Can foreigners purchase a home in Turkey? What encourages foreigners to purchase a house in Turkey? This article will be a detailed guide to foreigners purchasing a property in Turkey, what to consider, and things to know.
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Can Foreigners Purchase a House in Turkey?
According to the law of real estate in Turkey, which was amended in 2012, foreigners have the right to purchase a property in Turkey, under some conditions.
Only five nationalities of foreigners are prohibited from purchasing a property in Turkey:
- Armenian citizenship.
- Syrian citizenship.
- Cuban citizenship.
- Cypriot citizenship (except the Northern Cyprus citizens).
- North Korea citizenship.
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An Overview to Foreigners Purchasing a Property in Turkey
59 thousand and 282 properties were sold to foreigners in Turkey in 2021, with a clear increase over the previous years.
This indicates the success of the real estate sector in Turkey. If you’re planning to do so, we help foreigners purchasing a property in Turkey to get a property with their required budget and demand.
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Purchasing a Property in Turkey for Foreigners
The market of property purchase in Turkey has become one of the top choices for foreigners thinking of a long-term investment.
Here are some reasons why foreigners purchasing a property in Turkey:
- The unique and strategic geographical location of Turkey, which made the real estate sector a profitable investment for foreigners purchasing a property in Turkey.
- Low prices of properties in Turkey than other European countries. This is one of the encouraging reasons for foreigners purchasing a property in Turkey.
- The Turkish real estate law provides foreigners purchasing a property in Turkey with many facilities.
- All educational, health, touristic, and transportation sectors are available in Turkey. Thus, they have contributed to the increase in the number of foreigners purchasing a property in Turkey.
- Stability of the Turkish economy, which is why Turkey’s real estate investment market is one of the best markets.
- The country’s political stability is also one of the most important things that foreign investors are looking for.
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Statics of Property Purchase in Turkey
The following are numbers of official statistics regarding property purchase in Turkey for foreigners:
- In 2015, 22,991 properties were sold in Turkey for foreigners.
- In 2021, 59,282 properties were sold to foreigners.
- Real estate in Istanbul is the most preferred by foreigners.
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Fields of Purchasing a Property in Turkey for Foreigners
Foreigners can purchase a home in Turkey for many reasons, including:
- Residential real estate investment: This is for the purpose of housing, or studying in Turkish universities.
- Commercial real estate investment: Purchasing a property in Turkey for establishing an investment or commercial project.
- Real estate investment for renting the property or selling it at a higher price.
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Advantages of Property Purchase in Turkey
There are many advantages for foreigners purchasing a property in Turkey, starting from the ease of ownership conditions, up to the monthly return and good profits. Here are some of these advantages:
- Low cost of living and housing in Turkey; this is one of the most important advantages of foreigners purchasing a property in Turkey.
- Continuously increasing in the value of Turkish real estate, and this is what any investor is looking for when purchasing a property in Turkey.
- Obtaining a high return per month through real estate investment in Turkey.
- The possibility of applying for Turkish citizenship by investment.
- The possibility of obtaining a real estate residence permit.
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Legal Matters Relating to Purchasing a Property in Turkey for Foreigners
The Real Estate Law in Turkey, issued in 2012, indicates the possibility of ownership in Turkey for foreigners, and many facilities were provided through this law.
Citizens of 183 countries around the world have the right to purchase and own property In Turkey.
Followed by more facilities in the years 2017/2018, as the Turkish government launched the program of obtaining Turkish citizenship by real estate investment.
This was one of the most encouraging reasons for foreigners purchasing a property in Turkey.
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Things to Consider when Purchasing a Property in Turkey
The following are the most prominent things to consider when purchasing a property in Turkey:
- The required documents to purchase a home in Turkey must be completed.
- Turkish law gives foreigners the right to inherit their property to his legal heirs.
- The nationality of the foreign investor must not be one of the prohibited nationalities from owning real estate in Turkey.
