Turkish authorities have begun the process of revoking the citizenship of 687 foreigners who, according to investigators, obtained Turkish passports through fictitious real estate transactions and forged property appraisal reports. The original source of this information was a statement by Turkish Justice Minister Akin Gürlek, published on August 4, 2026. The operation was coordinated by the Organized Crime Investigation Bureau of the Istanbul Chief Prosecutor’s Office. Investigative actions took place simultaneously in 16 provinces across the country.
According to the investigation, participants in the scheme purchased relatively inexpensive real estate and then, using forged expert reports, artificially inflated its value to the minimum threshold required to obtain Turkish citizenship. The transactions were accompanied by fictitious bank transfers designed to create the appearance of investment inflows.
As a result, Turkish authorities estimate that the country was deprived of approximately 2.5 billion Turkish lira—or roughly $52 million—that was supposed to have been invested by foreign applicants.
As part of the investigation, arrest warrants were issued for 90 people, and 72 suspects have already been detained. The government has placed seven companies that may have been linked to the scheme under its control. Additionally, 1,045 properties, a hotel in Bodrum, 15 vehicles, a yacht, and funds in ten bank accounts have been seized.
It is important to note that this does not yet involve the automatic and immediate revocation of passports, but rather the initiation of legal proceedings. Citizenship will be revoked once it is confirmed that a specific applicant obtained it based on fraudulent documents or a transaction that did not meet legal requirements.
Turkey’s investment citizenship program has been in effect since 2017. Currently, a foreigner can apply for a Turkish passport by purchasing real estate worth at least $400,000. The property cannot be sold for three years, its value must be verified by an authorized appraisal company, and payment must be made through the banking system. Alternative options include an investment or a bank deposit of at least $500,000.
The Ministry of Justice, the Istanbul Prosecutor’s Office, and the Turkish media have not yet disclosed the nationalities of the 687 individuals initially implicated. However, data on previous participants in the investment program and foreign buyers of Turkish real estate allow us to identify groups that potentially used such services more frequently.
Between 2018 and 2021, approximately 19,600 foreigners obtained Turkish citizenship through the investment program. Iran, Iraq, Afghanistan, and Russia were cited as the main countries of origin for applicants, and since 2022, Ukrainian and Russian citizens have significantly increased their purchases of Turkish real estate and have become the most prominent groups of applicants for investment-based citizenship.
According to official statistics from the Turkish Statistical Institute (TÜİK), in 2025, Russians purchased 3,649 residential properties in Turkey, Iranian citizens purchased 1,878, and Ukrainian citizens purchased 1,541. These three countries ranked first among foreign buyers of Turkish housing. This trend continued in 2026. In June, Russian citizens purchased 381 residential properties, while Ukrainians and Iranians each purchased 170 properties.
Based on this data, it is most likely that among the 687 investors under investigation are citizens of Russia, Iran, and Ukraine, who are simultaneously among the largest real estate buyers and the most active participants in the investment citizenship program. The list of those under investigation may also include individuals from Iraq and Afghanistan who participated in the program in previous years.
Additional risks may arise for the spouses and children of investors if they obtained citizenship as family members of the primary applicant. Turkish authorities have not yet clarified whether such relatives are included in the announced total of 687 people or whether their status will be reviewed automatically or through separate procedures. The investigation will likely lead to stricter scrutiny of appraisal companies, bank transfers, intermediaries, and the sources of funds. For new applicants, this may mean longer processing times and additional requirements, but it does not indicate that the investment citizenship program itself is being shut down.
Following a sharp rise in prices caused by the influx of migrants in 2022–2023, Georgia’s residential real estate market is shifting toward more moderate growth, supported by domestic demand, urbanization, rising incomes, and investment in rental housing. In the second quarter of 2026, the price index for new residential real estate in Tbilisi rose by 4.9% compared to the same period last year and by 0.9% compared to the previous quarter. Compared to the 2020 average, housing prices have risen by 63.8%, the Georgian National Statistics Office reported on July 23.
Apartments in new buildings in Tbilisi have risen in price by 4.8% over the past year, while single-family homes have risen by 5.5%. The highest asking prices remain in the Mtatsminda district, where the median price of new apartments reached 6,730 lari per square meter. This is followed by Vake at 5,914 lari and Krtsanisi at 4,630 lari per square meter.
