A step-by-step guide allowing foreign nationals buying property in Turkey to do so as smoothly and safely as possible. Buying houses overseas may not be as straightforward as buying in your home country. The main reasons people sometimes think buying overseas property is risky are:
We are Property Turkey, a real estate agent, and we understand and appreciate these concerns. Therefore, weve put solid guidelines and recommendations to help you buy safely and smoothly. Close analysis of the best practices and experience means were well-placed to advise you on minimising and eliminating real estate investment risks. Follow our 11-step guide and report to buying a home in Turkey to ensure that your dream home in the sun becomes a peaceful and rewarding reality.
Turkey has emerged as a top destination for foreigners looking to buy real estate abroad. With its beautiful Mediterranean climate, low cost of living, and citizenship by investment program, Turkey offers an excellent opportunity to own a high-quality home at an affordable price This guide provides everything you need to know about purchasing property in Turkey as a foreigner
Why Buy a Home in Turkey?
There are several compelling reasons why purchasing real estate in Turkey is an attractive prospect:
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Home prices in Turkey are low compared to Western Europe. Luxury properties in coastal areas can cost a fraction of what an average home would in the UK or France.
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The Turkish climate is ideal, with sun-drenched beaches and warm weather attracting buyers looking for a desirable place to live or vacation.
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Turkey’s economy is developing rapidly, and real estate purchases qualify foreign buyers for citizenship by investment Gaining a Turkish passport facilitates travel and business in European and Asian markets
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Strong tourism means properties in Turkey have excellent rental income potential, especially in popular coastal resort towns.
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Turkish properties range from traditional Ottoman-style townhouses to state-of-the-art modern apartments and luxury villas. There is ample selection across all budgets.
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Unlike some countries, Turkey imposes few restrictions on foreigners purchasing real estate. The only limitations are on property bigger than 30 hectares or in military zones.
Popular Places to Buy Property in Turkey
Turkey offers diverse options across bustling cities, quaint fishing villages, breathtaking coastline, and pristine countryside. The most sought-after locations include:
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Istanbul – Turkey’s largest city provides culture, nightlife, commerce, and history. Apartments here offer convenience but prices are higher than elsewhere.
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Antalya – Major expat population and thriving tourism make Antalya on the Turkish Riviera popular. Nearby Alanya also draws buyers.
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Bodrum – Luxury seekers are drawn to fashionable Bodrum for its upscale marina and boutique hotels, along with charming fishing villages.
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Fethiye – Brits flock to Fethiye for its stunning beaches, azure waters, and traditional Turkish lifestyle. A quieter location.
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Bursa – Prices are extremely affordable in Bursa, under an hour from Istanbul. A green, peaceful city with skiing and thermal baths nearby.
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Ankara – Turkey’s modern capital offers affordable property prices compared to Istanbul, along with plentiful jobs and commercial opportunities.
Cost of Property in Turkey
One of Turkey’s biggest attractions is the relatively low cost of real estate compared to Europe. Expect to pay around:
- €1,459 per sq. m for an apartment in Istanbul city centre
- €818 per sq. m for an apartment outside Istanbul city centre
- €63,205 average price for a 100 sq. m apartment in Istanbul
- €782 per sq. m for an apartment in Antalya city centre
- €35,019 average price for a 100 sq. m apartment in Antalya
Outside of the largest cities, prices fall even lower in Turkey’s smaller towns and villages.
Buying Process for Foreigners
The process of purchasing property in Turkey involves:
- Getting a Foreigner Identity Number and tax number
- Finding a property and negotiating price
- Signing a sales agreement and paying a deposit
- Appointing a solicitor to handle legal matters
- Obtaining an independent appraisal of the property
- Paying notary, property tax, and land registry fees
- Registering the title deed (Tapu) in your name
While buying Turkish property is relatively straightforward, hiring professionals such as a solicitor and real estate agent provides helpful guidance for international buyers.
Financing Your Home Purchase in Turkey
If you need a mortgage, Turkish banks do offer loans to foreign property buyers, usually with a maximum 70% loan-to-value ratio. Interest rates are fairly reasonable, but your own bank in your home country may offer better terms.
