Buying real estate in Turkey has boomed in recent years, as the Turkish government has provided new and distinctive facilities for buying real estate in Turkey.
And you should know that buying a property in Turkey also has its own rules that you should be aware of these terms and conditions before doing so, and we also suggest consulting a lawyer or an agent with experience in this field.
In this article we will explain these terms and conditions. We will also explain how to obtain a residence permit in Turkey by buying a property in Turkey.
Buying real estate in Turkey and the Turkish economy
Turkey is one of the fastest growing countries in the Middle East, and despite its rich history, culture and unique nature, it has become a distinguished destination for many foreign investors.
Of course you should know that there are some restrictions on this, such as buying a property in and around rural areas, but this is not a problem that will confuse investors, because most of these people are buying in central areas with high investment value.
You should know that by buying a property in Turkey or renting a property in Turkey, you can apply for a residence permit in Turkey.
Buying a property in Turkey and obtaining a Turksih citizenship
Buying a property or several properties in Turkey worth 250 thousand dollars enables you to obtain Turkish citizenship, and this type of investment is considered one of the best types of real estate investment in Turkey.
Of course, this is not the only way to buy a property in Turkey, as by buying a property in Turkey (whatever the value of the property) you can obtain a residence permit in Turkey for yourself and your family, which is renewed every year.
It should be noted that residing for five years in Turkey enables you to obtain Turkish citizenship, keep in mind that in these five years you are only allowed to live outside Turkey for one year, otherwise this law does not apply to you.
Foreigners who buy real estate in Turkey can obtain a residence permit in Turkey, provided that it is extended for certain periods, and they are also entitled to obtain a residence permit for their families.
With this residence permit, foreign children can study in Turkey.
It is very easy for foreigners who have a residence permit in Turkey to find a job, and it is also easier for them to obtain a work permit through law firms in Turkey.
Read more about finding a job in Turkey here.
Is it possible to obtain a residence permit in Turkey by renting a property in Turkey?
People who rent a property in Turkey should know that they are granted a one-year tourist residence, which means that with this type of residence you are not entitled to study or work.
If you want to work or study in Turkey, you must obtain a work or student residence permit.
Also in the past, you could have been residing in Turkey for five years with an annual extension of your tourist residence, but according to the rules for buying new real estate in Turkey 2020, this is no longer possible and you will get only one year of Turkish tourist residence and it can only be extended after the passage of a year on the last day of your tourist stay.
What is the minimum capital required to buy a property in Turkey?
You should know that there are no legal restrictions on real estate investment in Turkey, but you need to know at least the amount of capital required to buy a property in Turkey, the price of a house in Turkey depends on many aspects, including the area, the project and the age of the building.
But in general, it can be said that the price per square meter in Turkey (within a residential complex) ranges between $1,000 and $5,000, and you can buy an ordinary and small house (from 50 meters) up to $60,000 or $70,000 and above.
Is it profitable to buy a property in Turkey?
To answer this question, we refer to the official statistics about the purchase of real estate in Turkey.
According to the World Investment Report (UNA) in 2020, Turkey was the second largest recipient of foreign direct investment or foreign investment in Asia.
Where the volume of direct capital inflow by foreign investors in 2018 amounted to 12.94 billion US dollars, while the volume of capital inflows by foreign investors one year earlier, exactly in 2017, was 11.48 billion US dollars.
Some EU countries have always been the biggest investors in Turkey.
It is interesting to know that the USA is the second largest investor in Turkey after the Netherlands.
Dutch investment in Turkey accounts for 15.8% of the total foreign investment.
The United States at 7.6% and the United Kingdom at 6.9% are the largest investors in Turkey, according to preliminary data from the Turkish Ministry of Industry and Technology.
In order to facilitate the acceptance of foreign investors, Turkey established the Investment Support and Promotion Agency of Turkey (ISPAT) and managed to attract foreign investors through a series of legal reforms.
Do you need a lawyer or an agent to buy a property in Turkey?
You should keep in mind that as a foreigner in Turkey, you are not familiar with all the terms and conditions of buying real estate in Turkey.
While these terms and conditions are constantly changing and being updated, you would really need help from a lawyer or real estate agent.
Here is how to find a good lawyer in Turkey.
Terms and conditions for buying real estate in Turkey 2021
Under Note 35 of the Turkish Land and Property Law No. 2644, adopted on May 18, 2012, citizens of foreign countries (except for those whose citizens are prohibited from buying and selling) can purchase real estate in accordance with relevant laws. Turkey.
You can refer to the website of the Turkish Land Registry and Mapping Organization to find out which countries are on the prohibited list.
It should be noted that citizens of foreign countries can purchase all types of real estate by inquiring from the competent authorities, including commercial, official, land, residential and … in any amount.
In this case there are no restrictions.
Keep in mind, if foreigners buy land and want to build on it, they must start building the project within two years.
