Buying property in Turkey as a foreigner is possible for citizens from almost every country in the world. Buyers from the United Kingdom, Europe, the United States, and the Middle East are among them.
Nationals of just five countries are barred from purchasing property in Turkey, these nations include Syria, Armenia, North Korea, Nigeria, and Cuba. Everyone else can purchase a home in Turkey. Citizens of some nations, such as Iraqis, Iranians, and Palestinians, must seek authorization from the interior ministry before purchasing agricultural property in Turkey, while others are not authorized to do so.
Anyone considering purchasing a home in Turkey should be familiar with the fundamentals of Turkish property law. This will not only protect your interests, but it will also guarantee that once you’ve picked your new house, you may continue to be active in the legal process of filing for and signing your title deeds.
Purchasing property in Turkey is currently considered a promising future investment, given that Turkey is on the cusp of becoming a member of the EU and has one of the fastest in the world expanding developing markets.
Foreigners interested in purchasing a construction project in Turkey can obtain Turkish citizenship by executing a property sale contract with a notary and promising to purchase a property worth $400,000. The assessment report and the title deed were required to get Turkish citizenship.
When consumers wish to buy a property from an under-construction phase, they were losing the possibility of acquiring citizenship since the true worth of the property is not the value indicated in the appraisal report as the project is not done. With the new regulation, this rule is no longer in effect. When purchasing a property from a building project, a notarized property purchase commitment is sufficient.
According to a circular issued in the Turkish Official Gazette in recent months, the procedure for obtaining Turkish citizenship has been simplified by lowering the minimum age necessary for citizenship. The fixed capital amount required for foreigners to get Turkish citizenship has been decreased from US$2,000,000 to US$500,000. The sum envisioned for getting Turkish citizenship through real estate purchase has been decreased from US$1,000,000 to US$400,000. The maximum number of employees was decreased from 100 to 50.
Article 35 of the Turkish Constitution defines ownership. This article states that everybody has the right to possess property and that these rights can only be limited by other legal provisions. The limitations might include zoning plans, bans on immigrants, and so forth. Article 633 of the Turkish Civil Code elaborates on ownership laws. This mostly describes the process of acquiring ownership. The registration of the land is very significant when a foreign individual purchases property. There are regional directorates of the Land Registry Department in Turkey, which are further split into province or district offices, and they are all administered by the state.
In most European nations, the buyer and seller travel to a public notary to transfer ownership of the property to the new owner. The public notary is in charge of ensuring that this procedure is completed correctly. The public notary is also in charge of the delivery, which typically takes the form of a deed of transfer, as well as the registration in the property register.
In Turkey, however, the entry into the property register is conducted by an officer of the Property Registry Department rather than by a public notary. Both parties (the seller and the buyer) must be present at the time of entrance. It is possible to delegate authority to another individual, but this needs a notarial deed. It is also a good idea to get the sale authorized by an official notary as a security measure.
The delivery of the deed of transfer does not need the involvement of a public notary. The sole applicable requirement for delivery is that it be done in writing. Following entry and delivery, the property registry gives a certificate of ownership known as a ‘Tapu.’. Ownership is gained only once the building(s) if under construction, has been finished and the entire sum has been paid.
In general, there are no legal limitations on foreigners acquiring property ownership. However, the Village Act, as well as the Military Prohibited and Security Areas Acts, play an important role; for example, Article 87 of the Village Act denies foreigners the right to ownership of property located outside the center of a village if the cadastral division of this area has not yet been arranged or if it belongs to the Ministry of Forest.
Furthermore, the legislation governing Military Prohibited and Security Regions might be an obstruction and therefore prohibit foreigners’ purchase of the property if the house is located within a certain distance of military sites or strategically significant areas. The major legal limitations mentioned above may be changed or even (partially) repealed by more recent legislation that is closely related to the promotion of Turkey’s economic position or the adaptation of regulations and laws to EU standards or tourism promos for foreigners, among other things.
Finally, purchasing real estate in Turkey is subject to a plethora of restrictions. Not only must official laws be followed, but foreigners must also be aware of the numerous legal exclusions when purchasing real estate. The zoning schemes, the selling party’s antecedents, and the legal constraints imposed by Turkish property legislation are all essential considerations that must be handled honestly, consistently, and competently.