According to estimates by the investment banking firm Galt & Taggart, the period of 20–40% annual price increases for new construction has come to an end. In the coming years, prices in the primary market may grow by an average of 5–7% annually, reflecting a transition from migration-driven frenzy to more sustainable market development.
In the first quarter of 2026, 10,907 thousand apartment transactions were registered in Tbilisi—16% more than a year earlier. The total value of housing sold increased by 23.1% to $958 million.
Georgian citizens remain the primary buyers of housing in the Georgian capital. According to a Galt & Taggart study for the first quarter of 2026, they accounted for about 70% of sales in developers’ projects.
Among foreign buyers, Israeli citizens were the most active, accounting for 12% of all sales. Russian citizens accounted for about 3%, while buyers from other countries accounted for a combined 14%. The statistics for Tbilisi do not provide a separate figure for Ukrainian citizens.
The Batumi market remains significantly more dependent on foreign investors. In the first quarter of 2026, 4,049 thousand apartments were sold in the city—15.8% more than during the same period last year. The Galt & Taggart study covered more than 30 projects by major developers, accounting for about 40% of Batumi’s primary market. According to the results, Georgian citizens accounted for 37% of sales, while foreigners accounted for about 63%.
The largest foreign group consisted of buyers from European countries, who accounted for about 18% of transactions. Israeli citizens accounted for 16% of sales, while the combined share of buyers from Ukraine, Russia, and Belarus totaled 13%.
Turkish citizens purchased another 10% of the apartments, buyers from Arab countries accounted for 3%, and buyers from other countries accounted for about 4%. The data published by the Georgian authorities does not break down the shares of Ukraine, Russia, and Belarus, so it is impossible to determine which of these three countries’ citizens were the most active buyers.
The demand structure reveals a significant difference between the country’s two largest markets. In Tbilisi, sales are driven primarily by Georgian buyers purchasing homes for residential use or long-term rental. In Batumi, foreign investors play the leading role, focusing on resort real estate and renting apartments to tourists.
However, official Geostat statistics cover only prices for new housing in Tbilisi and do not provide a complete breakdown of buyers’ nationalities across Georgia. Data on citizenship is based on surveys of major developers such as Galt & Taggart; therefore, it primarily reflects the organized primary market rather than all real estate transactions in the country.
The Ukraine Investment Congress, dedicated to investing in the country’s future, took place on July 30 at the Parkovy Congress and Exhibition Center in Kyiv and brought together over 2,000 representatives from the real estate development, investment, architecture, banking, and government sectors.
According to the organizers, the central theme of the congress was the slogan “Me, You, Society: Investing in the Country’s Future.” Participants discussed the development of the real estate market, the reconstruction of Ukrainian cities, the digitization of government services, investments in domestic tourism, energy independence, and the implementation of accessibility principles in urban planning.
At the same time, the XVII All-Ukrainian Architectural Competition “Interior of the Year 2026” took place at the “Parkovy” Exhibition and Convention Center, during which projects by Ukrainian architects, designers, and development companies were presented.
The congress was attended by Natalia Kozlovska, Deputy Minister of Community and Territorial Development of Ukraine; Roman Dzhuranuk, Deputy Head of the State Regulatory Service of Ukraine for Digital Development, Digital Transformation, and Digitalization; Ihor Reva, Deputy Minister of Community and Territorial Development of Ukraine for Digital Transformation; Artur Melezhik, Head of the Department of Industrial Parks and Investment Support; and Nazarii Volyanskyi, Director of the Kyiv Region Regional Development Agency.
Among the representatives of the business community and expert circles, the event was attended by Oleksandr Seleznyov, Founder and CEO of Spatium Group; Andriy Vavrysh, Founder and CEO of SAGA Development; Vitaliy Borul, CEO of CREDO Development; Mark Kestelboim, CEO of Well-Being Contech; Pavlo Somov, Founder and CEO of EcoBud Building Group; Serhiy Odarych, founder and CEO of ODA Development; Yuriy Podolchuk, CEO of the Ukrainian BIM Community; Andriy Dligach, founder of Advanter Group; Dmytro Karpilovskyi, co-founder of the UkrInvestClub; and Anna Iskierdo, co-founder and CEO of AIMM.
A separate panel discussion was dedicated to domestic tourism as an investment asset. Participants examined which tourism and recreational projects Ukrainian investors are currently funding and discussed the prospects for the development of hotel, resort, and income-generating real estate.
