Owning a real estate in Turkey for foreigners has become a desire for many foreign investors due to Turkey's stability and safety, as well as the strength of the economy, and cultural and social diversity, Turkey has become a real estate investment destination not to be underestimated in the world.
- Properties that can be owned in Turkey for foreigners
- Advantages of owning in Turkey for foreigners
- Real estate residence in Turkey
- Conditions of Turkish citizenship for investors in Turkish real estate
- Important points when buying a property in Turkey
The percentage of real estate sales to foreigners in Turkey, according to Anadolu Agency, increased last year, recording 41.3 thousand housing units, despite the Corona pandemic.
In Article 35 of the Turkish law - which is concerned with the right of ownership - a foreigner has the right to own any type of real estate within the country.
Properties that can be owned in Turkey for foreigners
Foreigners in Turkey have the right to own all types of real estate: (residential real estate, commercial real estate, land, farms, industrial real estate, educational buildings...etc.).
The sum of what foreign individuals own should not exceed 10% of the area of the region, and the total area of what one person can own in all cities of Turkey should not exceed 30 hectares, or 300 dunams.
Turkish law limited ownership to a few nationalities, such as Syrian and North Korean, and prohibited some areas to other nationalities, such as border areas to Greeks and Russians, and some types of land to Egyptians, for example, but in general, it allowed the ownership of most types of real estate, as in the case of Iraqis ownership in Turkey.
Advantages of owning in Turkey for foreigners
- The distinguished living, economic and social conditions in Turkey make real estate investment in Turkey a successful and strategic activity, in addition to, it is a good option for families looking for stability and security.
- The many advantages that individuals get on all social, health and educational levels make stability and ownership in Turkey an excellent option for many foreigners and expatriates.
- Turkey's privileged location: Where Turkey is in the middle of the three continents of the world, it is located near the Arab countries, the European Union and Asia, and this gives real estate in Turkey great importance, and contributes to the ease of movement of foreign individuals to and from Turkey within a few hours.
- Real estate residency: People who own real estate in Turkey can apply for real estate residence in Turkey, whatever the value of the property purchased by the foreign citizen.
- Turkish citizenship: The owner of real estate worth more than 250 thousand dollars can apply for investor residency and then Turkish citizenship immediately for him and his family.
- Real estate prices in Turkey are reasonable and inexpensive, compared to many countries in the world.
- The high quality and luxury of Turkish real estate, which is embodied in the choices of luxury residential and commercial complexes.
Real estate residence in Turkey
Real estate residence in Turkey, is a short-term residency (one year, renewable), granted by the Turkish authorities to a foreigner who owns immovable property (residential property) if it is used for the purpose of housing.
Documents required for real estate residency in Turkey
In order to obtain this type of residence permit in Turkey, the foreigner who owns the property must show the Immigration office in Turkey the following:
- The title deed of the property (Tapu).
- Earthquake Insurance (DASK).
- A passport valid for a period of no less than 6 months.
- Tax number.
- Ordinary health insurance.
Conditions of Turkish citizenship for investors in Turkish real estate
▪ Buying a property or several properties worth more than 250 thousand dollars.
▪ Retaining ownership of the property for a period of no less than 3 years.
▪ Have a clean criminal record.
Important points when buying a property in Turkey
▪ Ensuring the correctness of the property registration with the municipality and at the Tapu Department, i.e., the buyer making sure that the property has an official license with the municipality, and that it is not in violation, and that the property is not bound by any mortgage, seizure or debt.
▪ Choosing the appropriate location and taking its proximity to the workplace into consideration.
▪ Determining the available budget; So that he or she can choose the appropriate area and space.
▪ Good knowledge of the details of the purchasing process and the required documents and papers.
▪ Verifying the seller's legal eligibility and making sure that he or she has the legal right to sell.
▪ Ensuring that there is no other owner or buyer of the property or heirs.
Real estate investment in Turkey is one of the most important personal, family and successful commercial options, as it is a strategic investment with social and economic gains, not to mention that the foreign investor obtains real estate residency and the opportunity to obtain Turkish citizenship that many aspire to.
If you have any questions or inquiries regarding this topic, or others related to owning and investing in real estate in Turkey, Trustus Properties team will be happy to provide you with the best real estate consultancy, so contact us now.
Edited by: Trustus Properties©