The amendment to the rule makes it easier for people seeking Turkish citizenship to get it. Foreigners who get a notary contract for the sale of a property and commit to purchasing a property worth US$400,000 may be granted Turkish citizenship. A notarized contract guaranteeing that the property will be sold in cash and committing that the deal will not be changed or canceled for three years is sufficient. Furthermore, foreigners who purchase a home from an incomplete or off-plan project may seek citizenship. The pledge to acquire a home valued at least US$400,000. The notary must coordinate the property commitment; the notarized contract must state that the commitment property will not be sold for three years, and the house purchase dedication is also valid for under construction or off-plan developments.
What are the Limitations of Buying Property in Turkey for Foreigners?
Turkey is now the first destination for Arab and foreign investors, with demand growing by the day, owing to the diversity of investment fields in Turkey, as well as its unique geographical location, as it is located in the heart of the world, connecting the two continents of Asia and Europe, and it is the center of trade and business in the Middle East.
In addition to the services and advantages provided by the Turkish government to investors, which include the formation of an investment that qualifies them to reside and settle in Turkey legally, as well as the ability to travel and depart Turkey without the need for a visa, It also grants them the right to seek Turkish citizenship in simple circumstances.
Nationals of other nations (excluding those whose citizens are forbidden from purchasing and selling) can acquire real estate in Turkey in compliance with applicable regulations, according to Note 35 of the Turkish Land and Property Law No. 2644, which was approved on May 18, 2012.
You can find out which nations are on the restricted list by visiting the Turkish Land Registry and Mapping Organization’s website. It should be mentioned that foreign nationals can acquire any form of real estate, including commercial, official, land, and residential. In any quantity, by enquiring with the appropriate authorities. There are no limits in this situation. Keep in mind that if foreigners purchase land and want to build on it, they must begin construction within two years.
According to the relevant legislation, the following restrictions apply to foreigners purchasing a property
- A foreign national may purchase up to 30 hectares of land in Turkey.
- A foreign national may not purchase property in military prohibited zones or security zones. Only with specific approval may home be rented in these zones.
- Foreign real persons may purchase up to 10% of the total area of the district in which private property is located.
- Those that are found by legal authorities to be unfit for the purpose for which they were acquired, as well as properties that are not declared to the Ministry of Environment and Urbanism within two years after the acquisition, may be subjected to winding up by the concerned authority.
- The limitations mentioned above do not apply to organizations having legal entities created in conformity with the laws of their respective countries.
Factors to take into consideration are listed below.
- You must find out if the property is subject to any restrictions such as a mortgage, lien, or other encumbrances.
- The Land Registry Directorate can provide you with the relevant information.
- Purchasing property in Turkey does not need a residence permit.
- Working with expert advisory businesses specializing in property acquisition is usually advantageous to the buyer. As a result, we propose that you seek advice from property-buying consulting firms.
Some of the limitations and risks that foreigners consider before buying a property are included below.
It is normal for an investor to seek a safe investment environment to reduce any dangers to his investment, and for investments in Turkey, in particular, some investors worry about changes in the Turkish lira’s exchange rate. This worry can be conquered, as real estate professionals affirm that real estate does not fall in value, but rather the opposite, as the value of real estate increases from time to time, and some nations that categorize their economic system as weak are impacted by some setbacks and long recessions, whereas Turkey is an industrial country, and the Turkish economy is classified as the second-largest economy in the world.
The depreciation of the Turkish lira against the US dollar had no significant impact on real estate prices in Turkey, and the Turkish lira began to recover against foreign currencies, property prices began to rise again, and lira exchange rates improved. Furthermore, pricing real estate in Turkey in the Turkish Lira exclusively helped to keep real estate prices stable.
Economists viewed this statistic as a significant signal of the Turkish real estate sector’s recovery from the previous period’s recession, as well as a return to luring investors in a crucial area for the Turkish economy. As per the Turkish Statistics Authority, the proportion of real estate sales to foreigners in Turkey has more than quadrupled in the previous six years.