During the panel discussion “The State on a Smartphone,” representatives from government agencies and the business community discussed the impact of digitalization on reducing bureaucratic procedures, simplifying investor interactions with the state, and increasing the transparency of permitting processes.
As part of the “Battle of Assets 2026–2027” discussion, experts analyzed various capital investment instruments and the prospects for investing in real estate, business, financial assets, and infrastructure projects.
The program also included discussions on accessibility and inclusivity in urban development, the economic efficiency of facade systems, the use of BIM technologies, the energy self-sufficiency of facilities, and new design standards.
Separately, during the congress, the State Regulatory Service held a workshop for over 70 representatives of ministries and government agencies. Participants addressed issues of government regulation, deregulation, permitting procedures, and the creation of a favorable investment environment.
The event concluded with an awards ceremony for the winners of the “Interior of the Year 2026” competition. According to the organizers, the competition is intended to promote the professional selection of architectural and design projects and raise standards in the Ukrainian market.
The Ukraine Investment Congress was organized by the DMNTR media group. The general partner of the event was “Creator-Bud,” the general sponsor was Elio Home, the strategic partner was Viyar Stone, the premium partner was Itum, and the climate partner was Raum Engineering.
Detailed information about the event and a photo report are available on the official website of the Ukraine Investment Congress—www.ibc-ua.info.
Interfax-Ukraine is the information partner.
The European Commission is developing a new legislative framework that will allow national, regional, and municipal authorities to restrict short-term housing rentals in areas facing particularly sharp price increases and a shortage of apartments for permanent residents.
The initiative will be part of the future European Affordable Housing Act, which the European Commission plans to present in 2026. The document is intended to help authorities identify areas under housing pressure based on publicly available statistical data and take measures commensurate with the scale of the problem.
This does not mean a blanket ban on Airbnb, Booking.com, or other services across the entire European Union. The European Commission intends to create a legal framework within which cities and regions can independently regulate short-term rentals without violating the rules of the single European market.
In particular, municipalities should be given greater legal certainty when imposing restrictions in areas where tourist rentals reduce the housing supply for local residents. Possible measures will be determined taking into account the local situation, the interests of the tourism sector, and the principle of proportionality.
During the consultations, representatives of cities and regions called on the European Commission to develop a list of tools compatible with EU legislation. They also emphasized the need to take into account the differences between major tourist centers, small towns, and rural areas.
The drafting of the Affordable Housing Act is proceeding in parallel with the implementation of previously approved EU rules on the collection of information regarding short-term rentals. EU Regulation No. 2024/1028 will take effect on May 20, 2026. It provides for the creation of digital registration systems for landlords and the exchange of data between platforms and government agencies.
In countries that implement such registration, property owners must obtain a unique property number and include it in their listings. Online platforms are required to display and verify these numbers, conduct random checks, and remove listings at the request of authorities if they do not comply with established rules.
Platforms must also submit monthly data on the number of guests and booked nights via a single national digital gateway. This will allow municipalities to assess the actual scale of short-term rentals and make data-driven decisions.
However, the current regulation primarily governs registration and the exchange of information. It does not, in and of itself, establish EU-wide limits on the number of apartments available for rent or the permitted number of nights.
According to the European Commission, short-term rentals already account for about a quarter of all tourist accommodation supply in the EU.
In 2025, 951.6 million guest nights were booked through Airbnb, Booking.com, Expedia, and other major online platforms. Compared to 2024, this figure increased by 11.4%.
The European Commission acknowledges that this market generates income for property owners, expands options for tourists, and supports local businesses. At the same time, the high concentration of short-term rentals in historic centers and popular resorts may reduce the supply of apartments for permanent residence and contribute to rising prices.
According to the European Affordable Housing Plan, the number of short-term rental bookings through the largest platforms increased by more than 90% between 2018 and 2024. Professional operators account for more than 45% of listings, even though they represent a minority of property owners.
Once the new legislation is adopted, the rules will depend not only on the country but also on the situation in a specific city or district. In tourist destinations with a housing shortage, local authorities will potentially be able to impose stricter requirements regarding registration, licensing, and rental duration. In regions where there is a shortage of tourist accommodations and short-term rentals support the local economy, restrictions may be significantly fewer.
