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Buyer Guide

Whether you're looking to settle down, retire, or make an investment, Turkey might be the perfect place for you. Wonderful weather, numerous exciting cities, and stunning beach resorts can all be found in this enormous country. Affordable housing must be a major selling point.

Everything you need to know about buying real estate in Turkey as an international buyer is included in this comprehensive guide.

Why Invest in Turkish Real Estate?

Turkey is a significant player on the international stage, attracting a growing number of foreigners. Turkey, situated between the East and West, practices the best of both cultures.

Turkey is not only one of the most popular countries for second citizenship, but its real estate market can also generate a significant return on investment. For example, consider Istanbul. New land developments in the suburbs and penthouses in some of the city's most desirable neighborhoods make it an attractive location for real estate investments.

Foreign nationals are attracted to the country's 'Asian' economic strength and 'Western' way of life. This combination renders Turkey an attractive investment opportunity.

Numerous modifications have been made to the legal systems, housing, and architectural styles of new construction in Turkey. The following are the benefits of purchasing property in Turkey:

Low-cost housing Compared to Other Countries

The Turkish real estate market entered the global arena relatively late. As a result, housing costs attract expats and foreign nationals from a variety of countries.

Outstanding for Long-Term Investment

Real estate prices in Turkey have the potential to generate a high rate of return for investors with a long-term outlook.

Numerous Housing Options

One of the primary reasons foreign nationals are eager to purchase real estate in Turkey is the wide selection of luxury and budget, new construction, off-plan, renovated apartments and villas, and resale properties. There are a variety of options, from opulent residences with sea views to simple and affordable apartments.

Low cost of living.

Turkey has a significantly lower cost of living than any European or North American country. The exchange rate between their currency and the Turkish Lira, which is higher than the average cost of living in Turkey, is being utilized by retirees. Moreover, fruits and vegetables are affordable.

A Concise Approach to Purchasing

In order to encourage investment in the real estate market, the government has taken the necessary steps to ensure that the process is streamlined. This is one reason why foreign investors enter the Turkish real estate market.

Obtaining Turkish Citizenship

The issuance of a Turkish passport is one of the greatest advantages of purchasing real estate in Turkey. Therefore, many foreigners looking for a second home consider Turkey to be an excellent option. Expats can obtain Turkish citizenship within sixty days if they invest a minimum of $400,000 under the Turkish citizenship by investment program. For more information, please do not hesitate to contact us.

Can foreigners acquire property in Turkey?

In order to purchase property in Turkey, neither Turkish citizenship nor residency is required.

Additionally, before beginning their property search in Turkey, foreign buyers must be aware of the following restrictions:

  • Foreigners may not purchase more than 30 hectares of land in Turkey.
  • Military-restricted and military zones are off-limits for property purchases and rentals.

The average price of an apartment in Turkey?

At this point, the most important question is how much will Turkish real estate cost. Property prices in Turkey are, in general, much cheaper than those in Europe or the United States, though this does vary depending on the type of property and its location.

Whether you're looking for a second home, a retirement haven, or a city apartment, your ideal real estate location will be different depending on your goals.

This bustling, vibrant city is one of the most popular locations for foreigners to purchase a new residence or investment property, with 44% opting for it. It has excellent transportation links, a plethora of restaurants and cultural attractions, and is home to some of the world's most affordable retail options.

Can I buy property in Turkey and obtain Turkish citizenship at the same time?

Similar to other countries, Turkey offers a "Golden Visa" program that grants citizenship to foreigners in exchange for a minimum investment.

There are a number of ways to obtain Turkish citizenship through investment, such as establishing a business and depositing a certain amount in a Turkish bank.

However, if you invest at least $400,000 in Turkey, you can acquire citizenship and purchase a property (or the equivalent in other currencies). After purchasing a home, you will be issued a permanent residence card and can apply for Turkish citizenship immediately. Your Turkish passport could be obtained within three to six months.

Power of Attorney

If the procedure is to be conducted by a third party authorized by an out-of-country power of attorney, the power of attorney must include specific authorization for the procedure. In addition, the power of attorney must meet the following requirements:

  • Issued at the discretion of Turkish consulates for real estate
  • Issued by authorities with the authority to issue the power of attorney abroad
  • Issued in the official language of the issuing nation
  • Includes image (with a clear seal and signature over the photo)
  • Includes the apostille if the document was issued in a country that is a member of the Hague Convention
  • Should have certification of the signature of the official signing the power of attorney by the relevant authority and certification of the signature and seal of such authority by the Turkish Consulate if the power of attorney is issued in a country that is not a party to the Hague Convention.

Additionally, the application must include a notarized and certified Turkish translation of the valid power of attorney.

