Guide for Buying Property in Turkey as a Foreigner
Guide for Buying Property in Turkey as a Foreigner Many tourists choose to acquire permanent residency in Turkey due to its unique beauty. Tourists who visit the country for vacation want to buy a house in Turkey and research the conditions for it. Particularly in recent years, foreigners’ demand for buying property in Turkey has increased. Foreign nationals can become homeowners in Turkey provided that they follow the legal restrictions. Residence permit acquisition is not a requirement for buying property in Turkey. As per the article 34th of the relevant law, the restrictions introduced for foreigners who want to buy a house here are as follows:
Provided that they stick to the law, foreign nationals of certain countries can benefit from buying property in Turkey and acquire limited real rights. The scope of the continuous limited real rights that they have obtained and the total area of the property they have acquired cannot exceed 10% of the district where the property is located and 30 hectares countrywide per person.
Is Buying Property in Turkey a Good Investment?
Summer is the best time for buying property in Turkey as it is when the season is the lowest. If you have found a house you like, and you have enough savings, you’d better not miss it. However, the answer to the question is relevant to why you want to buy real estate. Living in the house you have bought and making an investment requires different processes.
You need to evaluate the real estate in many categories, from earthquake resistance to having a parking lot, because the next generation will look for such qualities in a house. After all, real estate as an investment showed the highest performance in the last ten years in Turkey.
Each city has neighborhoods with different performances over the average income they yield. Four cities outshine others in such terms: Bursa, Adana, Antalya, and Kocaeli.
Besides these four cities, Balıkesir saw the highest increase in 2016, while Giresun experienced the most decrease. The highest increase in rental prices was seen in Bursa, the only city that promises ROI of 15-16 years.
Regulations for Buying Property in Turkey for Foreigners
Turkey grants citizenship to foreigners who buy real estate of $250,000. People from the Middle East with high-income show demand for this practice as the required amount is low, and Turkey is suitable for the Islamic way of living.
The amount required to receive Turkish citizenship has been decreased to $250,000. Moreover, applicants directly obtain citizenship, rather than a residence permit alone.
Upon submitting the documents, applicants and their families receive Turkish Republic identity cards within 45-50 days.
Turkish passport allows visa-free travel to 111 countries, which is one of the reasons why Turkey shines out in house sales made to foreigners.
Who Can Benefit from Buying Property in Turkey?
Ten years ago, buying property in Turkey and handling the title deed processes took a long time. However, after Turkey has eased the process, such procedures can be completed in only one week. But if you’re not familiar with the property buying process in Turkey, we recommend you work with a professional and reliable company with many references.
Foreigners who want to acquire Turkish citizenship from real estate investors need to buy a house worth a minimum of $250,000.
In the application, they must state that they have bought the property with such intentions in the title deed, as well as they won’t sell it for three years.
Who buys property in Turkey?
Having a residence permit is a prerequisite for citizenship acquisition. Additionally, foreigners who have bought real estate in Turkey are granted a renewable short-term residence permit under the Foreigners and International Protection Law numbered 6458. Remember: while a short-term residence permit is required to buy property, the residence permit that you receive after buying a house is granted over immovable property.
Where do foreigners buy property in Turkey?
Real estate prices in Turkey start from 60,000 euros, which grants advantages for investments that are profitable in the long term. Now is the perfect time for buying property in Turkey thanks to the advantageous exchange rate. Customers who are looking for real estate with guaranteed rental income can find profitable opportunities.
Turkey has exceeded countries like Spain, Portugal, and Greece and ranked 14th in the research that evaluated the 25 most profitable real estate markets in 2020. Additionally, the Doing Business Index prepared by the World Bank in 2020 indicates that Turkey ranks 33th among 190 countries. The main reasons for the increasing demand are affordable prices, growing projects, and a stable tourism market.
Another distinguishable quality of the country is its healthcare system. With the principle of “Everyone should have social rights,” state-owned and private healthcare services are affordable and accessible.
Particularly, foreigners prefer the private hospitals in Turkey over those in Europe and North America due to affordable prices and high-quality services. The demand for medical tourism is the reason why Turkey is among the first three countries globally.
What kind of property can foreigners buy in Turkey?
In recent years, the real estate industry in Turkey dramatically extended the studio apartment, residence, and villa portfolio it has. There are also limitless options for second-hand property, newly-built houses, and off-plan property. You can take a look at the Realista Turkey website to see the real estate options for sale in Turkey, from villas in summer towns to apartments in the city center.
Do I need to be a resident to buy property in Turkey?
A residence permit is not a prerequisite for buying property in Turkey. Additionally, foreigners who have bought immovable property are given renewable short-term residence permit as per the Foreigners and International Protection Law numbered 6458.