Everything you need to know about buying a property in Turkey 2024

This article will cover the fundamental requirements for foreign investors looking to purchase property in Turkey, addressing the most frequently asked questions we receive on a daily basis.

Who Invests in Turkish Real Estate and for What Reasons?

               Foreign buyers account for 2-3% of property sales in Turkey, with the majority being local residents. Turkey stands out for its vast and diverse real estate options, combined with competitive prices compared to Europe. This, along with its central global location, makes it an attractive destination for investors from around the world. Turkey's diverse climate caters to a wide range of preferences; it offers colder regions like Trabzon, Rize, and Bursa, which are favored by residents of warmer countries, as well as warmer cities like Antalya, Bodrum, and Mugla, which are preferred by those from colder regions. Furthermore, Turkey features cities conducive to entrepreneurial activities, with Istanbul at the forefront, a city we will delve into further in this article.

He also acquires real estate in Turkey on behalf of individuals seeking Turkish citizenship, in accordance with the existing legislation established by the Turkish government. Under the current law, any foreign national has the option to purchase real estate valued at $400,000 or more and can immediately apply for Turkish citizenship for themselves and their family.

Turkey is further distinguished by the excellent quality of education offered by its universities, along with the significantly lower tuition fees compared to many other countries. This attracts a substantial number of international students, many of whom have family members who contemplate visiting. Turkey, being a premier tourist destination, makes owning property an attractive option for these families, as it offers a compelling alternative to renting.

For individuals considering permanent residency in Turkey, it offers a highly conducive environment with comprehensive family-oriented services including education, entertainment, and healthcare facilities. Additionally, Turkey boasts diverse cultural settings, catering to a range of preferences, including conservative values. It provides a nurturing ecosystem for businesses, prompting many foreign entrepreneurs to either establish companies or branch offices in the country. The likelihood of success in such ventures is notably high, especially when opting for cities with a dense population, such as Istanbul.

A growing number of individuals seeking permanent residence in Turkey opt for obtaining Turkish citizenship as a means to initiate a fresh start, complete with a new passport and identity. This approach enables them to smoothly assimilate into Turkish society.

Foreign Real Estate Investment Locations in Turkey

               Istanbul consistently maintains its top position as the primary destination for real estate transactions in Turkey, catering to both local residents and foreigners. This prominence is hardly surprising, considering that Istanbul is home to roughly one-quarter of Turkey's total population. What's particularly remarkable is that despite covering only a quarter of the land area of the capital, Ankara, Istanbul accommodates a population four times larger. Consequently, the population density in Istanbul surpasses that of Ankara by a staggering 16-fold. This makes Istanbul the bustling commercial capital of the country, marked by its abundant services, extensive educational opportunities, and diverse entertainment options.

Conversely, Istanbul boasts an extensive array of natural and tourist attractions. The city is uniquely positioned, nestled between the Black Sea and the Sea of Marmara, and it encompasses two substantial lakes along with the iconic Bosphorus Strait, which serves as a geographical boundary between the European and Asian continents. The tourist attractions in Istanbul are so numerous that listing them all here would be unnecessary.

It's important to know that Istanbul stands out as the prime city in Turkey for securing a substantial return on investment upon resale. The city experiences robust demand, making reselling notably more straightforward compared to other cities. With a judicious property selection, the prospect of successful resale is virtually assured, potentially yielding profits that could exceed 100% in just three years, denominated in dollars.

Given that a significant majority of foreign investors prioritize Turkey as a real estate investment destination rather than a place to live, selecting Istanbul is imperative for commencing a fruitful investment venture in the real estate sector.

While other cities in Turkey may offer suitability during specific seasons, Istanbul reigns supreme with its unceasing, year-round demand and unmatched, highly efficient services, making it unparalleled in terms of competition.

Essential Documentation for Purchasing Property in Turkey

               If your aim is to acquire an investment property or real estate residency, you can complete the property purchase and direct ownership transfer process with just your passport.

To acquire a property and secure Turkish citizenship, certain conditions specified by the Turkish government must be met.

