Buy property in Turkey 🇹🇷

Apartments for sale in Turkey are widely diverse, ranging from small and affordable apartments to luxurious apartments and penthouses. The prices of apartments in Turkey depend on various factors such as location, size, number of rooms, amenities, and age of the building.

Investing in real estate in Turkey can be considered a profitable investment. Due to the ever-growing tourism industry and increasing demand for housing in Turkey, the value of real estate in this country is constantly increasing.

Apartments for sale in Turkey

Purchasing property in Turkey has gained significant traction among foreigners since 2017, as the regulations have been simplified. This means that any foreigner, regardless of nationality, can purchase one or more houses under certain conditions and enjoy the benefits of Turkish residency and citizenship. However, buying a house for foreigners requires compliance with important regulations. In fact, foreigners can purchase land and property in Turkey on their own behalf, provided that the properties are located in cities, not in villages, rural areas, or military zones. It should be noted that there must be a municipality in the area where the property is located and the property must be within its boundaries.

Can foreigners buy an apartment in Turkey?  Is property cheap in Turkey?

According to the Land Registry Regulations for the Purchase and Sale of Land in Turkey, the property you purchase must not have belonged to another foreign investor after January 10, 2018. This means that the seller must not be another foreign individual or entity. This law is to ensure that foreign investment in Turkish real estate is regulated in a controlled manner.

Financial Transfer for Property Purchase by Foreigners

To transfer the property money for purchase in Turkey, you must first obtain a tax number in order to open a bank account. According to the new regulations announced by the Central Bank of Turkey for foreign nationals in the Turkish real estate sector as of January 24, 2022, the Central Bank is obliged to issue a foreign exchange purchase certificate for foreign property buyers.

This certificate actually shows that the foreign currency has been transferred from a bank in Turkey to the Central Bank of the Republic of Turkey. This was done before the Land Registry Office finalized the sale and purchase, and finally the remittance and confirmation were taken to the Land Registry to complete the transfer of money between you and the seller.

Additional Points to Consider:

• There is no minimum investment requirement for general property purchases by foreigners. However, if you are interested in obtaining Turkish citizenship through real estate investment, there is a minimum investment of $250,000.
• Foreign buyers can own no more than 25,000 square meters of property in Turkey. The Council of Ministers can increase the area up to 30.
• Properties in Security Zones and Military Forbidden Zones can’t be purchased.
• It is advisable to seek legal assistance from a qualified professional when purchasing property in Turkey.

Statistitic for buying and selling properties in Turkey between 2016 to 2024

Investing in real estate in Turkey

Which cities of Turkey are cheap? in answer of the question, we should say that the cheapest place to buy property in Turkey vary, It depends on located district of an apartment and other factors such as sqm, facilities,floor and so on.

Real Estate Purchase Laws and Benefits for Foreigners in Turkey

Purchasing Property

Real estate purchase laws in Turkey are designed to be beneficial to foreign nationals. If you purchase a property worth less than $400,000, you must apply for a residence permit after completing the purchase. If your property is valued between $250,000 and $400,000, you will receive a 5-year residence permit, which can be converted into a Turkish passport after this period. If your property is valued between $75,000 and $250,000, you can obtain a 2-year residence permit. This 2-year residence permit is renewable, and after 8 years, you are eligible for Turkish citizenship.

However, if you want to obtain Turkish residency immediately, you must purchase a property worth more than $400,000. In this case, after purchasing the property, you can apply for Turkish citizenship and passport and obtain a Turkish passport for yourself and your family within 2 months.

Selling Property

Please note that after purchasing a property in Turkey, you can rent it out and do not have to be physically present in the country. The important point after buying a property in Turkey for foreigners is that you cannot sell it for less than 3 years and you must keep it for 3 years. If you sell the property earlier, your residency will be canceled.

After 3 years, you are not restricted from selling your property in Turkey, but you cannot sell it to a foreigner when selling it. The buyer must be a Turkish citizen. You also cannot sell the property you want to sell to the same person you bought the property from on the first day.

In summary, the important points are as follows:

• You cannot sell the property for less than 3 years
• You cannot sell the property to a foreigner
• You cannot sell the property to the previous owner

Restrictions on Property Purchase by Foreigners

Under Turkish law, no foreigner can purchase more than thirty hectares of land, agricultural land or agricultural land in Turkey or in a specific region.

You also cannot purchase certain agricultural lands or lands that are close to military bases as a foreigner. Another limitation is your age. The buyer must be at least 18 years old. Foreign buyers also cannot purchase land that exceeds 10% of the total land area of a city or region.

Buying Property from an Individual vs. a Company:

There are tax implications to consider when purchasing a property in Turkey, depending on whether you buy from an individual or a company.

• Individual Seller: When a property is sold by an individual, capital gains tax is calculated on the difference between the final selling price and the previous purchase price and is collected from the seller as income. This tax is typically deferred until the property is sold, and the seller is exempt from paying it until five years after the purchase.
• Company Seller: When a property is held by a company, if the property is sold after two years of ownership, the company is generally eligible for capital gains tax exemption. This is because corporate and individual tax rates differ significantly, and the holding period for tax exemptions also varies. Therefore, this aspect is crucial when deciding whether to buy from an individual or a company.