Foreign buyers purchased $45.3 billion worth of residential real estate in the U.S. between April 2025 and March 2026, a 19.1% decrease from the previous 12 months, according to a report released by the National Association of Realtors (NAR) on July 29, 2026. The number of properties purchased by foreigners fell by 14%—from 78,100 to 67,100. This is the second-
lowest figure since 2009, when the NAR began tracking these statistics. The median purchase price was $465,000.
NAR Chief Economist Lawrence Yun attributed the decline in activity to an overall reduction in international tourism and travel to the United States. According to him, even a slight weakening of the dollar, which boosted foreign buyers’ purchasing power, was unable to offset high prices and limited housing supply.
Among foreign buyers who abandoned planned transactions, 33% were unable to find a suitable property, 28% found prices too high, and 19% encountered difficulties related to immigration regulations. High mortgage rates, inflation, trade policy, and geopolitical uncertainty placed additional pressure on demand.
Canadian citizens accounted for 16% of all foreign purchases, acquiring 10,700 properties worth $5.2 billion. Mexico ranked second with a 14% share and 9,400 transactions totaling $5 billion.
Buyers from China dropped from first to third place in terms of the number of purchases, accounting for 11% of foreign demand. However, they retained the lead in total transaction value at $7.6 billion. The average price of a property purchased by Chinese buyers was approximately $1 million.
The top five groups of foreign buyers also included citizens of India, with a 9% share and $3.7 billion in transactions, as well as the United Kingdom—4% and $1.2 billion, respectively.
Florida retained its status as the most popular destination for foreign buyers, accounting for 20% of all transactions. California accounted for 19%, Texas for 12%, and New Jersey and Georgia for 4% each. Foreign buyers continued to focus on the higher-end segment of the market. The median price of the homes they purchased was $465,000, compared to $413,600 for all existing-home transactions in the U.S. About 15% of foreign buyers purchased properties valued at over $1 million. Nearly half of the transactions—48%—were paid for entirely in cash, while among all U.S. homebuyers, this figure stood at 28%. Foreign buyers purchased about half of the properties for vacation use, rental income, or a combination of these purposes.
According to NAR statistics, foreign buyers include both non-residents who permanently reside outside the U.S. and recent immigrants and holders of non-immigrant visas who have been living in the country for more than six months. Non-residents purchased 29,500 properties worth $23.5 billion, while foreign nationals residing in the U.S. purchased 37,600 properties worth $21.8 billion.
The National Association of Realtors (NAR) brings together professionals in the residential and commercial real estate markets. The study of international transactions is based on a survey of association members and has been published annually since 2009.
On Thursday, July 30, Kyiv will host the Ukrainian Investment Congress and the 17th All-Ukrainian Annual Architectural Competition “Interior of the Year 2026.”
The event will take place on the third floor of the “Parkovy” Congress and Exhibition Center at 16a Parkova Road.
The Ukrainian Investment Congress is positioned as a professional platform for investors, developers, representatives of the construction industry, architects, designers, and company executives operating in the Ukrainian real estate market to meet.
According to the organizers, the congress program is expected to attract over 6,000 visitors and more than 100 speakers, feature 15 panel discussions, and include over 50 exhibition booths. The main objectives of the event are to identify partners and investors, present new projects and technologies, develop business contacts, and discuss the prospects of the Ukrainian investment and construction market.
At the same time, the Parkovy Exhibition and Convention Center will host the 17th All-Ukrainian Annual Architecture Competition “Interior of the Year 2026,” organized by the DMNTR media group. The competition brings together interior designers, architects, developers, entrepreneurs, and investors and aims to promote completed architectural and interior design solutions.
The competition features projects for residential interiors of various sizes, private homes, offices, commercial spaces, HoReCa establishments, and public and administrative buildings. Separate categories are dedicated to product design, landscape architecture, lighting, and unbuilt projects and visualizations.
The organizers note that the competition aims to showcase solutions that increase the added value of real estate properties, facilitate their sale, and set new quality standards for residential and commercial spaces.
The event program and registration are available on the website: www.ibc-ua.info/program.
Contact numbers:
+380 77 777 25 47
+380 44 461 91 28
Venue: “Parkovy” Exhibition and Convention Center, 16a Parkova Road, Kyiv, third floor.
Interfax-Ukraine is the information partner.
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