Commercial Property Index Overview

In Q2 2026, Turkey's overall commercial property index increased 5.5% quarter-on-quarter and 29.4% year-on-year in nominal terms, while declining 2.2% after inflation adjustment.

Retail-property prices increased 29.2% annually, while office prices rose 30.6%.

For an international investor, however, the more interesting issue is not the headline appreciation rate. It is whether a high-value property strategy should automatically mean buying a residential apartment.

Can Commercial Real Estate Be Considered for the Citizenship Route?

Turkey's official Investment Office states that eligible foreign natural persons may acquire a broad range of real estate, including commercial property, subject to the applicable restrictions.

The exceptional citizenship route is officially described as acquiring real estate worth at least USD 400,000, combined with a title-deed restriction preventing resale for at least three years.

The official wording therefore does not limit the investment category to apartments. A shop or office can reasonably be evaluated as a potential citizenship-linked acquisition.

A Commercial Property Has a Different Investment Logic

A quality retail unit can offer something a residential apartment may not: a longer lease, a professional tenant and potentially more predictable contractual cash flow.

But commercial real estate introduces other risks. The investor depends heavily on:

• foot traffic;
• the tenant's business;
• frontage;
• parking;
• permitted use;
• lease terms;
• the ability to replace the tenant when the lease ends.

Buying a tenanted shop is therefore partly a real-estate decision and partly a cash-flow underwriting decision.

Offices Have Slightly Outpaced Retail Property

The latest CBRT index shows office prices rising 30.6% year-on-year and retail property 29.2%.

Both were still negative in real terms, down 1.3% and 2.4% respectively after inflation adjustment.

This is precisely why commercial-property investment should not be sold on the promise that prices will simply keep increasing.

The more valuable questions are:

What is the net rent? How strong is the tenant? How much time remains on the lease? What happens when the tenant leaves? How broad is the resale market?

Ankara Outperformed Istanbul

The commercial-property index increased annually by 32.5% in Ankara, 27.8% in Istanbul and 25.7% in Izmir.

That divergence highlights an important characteristic of commercial real estate: demand is not driven only by tourism or lifestyle.

Government, business clusters, logistics, industry and local employment can matter more than sea views.

Due Diligence Must Go Beyond the TAPU

Before buying commercial property, investors should separately verify:

• TAPU;
• independent section designation;
• iskan (occupancy permit);
• current lease agreement;
• deposit;
• tenant payment history;
• tax structure;
• aidat (management fees);
• signage rights;
• legal status of the tenant;
• ability to re-lease the property.

If citizenship is part of the objective, eligibility should be established before the main funds move.

RestProperty's Approach

RestProperty can build a Commercial Citizenship Investment Check comparing an apartment, shop and office by citizenship suitability, net income, tenant risk and resale liquidity before the investor chooses the asset class.

📌 This article is for informational purposes. Before making any investment decisions, verify the current procedure with the relevant authorities and consult an independent lawyer and tax advisor.