Buying Property in Turkey ( Turkiye)
Buying Property in Turkey
Several clients have been asking about buying property in Turkey via WhatsApp or email. As a result, we have created a set of questions and answers regarding purchasing real estate in Turkiye.
Is it possible for a foreigner to purchase property in Turkey?
Yes, foreigners can buy property in Turkey. Here are some key points to consider:
- Restrictions: Certain limitations apply based on the buyer’s nationality and property location. Citizens of some countries and properties in military or strategic areas may face restrictions.
- Title Deed (Tapu): The process involves obtaining a title deed (Tapu) in the buyer’s name. This is handled at the local land registry office.
- Military Clearance: Foreign buyers often need military clearance to ensure the property is not in a restricted area.
- Legal Process: Licensed real estate agents and registered real estate offices can help you deliver your title deed. It is also advisable to hire a lawyer who specializes in real estate to navigate the legal requirements and ensure a smooth transaction.
- Costs and Taxes: Buyers should be aware of additional costs such as purchase taxes, notary fees, and registration fees.
- Residency: Purchasing property does not automatically grant residency, but it can be a part of the application process for a residence permit.
Is it easy to buy a property in Turkey?
Of course, the process of purchasing property in Turkey is straightforward. Here are the steps you should follow:
- Research the Real Estate Market in Turkey: Gain thorough insights into the real estate market in Turkey, encompassing various regions, property types, and pricing trends.
- Select a Suitable Real Estate Agent: Choose a reputable real estate agent to guide the process.
- Establish a Positive Relationship: Maintain open communication with your agent and develop a strong rapport.
- Visit Turkey: Consider planning a visit to locations of interest, such as Alanya, to gain firsthand experience of the areas.
- Property Inspection Trip: Arrange a trip to personally view the properties.
- Tour Properties for Sale: Explore the available properties and assess your preferences.
- Negotiate Price and Purchase Terms: Collaborate with your agent to secure the most favourable deal available.
Can I get residency in Turkey if I buy a house?
Yes, you can get permanent residence in Turkey by various methods such as real estate investment worth at least 200.000 thousand dollars.
Do foreigners have to pay property taxes in Turkey?
When you purchase property in Turkey and receive a title deed, also known as “TAPU,” you are required to pay property taxes. This tax is typically 4% of the purchase price and is commonly split equally between the buyer and seller, with each paying 2%. But the general, which is not written, the buyer pays the 4% tax. Surely, when you want to sell the property, the buyer still pays the tax.
Is it safe or risky to invest in real estate in Turkey?
Generally, purchasing real estate in Turkey is considered safe. Nonetheless, like in any country, scams do exist. One common scam involves agents selling properties that they don’t have the legal right to sell, resulting in multiple people buying the same property.
Do you need a lawyer to buy a house in Turkey?
It’s not required, but if you are in a different country and you spend a relatively small amount on a real estate lawyer, you’ll be able to safeguard your real estate investment. Lawyers have different price levels for the same job, so you must choose a good lawyer as well. On the other hand, a safe and experienced real estate agent can handle all the tasks related to real estate purchase, as it’s their job. Turkish law does not require the use of a solicitor.
Do you get citizenship if you buy property in Turkey?
Purchasing the property makes the investor and their immediate family eligible to apply for Turkey citizenship. The investor’s spouse and children under 18 can apply for citizenship alongside the investor. Parents and children over 18 can obtain a residence permit. Just be aware that the minimum amount for buying a house is 400K USD to obtain citizenship in Turkey.
Is it worth investing in Turkey property?
It depends on what you are looking for. The Turkish economy has experienced rapid growth in recent decades, leading to an increase in property values. Investors have consistently seen high annual returns on rental income and property appreciation, supported by a thriving tourism industry maintaining high rental demand.
What are the advantages of purchasing real estate in Turkey?
Turkey generally has lower living costs compared to many Western European countries and the United States. This lower cost of living also extends to the real estate market, which makes property prices more affordable for both local residents and foreign buyers. Fluctuations in the current exchange rate can significantly impact property prices for foreign buyers.
Which city in Turkey is the best to buy a house?
Please keep in mind the following considerations when choosing a property:
- Purpose: Are you buying for personal use, investment, or rental income?
- Budget: Property prices vary significantly between cities and neighbourhoods.
- Lifestyle: Do you prefer a bustling city, a relaxed coastal town, or a quiet countryside setting?
- Climate: Consider the climate and weather preferences.
- Amenities: Proximity to schools, healthcare, shopping, and entertainment.
Consider the following information about each city to help you make the best choice based on your individual needs and preferences:
- Istanbul: This city is Turkey’s economic and cultural hub, known for its vibrant lifestyle and investment potential.
- Antalya: A popular destination with tourists and retirees due to its Mediterranean climate and beautiful coastline.
- Bodrum: Recognized for its luxury properties and scenic beauty.
- Alanya: Known for its affordable prices and a strong rental market.
- Fethiye: Preferred for its natural beauty and relaxed atmosphere.
By the way, I need to open a special space for Alanya, which is a popular tourist destination on the Mediterranean coast known for its affordable property prices, beautiful beaches, and natural scenery, with strong rental demand during the tourist season.
How can I find reliable real estate agents in Turkey?
IDEAL & Partners Real Estate ( Gayrimenkul) has been serving foreign clients since 2004 when foreigners began legally purchasing property. If you are looking for trustworthy, experienced, and sincere services, please do not hesitate to contact us.
CEO IDEAL &Partners
Alanya HQ
Atatürk Blv. 81 – Alanya
Direct WhatsApp : +90 506 658 9090