Turkey is an appealing option for foreigners when it comes to property purchases. Many reasons are effective in their decision. The charming landscape, unique culture, and cuisine are some of them. Buying a house in Turkey also paves the way for Turkish citizenship.
In Turkey, the real estate sector makes up one-fifth of the total GDP of the country. Istanbul, Ankara, and Izmir are the top three countries where foreigners choose to buy property. Most foreigners choose to buy Istanbul real estate.
There are certain details to know if you plan to buy Turkey real estate. To learn more about this process, have a look at the sections below. You’ll find the advantages, related steps, and regulations of property purchase in Turkey.
Let’s begin with the advantages.
- You can become a Turkish citizen by buying real estate worth at least $400,000 in Turkey. Also, the process is quite fast: it takes from one to two months to get citizenship.
- You have lots of property types to choose from: apartments, villas, residences, warehouses, and so on.
- You can also invest in the natural resources of the country. You can do this by buying properties that are close to lakes or forests, for instance.
- The real estate sector is rapidly growing. So, you can later get big returns on your investment. There’s a great demand for real estate in Turkey.
- Both the cost of living and property prices are very affordable in Turkey. For this reason, you can easily adjust your budget and get beautiful properties.
- Buying a house in Istanbul can come with benefits such as having the best sea views, for instance.
Buying Turkey real estate is a fast process to complete. You can get your property within a month.
Let’s check the application steps:
- First, decide on the location/region of the property. Then, find an agency for a more smooth process. You may consider visiting Turkey to know better about real estate options.
- After you decide on the property, you can discuss the price and the terms of the purchase.
- Then, you’ll reserve the property by paying around $1300. Later, this amount will be deducted from the total price. So, you can consider it as a deposit.
- You can finalize the property purchase process with a lawyer or by yourself. If you hire a lawyer, you don’t need to come to Turkey for the purchase.
- When all the documents are completed and filed, you can get your title deed (TAPU). So, it means that the property is now registered under your name.
When foreigners plan to buy property in Turkey, most of them choose Istanbul. It’s the largest city in Turkey. Besides the growing real estate sector, Istanbul attracts buyers with its location and cultural diversity as well. With that said, you can find expat communities, too in this city. It’s also very close to many European countries.
If you wonder where to buy Istanbul property for sale, you can check the following list of neighborhoods:
- Nisantasi: This is one of the most popular neighborhoods in Istanbul for foreigners. Properties in Nisantasi are luxurious and a bit more expensive. Yet, the neighborhood provides good schools. You also have many shopping options here.
- Cihangir: When you plan to buy Istanbul real estate, you may consider Cihangir as an option. You can enjoy various places to hang out when you move to Cihangir. There are many cafes, nightclubs, and museums in this neighborhood.
- Etiler is another popular option for foreign buyers while buying property in Istanbul. Like Cihangir, Etiler also offers dynamic nightlife and shopping areas. There are also houses with Bosphorus views in this neighborhood.
- Sariyer: Living in Istanbul is not all about lively streets and dynamic nightlife. You can choose to buy Istanbul real estate in Sariyer and enjoy the tranquility. The neighborhood provides several areas to enjoy your time by the sea. It offers you views of the Bosphorus, Rumeli Fortress, and Emigrant Grove.
Let’s now get to know about the related regulations and restrictions while buying real estate in Turkey.
There are some rules applied while buying Turkey real estate as a foreigner. Article 35 of the Land Register Law is applied for this process.
- Firstly, you can’t sell your property in the first three years to keep your citizenship.
- Your country of origin must be among the countries approved by the Council of Ministers of Turkey.
- You’re not allowed to buy a property of more than 30 hectares. Also, you cannot choose security zones and military forbidden zones while buying property in Turkey.
- The quantity of the land you buy cannot exceed 10 percent of the total landmass of a town or region.
- The real estate law states that a transfer of ownership is necessary to be made from the owner to the buyer. You can do this at a local Land Registry office in the country.
There are also different property taxes in Turkey, and their amounts differ whether you buy, hold, or sell your property.
If you’re interested in buying property in Turkey, don’t hesitate and start your application today!