Before purchasing a home in Turkey, you must consider what the aim of your purchase is. Whether it is for housing, investment, or obtaining Turkish citizenship, it should also determine the specifications that you want to be provided in the property, such as the number of rooms, the area, the view, the quality of the finishes, and the facilities included in the project, and so on, as well as the budget that you want to invest in buying the property so that the resale value is maximized.
If you would like to buy a property in Turkey with the intention of living and dwelling in it, your mode of thinking and objectives will be different than if you want to invest or rent this property or create a business, office, or restaurant. This will also assist you in determining the best location for the property. The city in which you must purchase, as well as the neighborhood and even the housing project in which you will reside, must be preceded by a real estate tour in which you discover the city, regions, and neighborhoods, and inquire about the project in which you will live or invest. To analyze the price of the property logically, you must also be aware of the project’s closeness and distance from public transit and the city center.
If you want to make a successful investment in Turkey, regardless of the kind of investment, do not be afraid to enquire about the level of trustworthiness and transparency of every entity that will deal with you in the future.
To minimize the hazards of real estate investing in Turkey, it is important to work with a reputable real estate broker. Investors or their brokers, on the other hand, must undertake an initial investigation in the Turkish property market for the real estate firm that will invest in their project. When an investor decides to engage in a project with a certain firm, he must be extremely attentive to the criteria stated in the contract, particularly the terms of the fines in the contract, which must contain protection for the investor and his rights.
Your collaboration with a real estate consulting firm will ensure you a suitable purchase process and a profitable investment that you will not regret, as the real estate consultant with long experience in the real estate field in Turkey provides you with all the information you need in a way that facilitates decision-making, and a visit to the project accompanied by one of the sales representatives. It will provide you with a thorough description of the real estate, its benefits, and drawbacks, till you make the proper selection.
Mortgage and delayed sale in regular payment is a great and encouraging way for foreign investors who want to buy a property in Turkey, but in the same context, questions about the buyer’s ability to make the monthly payments and installments resulting from it must arise, and here we must pay attention to many things reassuring about the benefits of buying a property.
When purchasing a property in Turkey, the first payment is often between 30% and 40%, and sometimes reaches 50%, and the payments and installments are agreed to be paid between the buyer and the real estate company, and it is not fixed for everyone, which means that the buyer can negotiate with the company to obtain a flexible and suitable payment plan. Furthermore, if you can pay all of the needed payments in advance or buy the property in one payment in cash, you will receive substantial savings of up to 20% off the apartment price.
Which Citizens of Countries Can Buy Property from Turkey?
Countries that can buy property from Turkey are listed below.
- Africa and the Middle East
- American Samoa
- Antigua and Barbuda
- the Bahamas
- Bosnia and Herzegovina
- the British Virgin Islands
- Brunei Darussalam
- Burkina Faso
- Cabo Verde
- the Cayman Islands
- the Central African Republic
- Commonwealth of the Northern Mariana Islands
- Congo, Democratic Republic of the
- Congo, Republic of the
- the Cook Islands
- Costa Rica
- Côte d’Ivoire
- the Czech Republic
- the Dominican Republic
- El Salvador
- Equatorial Guinea
- the Falkland Islands
- the Federated States of Micronesia
- French Antilles
- French Guiana
- French Polynesia
- Holy See, The
- Hong Kong
- the Isle of Man
- the Kyrgyz Republic
- Latin America and the Caribbean
- the Maldives
- the Netherlands
- Netherlands Antilles
- New Caledonia
- New Zealand
- Pacific Step-up
- Palestinian Territories
- Papua New Guinea
- the Philippines
- Pitcairn Island
- Puerto Rico
- Republic of Korea (South Korea)
- Republic of North Macedonia
- the Republic of Palau
- Republic of the Marshall Islands
- Saint Helena
- Saint Kitts and Nevis
- Saint Lucia
- Saint Pierre and Miquelon
- Saint Vincent and the Grenadines
- San Marino
- Sao Tome and Principe
- Saudi Arabia
- Sierra Leone
- the Slovak Republic
- the Solomon Islands
- South Africa
- South and West Asia
- South Georgia and the South Sandwich Island
- South Sudan
- Southeast Asia
- Sri Lanka
- The Gambia
- Torres Strait
- Trinidad and Tobago
- the Turks and Caicos Islands
- the United Arab Emirates
- the United Kingdom
- the United States of America
- Wallis and Futuna
Which Citizens of Countries Cannot Buy Property from Turkey?