Purchasing Property in Installments for Foreigners:

Foreigners can purchase property in installments under specific regulations. The most convenient approach is to buy from a company that has already arranged financing options.

This is because banks or financial institutions in Turkey typically do not provide loans to foreign individuals. As a buyer, you should seek out construction companies that offer mortgage financing.

With an initial payment of usually over 50% of the property price and bank guarantees, the remaining amount is paid in installments over time, typically aligned with the project’s progress. This enables foreigners to purchase property in installments.

Real Estate Law in Turkey:

The Land Registry Law in Turkey governs the rules for buying, selling, and owning foreign property within its jurisdiction. The Turkish real estate law mandates that buyers transfer ownership from the seller. This can be done at any local land registry office, where you must present the following documents when purchasing your property:

• Title deed
• Identification documents
• Property value declaration document
• Earthquake insurance policy
• ID photos of seller and buyer
• Proof of payment of title deed fee and other taxes

Note that these documents must be translated into Turkish before submission. For this purpose, most immigrants use power of attorney if they cannot be present in person.

Advantages of buying an apartment in Turkey:

Affordable prices: The prices of apartments in Turkey are much more reasonable compared to other European countries and even some cities in Iran.

Excellent location: Turkey is strategically located between Europe and Asia, making it easy to access other parts of the world from this country.

Beautiful scenery: Turkey has a diverse and beautiful nature, with many apartments in the country offering stunning views of the sea, mountains, or forests.

High investment potential: Due to the booming tourism industry and growing demand for housing in Turkey, the value of real estate in this country is steadily increasing.

Possibility of obtaining residency: By buying an apartment worth at least 400 thousand US dollars, you can obtain permanent residency for yourself and your family in Turkey.

According to the Gocislemleri quotation ” İlk ikamet başvurusu sırasında, türüne göre (kısa dönem ikamet izni, uzun dönem ikamet izni, öğrenci ikamet izni ve aile ikamet izni) talep edilen belgeler değişiklik göstermektedir.” which means during the initial residence application, the requested documents vary depending on the type (short-term residence permit, long-term residence permit, student residence permit and family residence permit).

buying property in Turkey

Housing prices in Turkey have garnered significant attention as more buyers seek to explore the vibrant real estate market. With a variety of homes for sale in Turkey, prospective homeowners can find everything from modern apartments in bustling cities to charming traditional Turkish houses in serene coastal towns. The growing interest in Turkish houses for sale reflects the appeal of the country’s rich culture and stunning landscapes. For those considering a move or investment, there is a diverse array of property for sale in Turkey, catering to different tastes and budgets, making it an exciting time for real estate enthusiasts.

Points to consider before buying an apartment in Turkey:

Location and neighborhood: Before buying an apartment, be sure to research the area and neighborhood you are interested in. Make sure you are comfortable with the amenities, security, and standard of living in the area to find the Best places to buy property in Turkey.

Cost of buying property in Turkey: Apartment prices vary depending on the location in Turkey. Before you buy, be sure to research the prices of similar apartments in the area you are interested in.

Amenities: Different apartments have different amenities. Before you Buy apartment in Turkey cheap, be sure to carefully review the list of amenities that the apartment offers.

Construction company: If you are buying an apartment in a project that is still under construction, be sure to research the history and reputation of the construction company.

Legal procedures: Before buying an apartment, be sure to find out about the legal procedures for buying property in Turkey and get help from a trusted lawyer.

Guide to buy property in Turkey:

• Choose the area and neighborhood:

Consider your budget and needs when choosing the area and neighborhood where you want to buy an apartment. If you want to buy property in Istanbul you can contact Travok in Turkey.

• Search for apartments:

Search for apartments that meet your requirements through real estate websites, real estate companies, and international real estate exhibitions.

• Visit the apartment:

Before buying, be sure to visit the apartment and check its condition.

• Negotiate the price:

Negotiate the price with the seller of the apartment and try to get the best possible price.

• Complete the legal procedures:

With the help of a trusted lawyer, complete the legal procedures for buying property in Turkey.

Buying an apartment in Turkey can be a profitable investment and a way to obtain residency in this country. Given the variety of apartments in Turkey, you can find an apartment that suits your taste and budget in this country.

Things to consider after buying an apartment in Turkey:

Obtaining a title deed: After buying an apartment, be sure to obtain a title deed.

Renting an apartment: If you intend to rent out your apartment, you can do so through real estate companies or online.

Apartment management: If your apartment is located in a residential complex, you must follow the rules and regulations of the complex and do not be late in paying the monthly maintenance fee of your apartment.

Buying an apartment in Turkey can be a pleasant and profitable experience. Considering the points mentioned in this article, you can safely buy an apartment in this country.

In addition to the above points, the following can also be effective in your decision to buy an apartment in Turkey:

Cost of living in Turkey: The cost of living in Turkey is significantly lower than in other European countries.

Transportation system: The public transportation system in Turkey is very developed and efficient.

Healthcare: Healthcare in Turkey is provided with high quality and reasonable prices.

Culture and language: The culture and language of the Turkish people are close to those of Iranians, and you can easily communicate with them.

Finally, if you intend to Buy cheap apartment in Turkey, be sure to do the necessary research and consult with a trusted lawyer before making a purchase.