Requisite Real Estate Criteria for Attaining Turkish Citizenship

1. The property's value must be a minimum of $400,000.
2. A property valuation from a government agency confirming that the property's worth exceeds the specified minimum of $400,000.
3. A bank transfer receipt totaling $400,000, even if the payment is made in installments. It's essential to note that some investors have been deceived by properties priced below $400,000, which qualify for Turkish citizenship. They initially transfer the amount to the seller's account, only to have it refunded and then transferred again. It's crucial to understand that the Turkish government has identified and invalidated such fraudulent transactions, resulting in an immediate rejection of their Turkish citizenship applications.
4. The property's title deed must be prepared, regardless of whether the property is completed or still under construction. In some instances, the title deed is ready in the initial construction stages, while in others, the construction may be finished, but the title deed has yet to be obtained from the real estate developer. This is significant because some investors, aiming for higher investment returns with properties under construction, mistakenly purchase ready-made properties to meet the Turkish citizenship requirement. However, as mentioned earlier, this is not a mandatory condition.
5. A commitment not to sell the property for a period of three years from the purchase date is necessary.
6. For ready-made properties, it is possible to combine two units from different projects, while in the case of properties under construction, they must be purchased from the same project, whether it's one apartment or more, with a total value of at least $400,000.

Benefits of Holding a Turkish Passport

• Access to 77 countries without the need for a visa, along with convenient entry to 26 Schengen Area nations.
• Travel to 33 countries with automatic visa-on-arrival privileges for Turkish passport holders.
• Access to over 8 countries by obtaining an electronic visa online.
• Ranking among the top 30 passports globally, the Turkish passport offers remarkable benefits.
• Access to free tuition and university payment options extended to Turkish citizens.
• No mandatory minimum duration of stay is required.
• A relatively short processing and delivery period of approximately 30 days is a notable feature of the Turkish passport.
• Full access to all medical entitlements granted to Turkish citizens.
• Eligibility for the national retirement plan as a Turkish citizen.
• Enfranchisement for all types of elections in Turkey.
• The Turkish passport permits dual citizenship, enabling individuals to maintain their original citizenship.
• Validity of the Turkish passport for a decade.
• Renewable for life, providing enduring advantages.
• Turkish citizenship holders can swiftly obtain a Turkish passport immediately after acquiring Turkish citizenship.

These characteristics are currently in place, with the potential for further enhancement and expansion in the very immediate future.

Benefits of Acquiring Turkish Citizenship

1. Full Enjoyment of Turkish Citizen Rights
2. Lucrative Real Estate Investments
3. Lifelong Turkish Citizenship
4. Family-wide Turkish Citizenship Acquisition
5. New Name and Surname upon Gaining Turkish Citizenship
6. The Strength of the Turkish Passport
7. Rich Cultural Diversity in the Nation
8. Ongoing Infrastructure Advancements
9. Turkey's Geopolitical Significance
10. Türkiye's Future Prospects

What leads investors to specifically choose Türkiye for their investments?

• Turkey's unprecedented resurgence in launching massive investment projects, particularly in infrastructure, which has enticed investors and individuals with substantial capital to consider Turkey.
• Diversification and growth in various industrial, commercial, and agricultural sectors that bolster real estate investments in Turkey.
• An emphasis on boosting exports of Turkish products globally, transforming Turkey from a net importing nation to a significant exporting player.
• The reinforcement of the Turkish state and the advancement of electronic transactions, benefitting both citizens and investors across numerous governmental sectors.
• Initiatives to simplify service provision to citizens by creating secure online platforms and accessible communication channels for service access.
• Unwavering support for the Turkish economy through the development of strategic plans to maintain the country's financial stability.
• The continued development of substantial investment projects with significant benefits for Turkey and its economy. Some of these projects have already been completed, such as the Istanbul International Airport, the largest medical complex in Europe and the world, Basaksehir Medical City, while others are still under construction, such as the Istanbul Canal project and new metro lines.
• Turkey's exceptional geographical location as a bridge between Asia and Europe, featuring vital land, sea, and air trade routes connecting the East and the West.
• The presence of Istanbul, a city that seamlessly blends the past and present, drawing together diverse civilizations and attracting tourists from all corners of the globe. Istanbul is also home to some of the largest industrial, commercial, and tourist developments in the world.
• The proliferation of education in Arabic or English in numerous Turkish schools and universities, making Turkish citizenship an appealing choice and eliminating language barriers in education.
• Generous incentives provided by the Turkish government for those interested in property ownership and real estate investments.