Restrictions imposed on foreigners regarding the purchase of real estate in Turkey
- Any foreign citizen in Turkey can only buy up to 30 hectares of land in the Republic of Turkey.
- None of the foreign nationals can buy the land located in the military and security zones of the Republic of Turkey.
- Foreign citizens can only buy up to 10% of land and property in any neighborhood or city.
- Foreigners can also apply for credit from financial institutions or banks to purchase real estate in Turkey, and there are no restrictions.
In some cases, the purchase of real estate by foreigners in Turkey is canceled, such as:
- If you violate the laws of the Republic of Turkey by buying a property.
- If the purchased property is not approved by the relevant authorities.
- If you do not notify the Ministry of completing the project or building the property within the specified time.
- If you are not able to announce the end of work according to the previously approved plans of the Ministry.
Documents required to buy a property in Turkey
- A tax number (Vergi Numara).
- A bank account in a Turkish bank. (Read about how to open a bank account in a Turkish bank)
- Documents where you live in your country (such as an electric bill).
- Two 4*3 photos.
What are the procedures for buying a property in Turkey and obtaining a residence permit?
This process is easy and can be done in a short time as follows:
- You need to travel to Turkey to choose the property you want to buy. (For a real estate tour in Istanbul, click here).
- The expert evaluates the price of the property.
- In Turkey, the price determined by the government expert for the property is not much different from the actual price of the property, which is less than ten percent. For this reason, realtors cannot offer unrealistic prices, and this would reassure the customer. But in the end, the price set by the expert is recorded in the TAPU.
- A payment of the property price is deposited into the owner’s account.
- On the day the title deed is transferred, the remaining amount is deposited into the owner’s account.
- After less than a week, the title deed (TAPU) of the property purchased in Turkey will be delivered to you.
- You will then request an interview with the immigration office in the city where the property was purchased.
- On time (which is usually less than a month), you go to the immigration office with all your documents and answer a few simple questions.
- Finally, a Turkish residence card for one year (and sometimes two years) will be sent to your address in Turkey.
You should know that Move 2 Turkey will be with you in all these steps and you can be sure that all these steps will be completed in the shortest time and in the best possible conditions.
Costs of buying real estate in Turkey
You should know that in addition to the cost of buying a property in Turkey, you also have to pay other costs, and these costs are as follows:
- Attestation of a copy of each passport 200 TL.
- Title Deed (TAPU) Transfer Fee: 2 to 3% of the total amount of the purchased property.
- Translation fee of no more than 2000 TL.
- Health insurance fees for obtaining residency: 300 to 800 liras per person (depending on age).
Warning: Make sure to consider the following points when buying a property in Turkey
Unfortunately, with the increase in real estate purchases in Turkey and the accumulation of a lot of capital in this market, some scammers took advantage of this opportunity and tried to defraud the investors, so it is important to note some points in this regard:
- Before any transfer of funds in connection with the purchase of real estate in Turkey, it is recommended to inquire about the status of the property in question, bank debts, bank loans, legal restrictions and … at the Land Registry Office.
- Before buying a property in Turkey, ask your real estate advisor to show you the necessary permits and documents, and make sure they are correct.
- In the event of a dispute between the buyer and seller, the parties can file a lawsuit to the judiciary and judicial authorities.
- In general, we suggest that you seek help from an experienced lawyer or an agent along the way, as this is the safest way.
Living and buying a property in Istanbul
Istanbul is the fourth largest tourist city in the world. A wonderful city with a strong economy and a distinctive tourist destination.
You can also easily find a job near your place of residence, which is also a great city to visit and tour.
Of course, real estate in this city is very expensive compared to other Turkish cities.
It can be said that this city is vibrant 24 hours a day and it is a city that flows as much as it flows during the night. You can actually find a restaurant with great food at any time of the day or night.
There are many suitable and affordable real estate projects in Istanbul that have attracted the attention of many investors.
Read more about life and living in Istanbul here.
Live and buying a property in Izmir
Izmir has beautiful historical sites, it is a very beautiful and modern city which is famous in Turkey for its hospitality and culture.
Izmir is the third largest city in Turkey after Istanbul and Ankara, which has attracted the attention of many foreigners who seek to reside in Turkey or buy real estate in Turkey.
Izmir can be considered an industrial, agricultural and tourist center in western Turkey.
According to opinion polls and statistics, Izmir has managed to attract many immigrants by achieving high standards of living globally.
Due to Izmir’s mild climate, its beautiful and pristine nature has caused many foreigners to seek residence in this city.
Read more about life and living in Izmir here.
Looking at the statistics, we found that last year more than 8000 properties in Izmir were sold to foreign nationals.
The price of real estate in Izmir is more reasonable than in Istanbul.
Of course some areas of Izmir are very popular and expensive. Keep in mind that many things can affect the price of a property.