- Gross rental yield: 8–10% per year for well-managed vacation rentals
- Marina access, yacht culture, and a strong international buyer base
- Strong capital appreciation with a proven track record among luxury coastal markets
Bodrum’s seasonality is a consideration — peak rental income is concentrated in summer months. However, for investors acquiring luxury assets above $600,000–$1M, the combination of lifestyle use and premium short-let income makes the numbers compelling.
6- Bursa — The Istanbul Satellite with Growth DNA
Often called “Green Bursa,” this industrial and cultural city sits just 90 minutes from Istanbul by ferry and road. Its proximity to Turkey’s financial capital, combined with significantly lower property prices, is creating a growing wave of investor interest.
Key Investment Data
- Average price per m²: ~$550 — among the most affordable qualifying markets
- Gross rental yield: 7.42% (Q1 2025, Global Property Guide)
- Nilüfer district: average 18,000 TRY/m² — fastest-appreciating sub-market
- Strong manufacturing and automotive industry employment base
- Improving transport links to Istanbul enhancing commuter demand
Multi Mulk Insight: Bursa is our pick for investors who want the lowest-cost path to CBI qualification while still investing in a city with genuine fundamentals. It’s a buy-and-hold play with strong rental income and infrastructure-driven appreciation potential.
7- Mersin — The Affordable Emerging Market
Mersin captured 8.9% of all foreign property purchases in 2024 (TURKSTAT) — a figure that signals growing investor discovery of this Mediterranean port city. With Turkey’s busiest commercial port and a population of over 1.8 million, Mersin is no longer a niche play.
Key Investment Data
- Average price per m²: ~$400 — the most budget-friendly CBI-eligible market
- Foreign purchase share growing year-over-year since 2022
- Major infrastructure investment including port expansion and new industrial zones
- Lower price base means easier single-property compliance above $400,000 threshold
Mersin suits investors who want to minimize total outlay while fully qualifying for CBI. It is particularly favoured by buyers from the Middle East who value its climate, food culture, and Arabic-speaking community.
How to Choose the Right City for You
There is no single “best” city — the right market depends on your investment goals, lifestyle preferences, and risk tolerance. Here is how to think about it:
- Capital Growth Priority → Istanbul (Başakşehir, Kadıköy, Esenyurt)
- Rental Yield Priority → Ankara or Bursa
- Vacation Home + Short-Let Income → Antalya (Lara, Konyaaltı) or Bodrum
- Lifestyle / Expat Community → Izmir
- Budget-Optimized CBI → Mersin or Bursa
- Ultra-Premium / Prestige → Bodrum or Istanbul prime (Nişantaşı, Bebek)
It is also legally permissible to combine two or more properties in different cities, provided the total SPK-certified appraisal value reaches or exceeds $400,000. This multi-property approach offers geographic diversification and can enhance both yield and appreciation potential.
The Turkish CBI Application Process: Step by Step
- Select Your Property — Multi Mulk sources and vets CBI-compliant properties across all major cities.
- SPK Valuation Report — An independent Capital Markets Board-approved firm confirms the property value meets $400,000.
- Bank Transfer — Full payment is made via Turkish bank transfer from your personal account
- TAPU Title Deed — 3-year no-sale annotation placed on your title deed at the Land Registry.
- Residence Permit — Main applicant and spouse must obtain Turkish residence permits (short physical presence required).
- Citizenship Application — Submit full application bundle to the Provincial Directorate of Civil Registration and Nationality.
- Passport Issued — Turkish ID and passport granted within 3–6 months for the entire qualifying family.
Why Work with Multi Mulk?
Navigating Turkey’s CBI market requires more than a property search — it demands legal precision, market intelligence, and relationships built over years. Multi Mulk specializes exclusively in investment-grade real estate for citizenship and residence programs in Turkey.
- End-to-End Service: From property search to passport — we manage every step.
- CBI-Verified Portfolio: Every property we list has been pre-screened for SPK valuation compliance and title deed eligibility.
- Multi-City Expertise: Active portfolios in Istanbul, Antalya, Ankara, Izmir, Bursa, and Mersin.
- Transparent Pricing: No hidden fees. Our investment quotes include full due diligence costs.
- Post-Sale Management: Rental management and property services available during your 3-year holding period.
- Multilingual Team: We work in English, Urdu, Arabic, Russian, and Turkish.
Since our founding, Multi Mulk has helped clients from over 40 countries secure Turkish citizenship through strategic real estate investment. We do not just sell properties — we build investment outcomes.
Frequently Asked Questions
1- Can I invest in more than one city?
Yes. Turkish CBI regulations allow combined investments across multiple properties, provided the total SPK-certified value reaches $400,000. This is an excellent diversification strategy.
2- Do I need to live in Turkey to maintain citizenship?
No. There is no minimum residency requirement after citizenship is granted. You retain your Turkish passport indefinitely regardless of where you live.
3- Can my family be included?
Yes. Your spouse and children under 18 are included in your application at no additional investment cost. Adult children or parents may apply separately if they meet dependency criteria.
4- Is the $400,000 threshold likely to increase?
The threshold increased from $250,000 to $400,000 in May 2022. Some industry analysts anticipate a further increase to $500,000, though no official change has been announced as of April 2025. Locking in your investment now protects against any future increase.
5- What happens after the 3-year holding period?
You are free to sell, rent, or retain the property. Your citizenship and passport remain valid regardless of what you do with the asset after the restriction period.
Get in touch!