The Turkish legislation is one of the finest in the world in terms of foreigners owning real estate, as rulings and government revisions promote foreign investment in Turkey, but there are always certain red lines, thus some foreign countries are not permitted by Turkish law to acquire property in Turkey.
The countries that are not permitted to own property in Turkey are listed below.
- Syria: This dates back to 1939, the time when the major Arab country acquired Turkish people’s property and money and annexed it to the state’s money, so Turkey did the same, preventing Turkish citizens from owning property in Syria and vice versa. Nevertheless, there seem to be Turkish and Arab real estate advisors who are attempting to try to convince the Turkish government to abstain from prohibiting Syrians from owning real estate in Turkey, and meaningful change in this direction is expected later due to the significant increase in the number of Syrians in Turkey since 2011, as they have become a significant weight in the Turkish economy and labor market, allowing them to purchase property in Turkey will undoubtedly make a significant effect.
- Armenia: The longstanding historical connections and mutual accusations between Turkey and Armenia influenced real estate ownership, particularly during the time of the conflict between Armenians and Turks before World War I. This is still one of the most serious concerns impacting Turkish national security, thus the Turks have maintained to prohibit Armenians from owning real estate in Turkey, and this prohibition is not anticipated to be lifted anytime soon.
- Cuba and Northern Korea: For these nations, banning its people from owning real estate in Turkey is owing to worldwide sanctions imposed on these two countries, as well as Turkey’s commitment to this.
- Greek Cyprus: The actual conflict between Turkey and Cyprus is over the rights of Turkish Cypriots, who are referred to as “Northern Cyprus” or “Turkish Cyprus.” The conflict began in 1974, when the Turkish army entered Northern Cyprus to safeguard the rights of Turkish Cypriots, and the crisis has continued between the two nations ever since. The restriction, however, is anticipated to be lifted if the two nations reach a deal or if the diplomatic crisis between them subsides. There are some exceptions those who gained Turkish citizenship from former nations are permitted to buy real estate in Turkey and those with second citizenship are permitted to own real estate in Turkey/Turkish Cypriots are permitted to own real estate in Turkey.
Which Countries Do Have Restrictions to Buy Property in Turkey?
Some countries can buy property in Turkey under some restrictions. These restricted countries are listed below.
- Citizens of other countries are permitted to purchase a limited number of Turkish properties: China, Denmark, East Timor, Fiji, Israel, and Jordan (Can purchase up to two homes and one business).
- Non-Turkish citizens from the following countries are not allowed to buy property in specific places: Russia and Ukraine are not permitted to acquire property on Turkey’s Black Sea coast. Moreover, Citizens of Greece are unable to make purchases along Turkey’s Black Sea coast and in several Aegean cities.
- Barriers have been removed: Saudi Arabia and the United Arab Emirates may buy property in Turkey now without restrictions. Kuwait, Lebanon, and Central Asian Turkic republics such as Azerbaijan, Kazakhstan, Turkmenistan, Uzbekistan, and Kirghizstan.
- Citizens of 31 countries are subject to category restrictions, such as being unable to acquire agricultural land in Turkey: Morocco, Egypt, Latvia, Afghanistan, certain minor African nations, and Albania (can only buy houses and offices, not agricultural or other types of property)
- Citizens from the following countries must obtain special authorization from the Ministry of Interior before purchasing Turkey: Iran, China, Palestine, India, and Iraq (they need to seek permission from the Ministry of Foreign Affairs)
Foreign nationals and companies are prohibited from purchasing land or property in Turkey’s military, strategic, or security zones. For preservation purposes, the Council of Ministers may establish additional zones where construction is prohibited, such as lands strategically important for energy, agriculture, mining, history, culture, biology, or the environment.