Legal Restrictions on Real Estate Acquisitions by Foreign Natural Persons
  • Natural persons of foreign origin may acquire any real estate in areas where private property is permitted if permission is granted (residential, commercial, land lot, agricultural, etc.).
  • If the property acquired does not contain any existing structures, the foreign owner must submit an application to the relevant public administration within two years in order to develop a project.
  • A natural person of foreign origin may acquire up to 30 hectares of real estate and limited rights in rem anywhere in Turkey. If deemed necessary, the Cabinet of Ministers may grant larger areas.
  • Foreign-born natural persons are not permitted to acquire or lease property within restricted military zones or military security zones. However, they may acquire and lease property within special security zones with the governor’s office’s approval.
  • Natural persons of foreign origin may not acquire more than 10 percent of the total district area where private property is permitted. In the event that the ten percent limit is exceeded, acquisition requests from foreigners shall be denied.
Inheritance

In Turkey, the inheritance rights of foreigners are protected. In the event of a foreigner’s demise, their real property will be transferred to their heirs. If the inheritor is eligible to acquire the real estate (based on nationality and the total limitation conditions per person and throughout the country), the inheritor may keep the property. If not, the person must transfer the property immediately. If not, the Ministry of Treasury and Finance shall sell the property and reimburse the inheritor for the proceeds.

Right to Acquire Turkish Citizenship by Purchasing Real Estate

Natural persons of foreign origin may acquire Turkish citizenship through exceptional procedures upon the purchase of real estate worth more than US$400,000.

In this regard, foreigners:

  • Must acquire real estate worth a minimum of $400,000
  • State in the application for acquisition that they purchased the real estate for this purpose; the title deed should also state this purpose; the foreigner must declare in the section of the form where declarations are made that they will not sell the real estate for three years.

Once the land registry procedures have been completed, the foreign national may apply to the relevant administrations to claim the right of residence or citizenship by submitting the owner’s eligibility certificate.

Title deed process in Turkey (TAPU)

  • Real property registry or information on the village/quarter, map section, plot, building, and independent section
  • A photo ID or passport issued by the foreigner’s country of citizenship (notarized and certified translations should be submitted for ID cards and passports issued in alphabets other than the Latin alphabet)
  • If the procedure involves representation, a document that fact (order regarding guardianship, letter of authorization, power of attorney, etc.)
  • Document indicating the property’s current market value, issued by the applicable municipality
  • Buildings are required to carry earthquake coverage,
  • A photograph of the vendor and two photographs of the buyer (taken within the last six months, size 6x4 cm)
  • A certified translator is required if a party does not speak Turkish.

What Foreigners Need to Know About Purchasing Real Estate in Turkey

  • In Turkey, property ownership titles can only be acquired with the approval of the land registry directorates.
  • Preliminary real estate contracts issued by notaries or entered into in writing by natural persons do not confer property transfer per se. These instruments serve only as a promise to transfer ownership; the property in question does not actually change hands.
  • Prior to initiating procedures at the respective land registry directorate, it is necessary to confirm the absence of encumbrances, such as mortgages, liens, and similar restrictions, that would prevent the sale of the property in question.
  • Property-related inquiries can be made online at parselsorgu.tkgm.gov.tr, where the city, district, quarter/village, map section, and parcel number are used to locate the property. Thus, basic property information, including its current status, is accessible online from anywhere in the world. However, the owner’s private data remains inaccessible.
  • Foreign nationals are not required to possess a residence permit in order to purchase real estate in Turkey. In addition, under Law No. 6458 on Foreigners and International Protection, renewable short-term residence permits are issued to foreigners who acquire real estate in Turkey.
  • A natural or legal person wishing to acquire real estate in Turkey must apply to the General Directorate of Land Registry and Cadastre alongside the property’s owner. In addition, they can call the 24-hour Alo 181 Call Center or visit randevu.tkgm.gov.tr to schedule an appointment without having to visit the directorates’ offices in person.
  • Turkish companies with foreign capital must submit an application to the Provincial Directorate of Planning and Coordination (PDPC) at the local governor’s office where the property is located. After receiving a favorable response from PDPC, they should submit an application to the Land Registry Directorate. These businesses may apply in person, by mail, or via email.

Exceptional Citizenship Acquisition

The scope and amounts determined by the new regulations that were published in the Official Gazette on September 18, 2018 are outlined below. Foreigners who meet any of the following requirements may be eligible for Turkish citizenship, subject to the President of the Republic of Türkiye’s determination:

Investing a minimum of USD 500,000 or foreign currency equivalent in fixed assets, as certified by the Ministry of Industry and Technology.

