Buying real estate whether it’s land or an apartment is a big deal – even if you only consider the money, you would be investing. Doing it in a foreign country is an even bigger decision.
Making any such decision is undoubtedly better when you are as informed and knowledgeable as possible.
To help you with that we have gathered several factors you should know before buying a property in Turkey.
Diverse property market
Turkey boasts a lively, bustling real estate market that has a diverse set of opportunities for any investor.
The market is abundant with both new and old development in either hip, modern neighborhoods or historical areas, each offering advantages specific to themselves.
There is also the geography to consider since Turkey is such a big country with sometimes very distinct regions, which, of course, makes properties and their features vary depending on the area.
Thus, you should at least have a vague idea of what you want when entering such a diverse market. Once you do, you can be sure you are more than likely to find it in Turkey.
Obtaining citizenship
Turkey offers a relatively affordable citizenship by investment program.
To enroll you would need to buy property worth at least $250,000. The limit used to be four times that sum but was lowered back in 2019. Investors can opt to buy several properties whose total value is $250,000 for the citizenship program but they must all be located in the same administrative neighborhood.
The Turkish program grants citizenship not only to the buyer, but also their spouse and/or children under 18.
The process of obtaining the citizenship is comparatively easy and straightforward, and the naturalization on average takes up to three months.
Obtaining residence permit
If you are not planning to buy a property for as much as $250,000 but still want to be able to live in Turkey – don’t worry.
Owning real estate in Turkey grants foreigners the right to get a residence permit. The permit is usually given for one year and is renewable.
To obtain the permit, a property owner must apply to the Directorate General of Migration Management and add to a very standard list of documents a copy of their title deed (“tapu” in Turkish), which confirms property ownership.
Depending on the directorate’s workload the permit can be issued within weeks.
If you included your spouse and/or minor children as owners in the tapu they are also eligible for this permit, if not they can apply for a family residence permit.
Haggling
Nearly every travel blog about Turkey will tell you to haggle with street or market vendors when buying souvenirs. They aren’t wrong, you should do it.
The same is true for the property market too. Socially unacceptable in some places, haggling or bargaining is an essential part of the Turkish culture when it comes to market transactions. It is customary and expected.
Considering the amount of funds involved in buying real estate, you can save yourself a buck or two.
Safety
It’s quite safe for foreigners to buy property in Turkey.
The authorities installed some requirements aimed at preventing instances of fraud, which if happen are a rather huge exception to the rule.
There is a compulsory appraisal by a certified examiner who inspects both the property and relevant documentation to make sure the value is appropriate.
The foreigners, who do not speak Turkish, also must be accompanied by a professional translator during the official procedure of obtaining the title deed and transfer of ownership, i.e. the final step of the buying process.
Easy process
In addition to safety, the process of purchasing real estate in Turkey is relatively simple.
There are understandable steps, no over-the-top requirements and the document package is quite standard.
The process is also rather quick. Mere days could pass between you and the seller shaking hands on the price, and you holding the title deed, having already completed the acquisition.
Info and professional help
Though buying property in Turkey is safe and easy, it’s still important to get relevant information from reliable sources and get assistance from trusted real estate agents.
Providing unbiased and up-to-date information to potential buyers, Zingat also works with professional and well-established real estate agents who know how to make this process barely a chore for you.
Side expenses
There are some official fees and other expenses involved in buying a property in Turkey.
The “official costs” include the title deed fee (“tapu harcı” in Turkish), the circulating capital fee and the service charge. The title deed fee is 4% of the property’s value (i.e. agreed price) and has to be equally shared by both buyer and seller, so each pays 2%. The circulating capital fee and the service charge, paid by the buyer, both cost a little less than TL 200 regardless of the property’s value.
To get the title deed you must also enroll for the compulsory earthquake insurance, known as DASK, whose cost depends on the property.
Foreigners-specific expenses would be the aforementioned property appraisal and the translation services during the tapu transfer, the cost of which would depend on their individual rates.
Some smaller expenses include the notarized passport translation and biometric photos.
If you are using the services of a real estate agent there is also a payment for that, which usually works exactly the same as the title deed fee – 4% of the property’s value in total, 2% apiece for buyer and seller.
Together all the “side expenses” should come to around 5-6% of the property’s price.
Land restrictions
If you are considering buying land Turkey, you should know there are a few restrictions for foreigners.
Firstly, foreigners can own only up to 30 hectares of land in Turkey. To buy more a special, hard-to-get permission from the government is needed.
Foreigners also cannot own more than 10% of the total area available for private ownership in the land property’s administrative district. For example, a small Turkish town has 200 hectares of land that can be privately owned, and a foreigner looking to buy land in that town can only purchase the maximum of 20 hectares there.
Moreover, if there was no prior construction on the land a foreigner bought, they must submit a development plan for that land to the authorities within two years of purchase.
Special military and security zones are, understandably, off the limits. There are also very few country-specific restrictions on land purchase.
For obvious reasons, buying real estate in a foreign country is a big decision that requires careful consideration. However, if you are equipped with useful and relevant information this process becomes a lot simpler and more understandable.