The Land Registry Office (TAPU) will investigate whether a property sought by a foreign national fall inside one of these prohibited zones. Your application will most likely be accepted if the military authorities determine that the property is outside of the military and security zones.
What Kind of Property Can Foreigners Buy in Turkey?
Because of Turkey’s distinctive beauty, many tourists opt to become permanent residents. Tourists who come to the nation for a holiday want to buy a property in Turkey and investigate the market circumstances. Foreigners’ interest in purchasing property in Turkey has grown in recent years, particularly in the last few years.
Foreign citizens can become homeowners in Turkey if they meet the legal requirements. Obtaining a residence permit is not required when purchasing property in Turkey.
According to article 34 of the applicable law, the restrictions imposed on foreigners wishing to purchase a home in the country are as follows: Foreign people from certain countries can benefit from purchasing property in Turkey and acquiring limited real rights if they follow the rules. The scope of the ongoing limited real rights that they have gained, as well as the total size of the property that they have acquired, cannot exceed 10% of the district in which the property is situated, and 30 hectares per person nationwide.
Foreigners who invest US$400,000 in Turkish real estate are awarded citizenship. Middle Eastern people with significant salaries are interested in this practice since the required money is little, and Turkey is suited to the Islamic way of life. The cost of obtaining Turkish citizenship has been cut to US$400,000. Furthermore, applicants are awarded citizenship rather than just a residency permit. Applicants and their families obtain Turkish Republic identity cards 45-50 days after submitting their paperwork.
Turkish passports offer visa-free travel to 111 countries, which is one of the reasons Turkey stands out in international home sales. In recent years, Turkey’s real estate market has substantially expanded its inventory of studio apartments, residences, and villas. There are also several possibilities for a second-hand property, freshly constructed residences, and an off-plan property. You can view the real estate choices for sale in Turkey on the Realista Turkey website, which includes everything from villas in vacation villages to apartments in the city center.
Where do Foreigners Buy Property in Turkey?
If you want to buy a home in Turkey, you will be spoiled for options. Turkey, the world’s 36th biggest country, has a diverse terrain, climate, and infrastructure. A coastal home, a charming apartment in a historical district, a brand new penthouse, or a restored cottage are all options. There are other homes available to fit a variety of budgets (all budgets and preferences). Here is a list of top cities in Turkey where foreigners buy property.
- Istanbul: Istanbul is Turkey’s commercial center and primary tourism destination. Istanbul is so well-connected that more than 55 countries across the world are only a 4-hour flight away. This is supported by the new third international airport, a major draw for the country and the city of Istanbul, which will make travel more convenient. Istanbul is Turkey’s primary seaport. The promenades are always bustling with activity and provide the most exciting experience for anybody who fantasizes about having a luxurious seaside house. Istanbul’s culture is endowed with charm. Istanbul has a particular beauty that combines the monarchy of the Byzantium era and the brilliant brilliance of modern times. For every foreigner, the city may quickly make them feel at home. The hospitality of the people of Istanbul is world-renowned. Istanbul is rapidly approaching the top five worldwide cities. The country’s 2023 economic program included all of the key appealing choices that would quickly make Istanbul the most desired city. Another big draw of Istanbul, as compared to other worldwide counterparts, is its low cost of living. According to Numbeo, prices per square meter in London range from 677% to 862% more than in Istanbul. Istanbul is the best city in Turkey for people who enjoy nightlife and contemporary facilities. Localities such as Kucukcekmece and Beylikduzu have a vibrant nightlife while also being among the safest locations to reside. It should also be emphasized that Turkey is one of the few nations where foreigners may live in peace. Furthermore, the fluid capacity of real estate is ensured and is positively increasing year after year. You’ll be able to locate a wide range of real estate, including houses in Istanbul property and commercial stores for sale that are better suited to property investors. You’ll be able to locate a wide range of real estate, including houses in Istanbul and commercial stores for sale that are better suited to foreign buyers.
