Last Updated on 03/03/2023
Turkey stands out as an attractive destination that draws attention to the global market thanks to its growth, especially in the real estate industry. As we look closer at this sector’s explosive expansion, we can conclude the important interest and contribution of international investors. At that moment, many people might ask “can foreigners buy property in Turkey?” They might also wonder about the requirements and limits of foreign investment in the Turkish real estate sector.
In this article, we tried to satisfy your curiosity and clarify all your doubts regarding the necessary specifications and useful information about buying a property in Turkey as a foreigner.
Real Estate Market in Turkey?
An investor should assess the industry he is planning to invest in as his first thinking. Thus while wondering if foreigners can buy property in Turkey or how to buy real estate in Turkey, make sure to investigate the status of the Turkish real estate market. Therefore, it is important to note that the overall demand for properties is largely stable. The total number of home sales grew slightly by 1% to 1.28 million units in the first eleven months of 2022 compared to the same period the year before, up from a 0.5% decline throughout 2021, according to the Turkish Statistical Institute.
According to experts, the Turkish real estate market is still growing, and new records for the number of homes sold to foreigners appear to be on the horizon for 2023. This is despite the pandemic challenge and the Turkish Lira’s instability in 2021 and 2022. In actuality, upbeat predictions from official data show that house sales in Turkey increased in January 2023.
Can Foreigners Buy Property in Turkey?
Foreign nationals have the legal right to purchase real estate on Turkish soil. This started to be legitime after the publication of Article 35 of Law Number 6302, which the Turkish government implemented in May 2012. The article offers all the information required to understand how to purchase real estate in Turkey. But, there are certain limitations. In reality, any foreigner from a country other than Armenia, Syria, North Korea, or Cuba is allowed to buy property in Turkey. But he has to follow some guidelines. First of all, the property’s total land area cannot exceed 30,000 square meters or 10% of its neighborhood. Also, they should seek approval from regional military authorities before investing in local property.
Besides, they should seek approval from regional military authorities before investing in local property. Furthermore, nationals belonging to countries bordering Turkey can’t purchase real estate in Turkey from the provinces in these areas.
Is it Safe to Buy Property in Turkey?
After getting the answer of “ Can foreigners buy property in Turkey”, here is another legitime and essential question you should be asking. In fact, many individuals are unsure if buying real estate in Turkey is risk-free. Indeed, it is the answer. It can also be an extremely lucrative investment. To make sure their purchase is trustworthy, investors need to do specific actions and follow the instructions carefully.
Unfortunately, you probably have heard of some infamous tales concerning the Turkish real estate market when people lost their money. Therefore, we highly advise you to cooperate with a reliable agency with a solid reputation and a distinguished history to prevent fraud. Thus, you will receive assistance at every level of the procedure as well as precise information and secure service all along the purchase process.
Paperwork, reports, disclosures, and other legal and financial papers are frequently needed when buying a home. An experienced real estate agent is familiar with industry norms. He also understands just how to purchase real estate in Turkey. He will also help you avoid expensive delays.
Get a free Initial Consultation.
Risks of Buying Property in Turkey
There are some risks that a newly arrived real estate investor may run into in the vast Turkish real estate market. Some of these are caused by ignorance of Turkish laws, or by fraud and false promises. Moreover, poor communication or lack of understanding may also result in an unsuccessful transaction. Therefore, we tried to cover these risks and give you some recommendations to avoid them.
How to buy a property in Turkey safely?
Here are some fast tips that you should consider while buying a property in Turkey. Make sure to follow these instructions to prevent you from falling into any fraud, deception, or circumvention of laws or rights.
First of all, to determine the seriousness of a real estate agency, you must conduct an online search for the greatest real estate businesses and connect with them. Hiring a reliable real estate agent is very important to prevent falling victim to fraudsters. Moreover, make sure to check the title deed of the property so you be sure it is not the object of any debts or mortgages.
Pay close attention to any service charges in the complex or building where you plan to purchase. Besides, foreigners buying properties in Turkey must acquire confirmation from the Turkish military that the property is not close to or situated in a military area.
What’s the approximate cost of property in Turkey?
It is hard to answer this question with a specific amount. Actually, the price of a property in Turkey depends on many factors mainly the location. Moreover, the features of the real estate such as the area, the view, the direction, and the floor contribute to determining the price. Therefore, foreigners willing to buy a property in Turkey should evaluate the property and its surrounding to estimate the cost they will be paying. Besides, they should know that purchasing a property in Turkey charges them additional fees and taxes. They should that expect around 4% of the property price.
Top 5 International House Buyers in Turkey
https://data.tuik.gov.tr/Bulten/Index?p=House-Sales-Statistics-January-2023-49519
Recently, Russian nationals have been at the head of the list of foreign buyers of properties in Turkey. With the beginning of the Russian invasion of Ukraine, Turkey has attracted many Russian investors especially in the Real estate sector. The Turkish Statistical Institute claims recently that Russian citizens purchased 1,557 homes from Turkey in January 2023. For them, it is a substitute escape from the western financial sanctions.
Iranians and Iraqis have always been among the 3 top international property buyers in Turkey. In fact, they bought 526 and 229 homes respectively in January 2023.
Ukraine and Kazakhstan nationals ranked 4th and 5th with 157 and 155 sales respectively in January 2023.
Conclusion
Working with professional consultancy companies specialized in buying property will always help you in buying right property. MEO Consultants offer consultancy services in this matter, you can call us on +90 (212) 823 56 54
Can Foreigners Buy Property in Turkey FAQs
Is it a good idea to buy property in Turkey?
Due to its accessibility, affordability, and growth potential, investing in real estate in Turkey is a beneficial alternative. Buying a property in Turkey gives you the chance to get a high return. It also gurantees an attractive capital structure with minimal risk.
How long can you stay in Turkey if you own a property?
Buying a property gives you the right to live in Turkey and acquire a residence permit with certain requirements.
Does buying a house in Turkey give you residency?
Yes, buying a house in Turkey makes you eligible to get a residence permit in Turkey. Yet, the minimum price of the property must be at least 75,000$ in metropolitan cities and 50,000$ in small towns.