You can also use money transfer services like Wise to send funds from abroad into your Turkish bank account easily and cheaply. Their mid-market exchange rates help you avoid pricey bank fees and conversion charges.
Gaining Turkish Citizenship by Investment
An exciting benefit of buying real estate in Turkey is that it provides a pathway to citizenship by investment. Purchasing property worth a minimum of $400,000 makes foreign buyers eligible to apply for Turkish citizenship and a passport.
The entire process from property purchase to passport in hand can take as little as 3-6 months. Being a Turkish citizen grants visa-free travel to over 125 countries worldwide.
Finding the Right Turkey Property for You
Define your priorities first when starting your property search. Seek a real estate agent familiar with areas matching your lifestyle goals.
Istanbul offers vibrant city life and culture. Coastal spots like Bodrum provide beachfront properties. Traditional villages deliver an authentic local experience. Places like Ankara and Bursa balance affordability and amenities.
Choose older or new construction based on your renovation capabilities. Get an independent inspection before purchasing any pre-owned property.
Make Your Dream of a Home in Turkey a Reality
With year-round sunshine, low cost of living, and easy citizenship through real estate investment, Turkey checks all the boxes. Do thorough research and hire qualified professionals to ensure your home buying process goes smoothly.
Soon you could be relaxing on the balcony of your very own Turkish villa or enjoying urban living in a modern Istanbul flat. Don’t just dream about owning a home in this captivating country – take the steps to make it happen today!
How Long Can You Stay in Turkey if You Own Property?
If you own a property, you can stay 90 days out of 180 days. To stay longer than this, apply for a residence permit. Many foreign buyers have received permits for their property purchases. Do check before buying, though, because once again, there is a stipulated amount to spend. If you apply for residency, you need to prove income to support yourself.
Step-by-step guide to buying a home in Turkey
A step-by-step guide allowing foreign nationals buying property in Turkey to do so as smoothly and safely as possible. Buying houses overseas may not be as straightforward as buying in your home country. The main reasons people sometimes think buying overseas property is risky are:
- The fear of being defrauded and losing money as well as precious time;
- Differences in applicable laws and legal systems governing real estate transactions;
- Actual and/or perceived weaknesses in the legislation governing foreign nationals buying property in the target country and cities;
- Language barriers, particularly legal jargon, which unfortunately exists in all countries;
- The feeling of lack of control over the process arises due to not being based in the country you are purchasing.
We are Property Turkey, a real estate agent, and we understand and appreciate these concerns. Therefore, weve put solid guidelines and recommendations to help you buy safely and smoothly. Close analysis of the best practices and experience means were well-placed to advise you on minimising and eliminating real estate investment risks. Follow our 11-step guide and report to buying a home in Turkey to ensure that your dream home in the sun becomes a peaceful and rewarding reality.
HOW TO BUY PROPERTY IN TURKEY
FAQ
Can foreigners buy a house in Turkey?
How much does it cost to buy a house in Turkey?
Is it a good idea to buy a house in Turkey?
What is the process of buying a property in Turkey?
How to buy a property in Turkey?
Sign a contract with the real estate advisor. Your property will be marketed to potential buyers. Upon completion of the safe, the agent will assist with finalizing the required documents and confirming the property transfer with the land registry offer. Have you ever considered buying property in Turkey?
How long does it take to buy a house in Turkey?
You need both to buy a home. The purchase commitment is completed in a week if all finances and paperwork are in place. Alternatively, the easiest way to purchase in Turkey is by granting power of attorney to a solicitor in Turkey to conclude the deal on your behalf.
Does buying a property entitle you to Turkish citizenship?
Purchasing a property does not directly entitle you to receive a Turkish residency permit; however, purchases at or above the sum of $400,000 can qualify foreign real estate buyers for Turkish citizenship by investment program.
Can you buy property in Turkey without being ripped off?
In this report, we’re going to get right to the heart of the matter and discuss how you can buy property in Turkey without being ripped off. Turkey’s off-plan property sales peaked in 2002 – 2007. Foreign buyers were convinced buying off-plan was the best way to make money.