- Antalya: Antalya, Turkey’s second most visited city by foreigners, entices visitors with its pleasant weather, popularity among ex-pats, and tranquil lifestyle. Antalya, which has been the most popular tourist destination for foreigners for more than 50 years, is a cosmopolitan and varied city. Alanya, Kalkan, Side, and Belek are the most popular places for foreign investors in Antalya. This coastal resort has an airport and is located on the Mediterranean coast. It is the country’s second most popular tourist destination, behind Istanbul. When the Turkish government allowed foreigners to invest in real estate, Antalya saw the first rise in demand for opulent houses. Antalya is a vibrant city in its own right. It also includes different lodgings that provide a diverse ambiance of their design. Antalya’s climate is pleasant, with the sun shining almost 300 days out of the year. With two airports, Antalya is very well-connected to other cities. Antalya is the finest place to live a peaceful and relaxing lifestyle. Property is constantly in high demand here, yet the prices are shockingly low. All of the standard urban infrastructures may be found in the city center. There are large ex-pat populations from several western nations in the smaller seaside resorts. Alanya is quite popular among investors who acquire flats and houses to rent out seasonally. If you enjoy golf, consider buying a home in Belek, which is the greatest area in Turkey to practice. Side is a good choice for historical sightseeing. Foreigners are increasingly attracted to the Konyaalti neighborhood and Lara beach.
- Alanya: The location perfectly represents a multicultural association. Alanya is presently a warm home for people of over 80 different nationalities. Alanya draws real estate investors in a variety of ways. The prices are mostly reasonable. Following that, the cleanliness and ambiance of the area are worth experiencing. This coastal city has a nice climate. Another key factor that attracts foreigners and ex-pats to invest in its real estate is its inexpensive and cost-effective living style. Alanya provides a worldwide living experience for a fraction of the cost of living in any other western or European metropolis. This resort technically belongs to the Antalya area, yet it has a distinct personality. Foreign property purchasers are especially interested in the Mahmutlar beach neighborhood. Alanya evolves becoming a more contemporary and sophisticated city with each passing year.
- Bodrum: Turkey is known for its flawless blend of modern and heritage-style architecture. When it comes to real estate property in Turkey, Bodrum provides the greatest architectural style. Many of the ongoing projects in Bodrum are being built in a traditional style of architecture. Every element of Bodrum gives a comfortable existence. Whether it’s weekly markets, well-connected transportation, or a plethora of shopping and tourist opportunities, Bodrum offers its residents an all-inclusive package. Bodrum peninsula is also a tourist attraction. Bodrum is well-known for its sailing and yachting locations, as well as its breathtaking resorts. Furthermore, there are already a large number of international real estate property owners in Bodrum. The language and culture of Bodrum put one at ease, and all of the residents speak English quite well. This opulent resort is situated in the Aegean area and has its airport. There are many westernized Turks as well as foreigners from all over the world here. Bodrum real estate for sale draws rich and discerning buyers. Turgutreis and Yalikavak resorts have flourished as ex-pat havens.
- Bursa: This is a metropolis, not a beach resort. It is situated in the country’s northern corner. So far, it has mostly attracted Middle Eastern investment. They relocate because of apparent historical, cultural, and gastronomic connections. Bursa, on the other hand, is set to become a cosmopolitan center in the next years, having been added to the UNESCO list in 2014. Furthermore, an increasing number of foreign and local visitors visit each year to ski on the Uludag Mountain’s slopes. In support of economic development and affluent class individuals, Bursa is second only to Istanbul. The city has long been trending in the number of property sales to foreigners, particularly in the luxurious mansions and villas range. Bursa outperforms all other places in Turkey for people who choose an elite class lifestyle. Another significant draw of the Bursa is its accessibility. You have the option of traveling to Bursa by boat, airplane, or car. Given its location and tradition, Bursa has always been the first choice for Arabic cultures. If you are seeking property investment in Turkey for rental income, Bursa will never let you down. Bursa is also close to several international travel destinations. Bursa is easily accessible via Fethiye, Bodrum, and Antalya.Bursa, located on Mount Uludag, is one of Turkey’s most famous skiing destinations, attracting millions of visitors each year. The views of the sea and the beaches of Mudanya and Yalova are further attractions. The spas and resorts in this area are quite popular with visitors visiting Turkey.
