A Failed Investment Story in Turkey: How the Dream of Citizenship Turned Into a Major Loss

In 2017, one investor entered Turkey’s real estate market with the goal of obtaining Turkish citizenship. His plan was to buy as many small apartments as possible at the lowest price, believing that “quantity means more profit.” But the outcome was the exact opposite of what he expected.

The Beginning: A Wrong Decision From the Start

Instead of purchasing three diverse properties (apartments + a commercial shop) worth around $270,000 in good locations, greed pushed him to buy eight apartments at once in the popular Esenyurt district, in buildings with no facilities and low construction quality that did not even appeal to local Turkish residents.

Legal and Financial Problems

From day one, he faced a series of obstacles:

• Some apartments had bank mortgages, and releasing them took several months.
• Other properties had not been converted from land deeds to residential deeds, a process that dragged on for a long time.
• Obtaining all title deeds took over a year and a half, delaying any potential rental income.

Struggles With Renting and Management

After solving the legal issues, the owner attempted to rent out the apartments but faced tough realities:

• Most tenants were only looking for the cheapest options, often leading to problems with late or missed payments.
• He had to hire a property management company at 15% of annual rent, wiping out what little profit he might have had.
• Some of the buildings were so old that they were eventually marked for demolition, creating further losses.

The Shocking Ending

After three exhausting years filled with problems:

• He decided to sell the properties before completing the mandatory holding period, which meant he lost Turkish citizenship.
• Out of the $275,000 he had invested, he recovered only about $220,000.
• Legal fees, management costs, and rental losses drained whatever returns were possible.

The Key Lessons

• Quantity does not equal success—location and project quality matter most.
• Ultra-cheap properties can become an investment trap that consumes capital.
• Every investment requires a feasibility study and trusted advice, especially in a complex market like Turkish real estate.

This story stands as a real-life example of how greed and lack of experience can turn an investment dream into a nightmare—and how Turkish citizenship means nothing if the path to it is filled with financial loss.