Last Updated on 14/09/2023
Turkey has always been a sought-after destination for international investors worldwide thanks to its amazing climate, nature, culture, and history. Moreover, the country provides countless chances and many incentives for businesspeople, to encourage real estate investment in Turkey. Yet, we recommend they get informed well regarding how to buy real estate in Turkey. In this article, we’ll go over everything you need to know about purchasing real estate as a foreigner in Turkey. We’ll discuss the main requirements and try to answer all your questions.
How is the Real Estate Market in Turkey?
The first thought an investor should consider is to evaluate the sector he is about to invest in. Therefore, we believe that it is totally legitime to wonder about the situation of the real estate market in Turkey before even asking how to buy real estate in Turkey. To answer this question, we should point out that demand for properties as a whole is essentially stable. According to the Turkish Statistical Institute, the total number of home sales increased marginally by 1% to 1.28 million units in the first eleven months of 2022 compared to the same period in the previous year, following a 0.5% fall throughout 2021.
Moreover, the number of foreign homes purchased in Turkey increased dramatically by a whopping 20.4% to 61,104 units in the first eleven months of 2022 compared to 50,735 units in the same period last year. The number of homes sold to foreign buyers was at an all-time high.
Experts ensure that the Turkish real estate market is still expanding, and 2023 seems to be on track to set new records for the number of houses sold to foreigners. This is despite the Turkish Lira’s instability in 2021 and 2022 and the pandemic challenge. In fact, according to official data, house sales in Turkey recorded an increase in January 2023 giving an optimistic forecast.
Property Agencies and Agents
Turkey’s real estate market is expanding at an exponential rate, and more brokers and companies pop up daily. To avoid fraud, we recommend you select an agency with a solid reputation and an impressive background. As a result, a knowledgeable consultant will assist you at every stage of the process and give you accurate information and service whenever you need it.
Purchasing a home often requires paperwork, reports, disclosures, and other legal and financial documentation. A knowledgeable real estate agent is aware of the standards of the market. Besides, he knows exactly how to buy real estate in Turkey. And he will assist you to avoid costly delays.
To help you achieve your home-buying goals while staying within your budget, an intelligent real estate agent will steer you through the home-search process with objectivity. When you have inquiries regarding neighborhood amenities, utilities, zoning regulations, contractors, and other topics, agents are a fantastic resource.
Any real estate transaction involves several elements that are open for debate, including price, repairs, and possession date. Therefore, the agent always takes your side and assists you to get the most beneficial transaction.
Best Places to Buy Property in Turkey
Foreigners who consider buying real estate in Turkey should know that it is a beneficial time to make significant profits shortly. Nonetheless, international investors who want to invest in Turkey real estate should do their research beforehand. Actually, capital growth is more likely high in some regions than others. Consequently, it is important to know what the region has to offer in terms of amenities, facilities, climate, etc. Here are some tips on where to purchase real estate in Turkey.
Istanbul
Istanbul unquestionably tops the list when deciding where to buy real estate in Turkey. It has unquestionably been the most well-liked investment location to date for foreign investors. Moreover, given the city’s historical and touristic significance as well as its advanced infrastructure, these findings are not surprising. Megaprojects in Istanbul, such as the brand-new airport, numerous bridges, and the significant Canal Istanbul, serve as physical evidence of a robust infrastructure. A strong and sizable real estate market was made possible by the well-developed transportation network, which consists of motorways, bridges, tunnels, and other public transportation alternatives.
Istanbul is a business hub with a large number of foreign firms. EMEA (Eastern Europe, Middle East, and Africa) is about to become the financial center of the globe, as demonstrated most recently by Google shifting its EMEA headquarters to Istanbul, which will soon be followed by Apple and other companies. Moreover, with the construction of the Istanbul Financial Center in Ataşehir, Istanbul tends to become the world’s investment and business hub.
Antalya
Antalya is not only a great place to visit and vacation, but it’s also a good place to live and work. For many individuals, it is the ideal location in Turkey to purchase real estate. Actually, Antalya is the destination of choice for foreigners looking for employment in the tourism sector.
Despite the Covid epidemic, Antalya welcomed almost 9 million tourists in 2021. The city did a fantastic job of handling the Covid dilemma because of its safe tourist rules. The booming tourism industry in Antalya contributed to the rise in real estate investment. Moreover, for the recent 10 months, Antaly ranked first in home sales made to foreigners mainly by Russian nationals.
Izmir
Izmir is Turkey’s third-largest city. It is currently Turkey’s second-largest trading hub, bringing in roughly 21 billion dollars annually. Moreover, Izmir ranks third in terms of economic growth. The province contributed 6.18 percent of the national GDP between 2010 and 2019. Furthermore, Izmir is popular for having a robust tourism business as well. It results from a varied topography that includes sandy beaches and significant historical landmarks, including Ephesus City, a UNESCO World Heritage Site.