- Yalova: Consider acquiring a house in Yalova if you want to save money. This thermal resort is located on the Sea of Marmara, 34 kilometers from Bursa. Because the local real estate market is just getting started, you’ll be able to live a more leisurely lifestyle here. Nonetheless, Istanbul’s rush and bustle are only an hour away.
- Trabzon: Football lovers will recognize the name of this Black Sea resort right away. However, investors acquire homes here not for support, but their pristine nature. This conservative city is in the foothills of the Kackar mountain range. Its visitors and inhabitants may explore the nearby Ayder plateau and Uzungol Lake.
- Fethiye: You can reach this seaside city in about an hour if you drive from Dalyan. It’s on the Turkish Riviera, commonly known as the Turquoise Coast. The Blue Lagoon is its most notable landmark. Large sums of money have been spent on local housing and infrastructure in recent years, and the Riviera is quickly becoming a new jewel of Turkish tourism. The lively city center is bordered by several smaller resorts, including Oludeniz, Ovacik, Hisaronu, and Calis. You will be able to enjoy the typical village charm at Uzumlu.
- Kalkan: This one is likewise in the premium category. The majority of residences here have a sea view, but the land is scarce and it is theoretically difficult to build many new houses here. Kalkan is well-known for its villas rather than flats. Kalkan is understated, but he does it with flair and delicacy. The majority of homes for sale are big villas with infinity pools and stunning Mediterranean Sea views. The upscale vibe pervades the town, with boutique stores, elegant pubs, and bizarre rooftop restaurants serving you the finest of luxury life. Kalkan isn’t a cheap town, as seen by its real estate portfolio, where most properties start at approximately US$132,000 and go up over the millionaire level. The town is divided into six districts, each of which offers something distinct to purchasers. Some purchasers rent their villas for summer vacation packages since the town does a brisk business in self-catering villas and the high rental yield gives a good return. Some purchasers rent their villas for summer vacation packages since the town does a brisk business in self-catering villas and the high rental yield provides a handsome income.
How to Buy Property in Turkey
A detailed list of how to buy property in Turkey is explained below.
1. Finding a real estate agent: You can search for rentals and houses for sale by putting in the province and district where you want to look, or you can use the handy map tool to zoom in and out to obtain a useful overall overview of availability and pricing to help you decide.
First and foremost, extensively investigate the agents to ensure they are trustworthy and qualified, as there have been reports of no licensed agents attempting to sell houses to foreigners. Once you’ve confirmed their validity and checked up on the agent via peer ratings, their website, and office address, contact them to discuss your pricing range and criteria, since they may have more listings on hand than they publish.
Keep in mind that the real estate agent’s commission rate, which is typically paid out by both the buyer and seller, varies from 2 to 4%, but is variable and should be negotiated with the agent during negotiations.
2. Fulfill the requirements: Foreigners and anyone who wants to buy property in Turkey must meet a variety of conditions. To begin, it is essential to get an Energy Performance Certificate (in Turkish Enerji Kimlik Belgesi) that assesses the energy performance of the building. This is a new criterion for house sales and acquisitions that went into force at the beginning of the year.
To obtain basics such as electricity and water, you will also need to enroll in mandatory earthquake insurance (abbreviated DASK in Turkish). If you want to sell your home within five years after purchase, bear in mind that you will be liable to capital gains tax, which is determined as a modest percentage of the profit made.
Those looking to sell their properties will also need to have their property evaluated by a private firm and will be liable to pay 4%of the true worth in taxes, putting a stop to the practice of lying about the actual amount paid for a property to avoid paying excessive taxes. Foreigners acquiring property on their own will demand a foreign identity number (yabanc kimlik numarasi), as well as a translator and notarized translations of their passports, although it is also possible to provide power of attorney, which would skip the first two criteria. In rare cases, a military clearance, which might take up to a month, may be required due to proximity to military bases or key sites.
Foreigners seeking to acquire land are also limited to 30 hectares, and keep in mind that there are stringent rules on being allowed to construct on land here in Turkey, and it was made illegal to build a “hobby home” on agricultural land in July of this year. Meanwhile, if you buy real estate worth US$400,000 as of September 19, 2018, you’ll be able to become a Turkish citizen as long as you don’t sell it for three years.
