Turkey is a country with a rich history that has been attracting foreign investors for centuries. The country is also one of the fastest growing economies in the world, with low-cost living and high-quality infrastructure. This guide will cover the process of foreigners owning a property in Turkey, including what you need to know about owning real estate in Turkey laws and regulations, and how to prepare before you arrive.
Law of Owning Real Estate in Turkey for Foreigners
By May 2012, the Turkish law granted foreigners from more than 180 countries the right of owning real estate in Turkey.
This law of owning a house in Turkey for foreigners was activated from May 18, 2012, and states the following:
- Foreigners owning a property in Turkey can buy any type of real estate, such as residential lands, villas, commercial offices and houses.
- Some nationalities do not have the right to own agricultural land, including the Egyptian nationality and the border nationalities with Turkey.
- Five nationalities are excluded from the right of owning a property in Turkey for foreigners, which are (Syrian – Armenian – Cuban – Cypriot, except for citizens of Northern Cyprus – and North Korean).
- Owning real estate in Turkey is inherited according to Turkish law unless the deceased owner of the property writes an officially documented will, in which he transfers the ownership of the owning real estate in Turkey to another person outside the legal heirs.
Can Foreigners Own a Property in Turkey?
According to Turkish law, foreigners have the right of owning a property in Turkey, according to specific criteria, and they are also entitled to inherit their properties.
Process of Owning a Property in Turkey for Foreigners
The property ownership process in Turkey is not easy, and it can be quite complicated. In order to own a property in Turkey, you need to follow a few steps.
First, determining the goal of owning a property in Turkey, is it a residential goal? Like foreigners owning a property in Turkey for permanent residence, or a commercial goal? Like investing and getting a monthly return.
Secondly, communicating with expert real estate agent “Lale Real Estate Group” who will help you find the right property for your needs and budget.
Third, a real estate tour for the chosen properties, and then choosing the most appropriate one.
Fourth, prepare the required documents for owning a property in Turkey for foreigners to obtain the title deed “Tapu” of your property.
Advantages of Owning Real Estate in Turkey
Turkey is a great country for real estate investment. It has a high demand for properties and the market is still expanding.
There are many advantages when it comes to owning a property in Turkey for foreigners, including:
- The strategic geographical location that links the two continents of the world. So, when foreigners own a property in Turkey, this means owning a property with a distinguished geographical location.
- Lower prices for owning real estate in Turkey than other countries.
- The possibility of inheriting the property in Turkey.
- Facilities provided by the Turkish government to foreigners owning a property in Turkey.
- Low cost of living in Turkey, including food, drink and other services.
- The continuous development of the Turkish real estate market.
- Advanced educational, health, transportation and other facilities.
You’re just one phone call away from owning a house in Turkey, contact us now!
Documents Required for Owning a Property in Turkey for Foreigners
There are several documents that must be available before completing the journey of owning a property in Turkey for foreigners, including:
- Tax number of the foreign citizen, which is a number that is extracted from the Tax Department for free.
- A valid and translated passport.
- Property insurance for resisting earthquakes.
- Real estate appraisal report.
- Personal photos of the seller and buyer.
- Receipts of the payment of title deed and real estate tax.
- Bank receipts of the property price.
We advise you to deal with a trustworthy real estate agent to help you with the process of owning a property in Turkey from the first step.
We, at Lale Real Estate Group, will be glad to be your first partner in your process of buying a house in Turkey.
What are The Main Conditions for Owning a House in Turkey?
Turkey has always been a destination for property investments, and it is no surprise that many foreigners owning a house in Turkey.
There are some conditions that need to be met for foreigners in order to own a house in Turkey.
Conditions for Foreigners Owning a Property in Turkey
The conditions that must be met by the foreign investors for owning a house in Turkey are limited to not being one of the five nationalities prohibited from owning real estate in Turkey.
Read more: How to Get a Turkish Passport by Investment?
Conditions Related to The Owned Property in Turkey for Foreigners
As for the conditions required for the property:
- The area of
the property shall not exceed 30 hectares in the whole of Turkey.
- Percentage of that area shall not exceed 10% of the space of
the administrative area to which the property belongs.
- The property must be in an area where foreigners are allowed to own real estate in Turkey.
Inheriting Real Estate in Turkey for Foreigners
Many people wonder about the possibility of inheriting real estate in Turkey, which is one of the most important advantages of owning a property in Turkey for foreigners.
As the investor guarantees that after his death the property will pass by inheritance to his heirs, which is not available in other countries.
Is the property inherited in Turkey?
Turkish laws state that property is inherited in Turkey unless there is an officially documented will from the Office of Justice or Notary by the investor before his death. Without this, the property is inherited in Turkey according to Turkish law, which includes the following:
- The wife inherits half of the husband’s properties.
- The other half o is passed on to the children.
- Male shares are equal to female shares in the law of real estate inheritance in Turkey.
Also, the Turkish law regarding the inheritance of real estate in Turkey states that the inheritance is distributed only under two conditions:
- The deceased be cleared of any debts or mortgages by paying them first before the inheritance of the property in Turkey.
- To ensure that there is no official will for the deceased stating that the ownership of the property is transferred outside the legal heirs.
We should mention that if the owner does not have legal heirs, the ownership of the property is granted to the Turkish government.
Documents Required to Transfer Ownership to Heirs in Turkey
Here is a list of the documents required to transfer ownership to heirs in Turkey:
- A family record showing the relationship between the heir and the deceased owner, issued by the foreigner’s home country, and must be translated into Turkish and notarized by the Turkish notary.
- A tax number for each of the legal heirs.
- Personal photos for each of the legal heirs.
- A valid passport for each of the heirs.
Read more: The Best Guide to Sile Istanbul Turkey
Costs of Transferring Ownership to Heirs in Turkey
As for the costs of transferring ownership of foreigners owning a property in Turkey to the heirs, they are limited to paying the tax. This tax varies according to the following:
- Condition of the inherited property.
- Location of the property.
- Price of the property.
- Condition of the heir and his residence in Turkey.
The tax imposed when inheriting a property in Turkey is much lower than the taxes imposed in European countries, where the value of the tax ranges between 1% – 10% of the total property value.
Top 10 Advantages of Owning a Property in Turkey
Here are the top 10 advantages for foreigners owning a property in Turkey:
- Turkey’s strong economy.
- Turkey’s strategic location.
- Long-term investment.
- Stable monthly income.
- Ease of finding work and freedom of movement inside and outside Turkey.
- Low property tax in Turkey.
- Low cost of living.
- Foreigners owning a property in Turkey can get Turkish citizenship if their property’s price was $400,000 or more.
- Foreigners owning a property in Turkey can obtain residency if the property’s price was $75,000.
- Get a Turkish passport for foreigners owning a property in Turkey.
FAQs about Owning a property in Turkey for Foreigners
Can foreigners own property in Turkey?
Yes, foreigners can own any type of property in Turkey according to some criteria.
How to own a house in Turkey?
You can own a house in Turkey by communicating with Lale Real Estate Group, and then get the best real estate tips and offers.
What nationalities are prohibited from owning real estate in Turkey?
The nationalities that are prohibited from owning real estate in Turkey are:
Syrian, Armenian, Cuban, North Korean, and Cypriot nationalities.
After reading about the advantages of owning real estate in Turkey, have you decided on owning a house in Turkey yet? If yes, don’t hesitate to contact us now by clicking here.