Besides, the real estate market benefits from Izmir’s expanding tourism sector. Major construction companies have battled for a position in Izmir, a market that is quickly expanding and has a lot of opportunities and significant investment potential.
Bodrum
Bodrum is a port city in the Muğla Province of Turkey. It draws tourists from around the world and investors looking to buy real estate. Due to its distinctive architecture, gorgeous beaches, resorts, and villas, as well as its vibrant nightlife, the region has become a favorite vacation spot for wealthy celebrities and Hollywood stars. Moreover, recent trends have pointed many domestic and international investors toward Bodrum. As a result, it remains a well-liked resort for members of high society and celebrities. It draws foreign purchasers searching for Bodrum real estate, whether they want second homes or permanent dwellings.
Fethiye
Fethiye comes as one of the most populated cities in Muğla Province. It is a well-known tourist destination that attracts travelers from all over the world due to its international vibe. Thanks to its magnificent beaches, and opulent resort, Fethiye is also a well-liked location for real estate investors and buyers.
Fethiye is a desirable holiday spot in the summer due to its pleasant climate and sandy beaches. This fact greatly increased the demand for vacation homes. This proof attracted real estate investors to Fethiye. People started to perceive the city as a well-known real estate market with impressive returns on investment.
Legal Requirements to Buy Real Estate in Turkey
Article 35 of Law number 6302 that which the Turkish government put into effect in May 2012, gave foreign nationals the legal right to purchase real estate on Turkish soil. The article provides all the necessary information explaining how to buy real estate in Turkey. Nevertheless, there are some restrictions. In actuality, any foreigner from outside of Armenia, Syria, North Korea, and Cuba may purchase real estate in Turkey. He must, however, adhere to certain rules. First of all, the land area of the property must not be greater than 30,000 square meters or more than 10% of its district. Moreover, they should get authorization from local military officials before purchasing real estate in the area. Moreover, foreign nationals can’t buy real estate in Turkey from the provinces of the border areas by residents of countries that are close to Turkey’s borders.
Additionally, purchasing agricultural property in Turkey is prohibited for citizens of specific nations. They also need permission to buy various kinds of properties in Turkish territory. These nations are – Morocco – Egypt – Latvia – Afghanistan.
Who We Are and How We Can Help You?
MEO Consultants is a business consulting organization with its main office in Turkey and branch offices in Bahrain and the United States. We focus on foreign relocation and investment consultancy in Turkey and have extensive real estate industry knowledge. Our qualified team has years of experience working with individuals, new businesses, and organizations, including international investors. Starting a new business, or branch office, buying real estate, or moving to a new location can be difficult. We use our expertise to help make the process smooth and profitable for you.
To provide you with the best possibilities for your profile, MEO Real Estate professionals examine market characteristics and compare them to your long- and short-term goals, regardless of whether you are searching for a place to live or an investment. Although we don’t engage in real estate transactions, we provide you with all the necessary guidance and carry out all the necessary tasks, from zoning verification to market analysis, to help you come up with the best course of action for your goals and circumstances.
The MEO team offers you a thorough, effective plan upon request. We provide all the necessary guidelines for a successful transaction including area investigation, pricing, and market analysis.
Learn more about our Real estate consultancy services.
How to Buy Real Estate in Turkey FAQs
How do I get a bank loan/mortgage in Turkey?
Foreigners can get loans and mortgages in Turkey under certain circumstances. They must mainly be under 70 years old and must have a clean criminal record. Yet requirements might vary according to the Bank.
What kind of taxes and fees will I need to pay?
Buying a property in Turkey will cost you additional fees from 3 to 4% of the property prices. To know more details about the different taxes we recommend you get in touch with our experts.
Is it a good idea to buy property in Turkey?
Buying property in Turkey is a beneficial investment scheme that guarantees many advantages such as Turkish residency, Turkish Citizenship, and high ROI.
Can anyone buy real estate in Turkey?
Except for Armenia, Syria, North Korea, and Cuba, any national of all countries can buy real estate in Turkey.
Do you need a lawyer to buy real estate in Turkey?
Getting a lawyer to buy a property in Turkey is not mandatory. Yet, it might be helpful especially if you are not able to be present physically during the purchase process.
Can I get Turkish residency by buying a property?
Yes, buying property in Turkey gives you the eligibility to get Turkish residency. Yet the price of the property must be at least 75,000$ in metropolitan cities and 50,000$ in small towns.
How much of a down payment do I need for a house in Turkey?
It depends on the property price and the offered payment plan. But generally down payment varies between 35% and 50% of the property price.