3. Buying the house: A preliminary application should be filed to the Directorate of Land Registry. For preliminary application, a sequence number must be obtained.
- Following the preliminary application, a date is set for the seller and buyer’s transfer transactions.
- The following documents must be completed within the specified time frame.
- The property’s title deed
- Passport of the foreigner purchasing the property, as well as a photocopy of the passport (Turkish translation of the passport may be required)
- The applicable municipality must submit a “Property Value Statement Document.”
- Compulsory earthquake insurance coverage for structures such as houses, offices, and so on
- 1 picture of the seller, 2 pictures of the buyer
- If the buyer is a foreigner who does not speak Turkish, a certified translation is required.
- If the transfer transaction is carried out using a power of attorney prepared in another country, the original or certified copy of the power of attorney must be provided. The power of attorney must be translated into Turkish.
Important points to consider are listed below.
- You must find out if the property is subject to any restrictions such as a mortgage, lien, or other encumbrances.
- The Land Registry Directorate can provide you with the relevant information.
- Purchasing property in Turkey does not need a residence permit.
- Working with expert advisory businesses specializing in property acquisition is usually advantageous to the buyer.
What are the Advantages of Buying Property in Turkey?
Here are the advantages of buying a property in Turkey.
- Low tax in Turkey, the decision to cut taxes in Turkey is one of a series of choices impacting the real estate sector in Turkey and was reflected favorably in encouraging foreign investors to buy property in Turkey, which helped to the overall resurgence of the Turkish real estate market. The most major tax breaks are: exempting the foreign investor from the estate’s value-added tax.
- Acquiring a resident permit, which grants foreigners who own properties in Turkey for less than US$400,000 a yearly residency permission, also a real estate habitation permit is given in Turkey to the landlord, his wife, and any minor children under the age of 18.
- Property investment in Turkey is the cheapest real estate investment in Europe, with prices considerably cheaper than those in Europe and infrastructure and structure similar to established European countries.
- Due to the country’s economic activity and rapid urban development, as well as the strength of tourism in Turkey, which is best reflected in the periods and tourist seasons, as well as the demand for rental homes during those seasons, which is divvied up throughout the year, real estate investment in Turkey offers a profitable investment return.
How to Get Turkish Citizenship by Investment
In January 2017, the Turkish Citizenship by Investment Program was created to encourage foreign direct investment and growth in the country’s real estate market.
The program allows candidates to select from a variety of different forms of economic contributions to Turkish society, therefore contributing to the development of the country’s economy. Turkey is a transcontinental Eurasian country, with the metropolis of Istanbul encompassing Europe and Asia over the Bosphorus Strait. Its strategic location at the crossroads of Europe and Asia makes it a key geostrategic player.
Requirements for Turkish citizenship through investment are listed below.
- Purchase at least US$400,000 in real estate
- Invest at least US$500,000 in fixed capital
- Open a Turkish bank account and deposit at least US$500,000 or the equivalent in foreign currency or the Turkish Lira
- Invest a minimum of US$500,000 in government bonds or the equivalent in foreign currency or Turkish Lira
- Make an investment of US$500,000 (or equivalent in foreign currency or Turkish Lira) in a real estate investment fund or a venture capital investment fund
- Create at least 50 employment, as certified by the Ministry of Family, Labour, and Social Services
After applicants have selected an eligible investment choice, a residence visa application will be submitted on their behalf. The primary applicant must then create a bank account in Turkey. Once all application paperwork (including required certificates and translations) has been created, the investment may be finalized and the documents sent to the government.
When the government receives the application, the screening process begins, and an interview may be required. Typically, applications are accepted within 120 days, after which citizenship documents are provided. After that, the passport application may be filed.
Citizenship in Turkey is granted when the candidate invests 3-6 months. The candidate must commit to the investment for three years. Investing in Turkey is the quickest way to obtain Turkish citizenship. For instance, if you invest US$400,000 in real estate, you may get a Turkish passport in under two months.
You do not have to be a permanent resident or have resided in Turkey for a set period to be eligible for citizenship. You can continue to live abroad and apply for citizenship as soon as you have your residence visa.