Iraqis’ Real estate Ownership in Turkey | Top Nationalities who Own and Invest

Iraqis’ Real estate Ownership in Turkey | Top Nationalities who Own and Invest

Real Estate Investment
Iraqis’ Real estate Ownership in Turkey | Top Nationalities who Own and Invest

Prosperity, stable life, serenity and safety in Turkey, these and other reasons made the country a favorite destination for the peoples of the region, and this is what prompted the Iraqis’ ownership in Turkey to top the list of foreigners who bought real estate in Turkey.

Why do Iraqi families prefer Turkey?

Foreigners and Iraqis demand to buy real estate in Turkish cities is due to several reasons; Turkey is an ideal country for those looking for a comfortable family life, as well as for those who want a high-quality education, in a wide variety of schools and universities, scattered in every city and region.

However, all the necessities of a comfortable life in Turkey are available from entertainment, service facilities, and strong infrastructure, not to mention education and health, and all forms of shopping from the most luxurious Istanbul malls with its international brands, to local small and medium stores.

According to estimates by the Iraqi Ministry of Immigration, about 700,000 Iraqi citizens live in Turkey, as the Iraqi community is the second largest in Turkey after the Syrian community.

 

Reasons for Iraqis to own property in Turkey

  • Safe residence, where Turkey enjoys a safe and secure life, especially in modern residential complexes, with strict security measures.
  • Therapeutic, educational and social services available to citizens and expatriates alike.
  • Enormous job opportunities, real estate and commercial investment, which are available in various Turkish activities and sectors. It is not more worthy than Iraqi investors to seize opportunities and maximize gains and profits during short periods.
  • The good relationship between the Iraqi and Turkish peoples and their historical roots.

 

Iraqis’ ownership in Turkey

Iraqis in Istanbul, Mersin, Şanlıurfa, Izmir, Ankara and many other eighty Turkish cities and provinces have bought one or more properties in Turkey.

Many Iraqis in Turkey have owned an apartment to live or invest in Turkey, or even a commercial property such as shops and offices, Whereas, owning a property in Turkey is a good investment for the Iraqi individual and family for the following reasons:

  1. Ease and speed of ownership procedures within a few days with no bureaucracy.
  2. Obtaining a real estate residence right after buying a property in Turkey whatever its value.
  3. Prices that are appropriate for the Iraqi citizen, as real estate prices in Turkey from city to another, and even from one neighborhood to another; Which gives the person the comfort when buying in a way that suits his or her budget, no matter how big or small, with the exact specifications he wants.
  4. Turkey is a country close to Iraq and like it culturally, socially, religiously and commercially, and the ties between the two peoples are a rooted in history throughout the ages.
  5. The importance of obtaining a second passport for most Iraqis, and this is what they find easily available according to the recently approved Turkish citizenship by investment programs, the easiest of which is to obtain Turkish citizenship in return for buying real estate worth more than 250 thousand dollars, with a pledge not to sell it for a period of 3 years.

 

Conditions for Iraqi ownership in Turkey

In 2012, the Turkish Council of Ministers issued a law granting Iraqis in Turkey and foreigners the right to own and purchase immovable property inside Turkey.

This law allows Iraqis in Turkey to own most types of real estate, including residential real estate such as apartments and villas, as well as commercial real estate such as shops, offices, warehouses, hotels, and buildings.

Iraqis are also entitled to own residential land, while they are not entitled - under Turkish law - to purchase agricultural land and land classified as commercial.

Iraqis’ ownership in Turkey

Documents required when buying a property in Turkey for Iraqis

In order to complete the procedures for real estate ownership in Turkey and for title deed, the Iraqi citizen is required to provide the following papers:

  1. Obtaining a tax number (vergi numarası) in the name of the person who wants to own the property. It is easy to obtain it from one of the branches of the tax department within minutes and only by the passport.
  2. Translating the passport into Turkish, and attesting the translated passport with the notary public, or through Turkish embassies abroad.
  3. Two personal photos.
  4. Paying the title deed fees, or what is called the land registry fee.
  5. The presence of the person concerned, or the presence of his official representative according to an official power of attorney authenticated by the notary public, or at one of the Turkish embassies abroad.

 

The most important advantages of Iraqi ownership in Turkey

Obtaining Turkish citizenship for Iraqis

On September 19, 2018, the Turkish government issued an amendment to the old Turkish citizenship law for real estate investors to obtain Turkish citizenship, by decreasing the minimum purchase of real estate from one million dollars to 250 thousand dollars, provided that the property is not sold for a period of 3 years.

This decision provided an important opportunity for many Iraqi investors to obtain Turkish citizenship, which gives them easier privileges to move around the world.

 

Real estate residence permit in Turkey for Iraqis

A short residence that can be renewed annually, granted to foreigners who own property in Turkey, and is usually given for one year to the property owner. While companions, such as a wife or husband, and children, obtain the residence based of a companion.

The law also stipulates that whoever has residency in Turkey for five consecutive years, and the interruption period outside the country does not exceed more than 6 months can apply for Turkish citizenship.

If you have any questions regarding this issue or others related to real estate ownership and investment in Turkey, Trustus Properties team will be happy to provide you with the best real estate advice; Contact us now.

Edited by: Trustus Properties ©

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