- One of the most important things to consider is extracting the real estate appraisal report, which protects the foreign investor from any real estate fraud.
- Syrian investors can purchase a house in Turkey by establishing a company and then registering the property in the name of the company.
- A security approval must be obtained from the Turkish military authorities if the property is located near military areas.
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Terms and Conditions of Property Purchase in Turkey
As for the terms and conditions for foreigners purchasing a property in Turkey, they include the following points:
- The foreign investor must not be less than 18 years old.
- Your properties should not exceed 30 hectares in Turkey.
- The percentage of the area of the property shall not exceed 10% of the area of the administrative district to which the property belongs.
- Not to purchase a property in security zones and military forbidden zones.
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How to Purchase a House in Turkey and Get Turkish Citizenship?
Foreigners purchasing a property in Turkey can get Turkish citizenship under some conditions:
- The minimum value of the property must not be less than $400,000.
- Foreign investors must not sell the property for a minimum period of three years.
- The property must not have been previously used to obtain Turkish citizenship.
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How to Purchase a Home in Turkey and Get a Real Estate Residence Permit?
As for the conditions of purchasing a home in Turkey and obtain real estate residence, they include:
- Regarding the price of the property, it should not be less than 75,000 US dollars in major states such as Istanbul, and $50,000 in smaller states.
- The property has to be residential and not for any other commercial or investment purpose.
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Documents Required for Purchasing a Property in Turkey for Foreigners
In order to complete the process of purchasing a home in Turkey, you should prepare all the required documents.
With Lale Real Estate Group, each point in property purchase in Turkey will be clear. The following lines include the most important documents required to purchase a house in Turkey:
A Certified Passport
A certified and valid passport for a period of no less than six months. It must be translated into Turkish, and notarized by a notary.
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Tax Number
It is the official identity of the foreign investor in the Turkish states, and no financial transactions can be completed without the tax number. It is extracted from the tax department for free.
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Real Estate Appraisal Report
The real estate appraisal report is extracted from a licensed company by the Turkish government. It is a mandatory document that includes all the details of the property (price – space – area – floor – etc.)
Foreigners purchasing a property in Turkey cannot complete the process without this document.
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Agencies when Necessary
Foreigners can authorize a person or agency to purchase the property instead of personally attending. Here, the investor must go to the Turkish consulate in his country, and submit documents required to complete the agency in Turkey.
If you are one of the foreigners purchasing a property in Turkey, we can help you complete the procedures safely without any problem.
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Personal Photos of Seller and Buyer
It is required to prepare two personal photos of the buyer and one personal photo of the seller during the procedures of completing the property purchase in Turkey.
The period required to get a Tapu when foreigners purchasing a property in Turkey takes a short period of time, not exceeding a week.
We came to the end of our article, but the end of our tips! If you have any further questions regarding purchasing a property in Turkey, get in touch with us now by clicking here.
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FAQs about Purchasing a Property in Turkey for Foreigners
How to purchase a property in Turkey?
You can purchase a property in Turkey by contacting a trustworthy real estate company to help you from the first step. Let’s help you find your dream property.
Can a foreigner purchase a property in Turkey?
Yes, foreigners can purchase any type of property in Turkey.
Can foreigners purchase a home in Turkey for housing?
Yes, foreigners can purchase a home in Turkey for housing or investing.
Is it easy to purchase a house in Turkey?
Purchasing a house in Turkey can be a complicated task, and you should deal with a trustworthy real estate company to help you in completing this process without problems.
What are the conditions of purchasing a property in Turkey for foreigners?
The conditions of purchasing a property in Turkey for foreigners include:
The foreign investor must not be less than 18 years old.
Your properties should not exceed 30 hectares in Turkey.
The percentage of the area of the property shall not exceed 10% of the area of the administrative district to which the property belongs.
Not to purchase a property in security zones and military forbidden zones.
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Do you know what the benefits of buying a property in Istanbul? Contact me to find out why!