Acquiring a property with a title deed restriction on resale for at least three years, as attested by the Ministry of Environment, Urbanization, and Climate Change, with a value of at least USD 400,000 or its foreign currency equivalent.

As confirmed by the Ministry of Labor and Social Security, the creation of at least 50 jobs.

The deposit of a minimum of USD 500,000 or foreign currency equivalent in Turkish banks under the condition that it cannot be withdrawn for at least three years, as confirmed by the Banking Regulation and Supervision Agency.

Purchasing government bonds worth a minimum of USD 500,000 or equivalent foreign currency with the stipulation that they cannot be sold for a minimum of three years, as attested by the Ministry of Treasury and Finance.

Depositing a minimum of USD 500,000 or foreign currency equivalent in funds determined by the Insurance and Private Pension Regulation and Supervision Agency with the requirement that it remain in the private pension system for at least three years, as attested by the Insurance and Private Pension Regulation and Supervision Agency.

Purchasing real estate investment fund shares or venture capital investment fund shares worth a minimum of USD 500,000 or equivalent foreign currency with the stipulation that they cannot be sold for at least three years, as confirmed by the Capital Markets Board of Turkey.

*The easiest and most affordable way to obtain Turkish citizenship is to purchase real estate.

HOW TO GET A WORK PERMIT

Required Documents and Application Procedures for Obtaining a Work Permit in Turkey

Every foreigner who wishes to work in the Republic of Turkey must apply to the Ministry of Labor and Social Security for a work permit, which grants foreigners the right to work and reside in Turkey. Without a work permit, it is illegal to work in any capacity in Turkey, and violators will face penalties.

Temporary, permanent, and independent work authorizations may be issued.

Permits to Work - Types

1. Permit to Work Temporarily

A foreigner whose application for a work permit is approved is initially granted a work permit for a maximum of one year, provided that he or she works in a specific workplace belonging to a real or legal person, public institution, or organization, or in a specific position at one of their workplaces in the same line of business, and that the term of the employment or service contract is not exceeded.

2. Permanent Work Permit

Foreigners who have held a legal work permit or long-term residence permit for at least eight years are eligible to apply for a permanent work permit. However, meeting the application requirements does not confer absolute legal rights on the foreigner.

Foreigners with permanent work permits enjoy the same rights as Turkish citizens, without prejudice to their acquired rights regarding social security, and are subject to the relevant legislation when exercising these rights, with the exception of special laws.

3. Independent Work Permit

Work Permit Application Methodology

Applications for work permits are submitted through the E-Permit System. (https://ecalismaizni.csgb.gov.tr/eizin) The foreign national's passport, photo, and a copy of the employment contract are required for all applications.

OBTAINING A RESIDENCE PERMIT

Foreigners who intend to extend their stay in Turkey beyond the time specified on their visa, as well as those who require a visa exemption or plan to stay for more than ninety days, are required to obtain a residence permit.

1. Foreigner Short-Term Residence Permit

Foreigners who own real estate in Turkey or intend to establish a business or make business connections in Turkey must submit the following documents to the relevant Provincial Directorate of Migration Management (l Goc Idaresi Müdürlügü) after submitting an application through the e-residence system for short-term residence permits. (e-ikamet.goc.gov.tr)

Principal short-term residence permits are issued for a maximum of two years. However, foreigners who intend to invest in Turkey in amounts and scopes attested by the Council of Ministers may be granted a five-year temporary residence permit, along with their spouses and children. In addition, these investors are eligible to apply for Turkish citizenship or a long-term residence permit.

2. Permission for Permanent Residency for Foreign Nationals

Foreigners who have continuously resided in Turkey for at least eight years must submit the following documents to the relevant Provincial Directorate of Migration Management (il Göç idaresi Müdürlüğü) for long-term residence permits. Since long-term residence permits are issued indefinitely, no extension request is necessary.

Turquoise Card

The Turquoise Card is a document that grants foreigners the right to work indefinitely in Turkey, as well as the right of residence to his or her spouse and dependent children, in accordance with the provisions of the law. The foreigner also enjoys the rights associated with an indefinite work permit.

The Turquoise Card is issued for an initial transitional period of three years. At the conclusion of this period, the foreigner's application results in the removal of the transition period record from the Turquoise Card, which is then issued indefinitely. This application will be submitted beginning 180 days before the end of the transition period, and in any case before the end of the transition period. After the transitional period expires, the request to remove the transitional period record is denied, and the Turquoise Card becomes invalid.

In the Turquoise Card procedure, qualified foreigners are defined as those with internationally recognized academic credentials, prominence in a field deemed strategic for Türkiye in science, industry, and technology, or those who have made or are expected to make a significant contribution to the national economy in terms of export, employment, or investment capacity.