Foreigners’ Right to Acquire Real Estate in Turkey
Turkey has become a very attractive real estate destination for foreign investors in recent years. It attracts many people with its magnificent natural beauties, rich history and culture, developing economy and affordable living costs. In parallel with this interest, the right of foreigners to acquire real estate in Turkey is also a matter of curiosity. In this article, we aim to provide a detailed guide with the legal framework on this subject, current developments and information that may be useful for foreign investors.
Legal Framework
With the new law that came into force in 2023, the practice of requiring reciprocity for real estate acquisition in Turkey by foreign nationals has been abandoned. In this way, citizens of 183 countries have the right to purchase real estate in Turkey without any residency requirement.
Foreigners can purchase real estate in Turkey for use as residence and workplace. However, there are some limitations:
Area Limit: The total area of real estates acquired by foreign nationals and independent and continuous limited real rights cannot exceed 30 hectares per person in the country. The Council of Ministers may increase this amount up to two times.
Military Security Zones: There may be restrictions on purchasing real estate in certain regions such as military security zones and national parks. Information must be obtained from the relevant land registry office or the Ministry of Environment, Urbanization and Climate Change before purchasing.
Purchase Process
Foreigners can follow the following steps to purchase real estate in Turkey:
Selection of Real Estate: A real estate that suits the needs and budget must be selected.
Title Inquiry: The title deed information of the real estate and whether there are any mortgages or annotations must be checked from the land registry office.
Purchase Contract: A written purchase contract must be signed with the real estate owner.
Title Transfer: An appointment must be made at the land registry office and the real estate transfer transaction must be carried out with the necessary documents.
Taxation: Taxes such as property taxes and duties must be paid during the purchase process.
Advantages for Foreign Investors
Turkey offers some advantages to encourage foreign investors:
High Rental Income: Especially in touristic areas, real estate can provide high rental income.
Turkish Citizenship: Investors who purchase real estate of certain values can gain the right to apply for Turkish citizenship after 3 years.
Residence Permit: Foreigners who own real estate can obtain a long-term residence permit.
Health Services: There are private health insurance options for foreigners in Turkey, and services can also be received in state hospitals for a certain fee.
Important Recommendations
It is important to conduct detailed research and work with a reliable real estate agent before purchasing real estate.
All legal procedures must be completed completely during the purchase process and the necessary documents must be prepared meticulously.
Information should be obtained about taxation and legal obligations.
If necessary, legal consultancy services should be obtained from an expert.
