Officially called the Republic of Turkey, this Middle Eastern country is strategically located and boasts a rich history, vibrant culture, beautiful architecture, and fantastic investment opportunities. Buying property in Turkey offers a gateway to experience its diverse and fascinating aspects through the country’s citizenship by investment program, allowing foreign property buyers to obtain Turkish citizenship.
Purchasing property in Turkey is the most common way foreign investors qualify for citizenship. Keep reading as we provide insights into the Turkish property market, how to buy Turkish real estate, and the steps to obtaining a Turkish passport through property acquisition.
Why buy property in Turkey?
Several reasons highlight why Turkey is becoming an increasingly popular destination for foreigners buying property. Here is why you should consider investing in Turkish residential and commercial real estate.
Eight reasons to buy real estate in Turkey
- Buying real estate property valued at least $400,000 provides eligibility to obtain Turkish citizenship.
- Average house prices in Turkey are low compared to Western countries, and prospective buyers can purchase luxury properties in Turkey for the cost of an average home in countries like the US.
- As a popular tourist destination, Turkey’s real estate sector presents an opportunity to own profitable rental properties.
- Turkish cost of living is significantly lower than that of Western European countries.
- Turkey enjoys a Mediterranean climate in many regions, offering a desirable living environment and attracting year-round.
- Turkish government provides various incentives to attract foreign investors, including tax benefits and a streamlined buying process.
- The country’s construction industry is booming, providing a wide selection of commercial and residential properties, from traditional Ottoman houses to modern condos.
- With the exception of acquiring properties covering more than 30 hectares, foreign ownership of property in Turkey has no restrictions.
Turkish citizenship by investment
A property purchase in Turkey is a qualifying investment for the Turkish citizenship by investment program, designed to attract foreign direct investment to boost the country’s emerging economy and stimulate growth in the country’s real estate market. Since Turkey is a transcontinental country, foreign investors can access the flourishing markets of Europe and Asia by obtaining Turkish citizenship.
For Turkish citizenship, foreign buyers must invest a minimum of $400,000 in real estate property. The application takes around 120 days to get processed. Once an individual is a Turkish citizen, they can freely live in Turkey and travel to countries like Hong Kong, Japan, and Singapore visa free.
Program benefits
Program benefits- Foreign nationals can enjoy a high quality of life, a fantastic climate, and a welcoming population.
- Opportunity to own property in Turkey with the added advantage of qualifying for Turkish citizenship.
- New Turkish citizens can obtain a Turkish passport, providing visa free and visa on arrival access to 128 countries worldwide.
- The investment program also extends to an applicant’s family members.
- Turkish citizens are eligible for the US E2 Visa.
- Easy access to European, Western Asian, and Middle Eastern markets.
Investment options
Investment optionsTo acquire Turkish citizenship through the citizenship by investment program, applicants must fulfill one of the following investment criteria:
- Property purchase with a property price of at least $400,000
- A capital investment of at least $500,000
- Bank deposit of at least $500,000 in a Turkish bank account
- Acquire government bonds worth at least $500,000
- Invest at least $500,000 into real estate investments or venture capital investment fund share
- Establish a company that will recruit at least 50 Turkish employees
Eligibility criteria
Eligibility criteriaThe main applicant must meet the following eligibility criteria to receive Turkish citizenship by investment.
- Be 18 or over
- Have a clean criminal record
- Have health insurance
- Meet the investment requirement
- Maintain the investment for at least three years
Investing in the Turkish Real Estate Market as a Foreigner
Owing to affordable house prices, global investors typically choose to obtain Turkish citizenship by real estate investment. Applicants can acquire Turkish property as a primary residence or investment property to earn rental income. Turkey’s investment program also allows purchases of a single property or multiple properties to qualify for the program.
A vast array of residential and commercial properties is available for foreign nationals to purchase, ranging from modern apartments in bustling urban centers and serene luxury villas on the coast to large resorts and expansive commercial spaces.
Turkish property investment restrictions
There are no rules prohibiting property investment by foreigners in Turkey; however, there are limitations on property types allowed for foreign ownership. According to Turkish law on foreign ownership:
- The property must not cover a total area exceeding 30 hectares
- The property cannot be more than ten percent of a district area
- The property cannot be located in military zones
Take a look at our Turkey Citizenship by Investment Ultimate Guide
How to Buy Property in Turkey as a Foreigner
There a several reasons why Turkey is one of the best countries to buy real estate. Those embarking on a Turkish property search and investment in the country can start the process by following these steps.
- Research the market by browsing popular Turkish real estate websites such as:
- emlakjet.com
- zingat.com
- emlakkulisi.com.tr
- Local real estate agents can assist with a property search. Furthermore, the services of an investment migration consultant are beneficial for international buyers as they can direct investors to the right real estate agent to facilitate property purchases that meet the criteria for the citizenship by investment program.
- After identifying a property of interest, negotiate the purchase price and terms with guidance from a real estate agent.
- Complete the formalities by signing a purchase agreement and sales contract, along with paying a small reservation deposit, marking the official commitment to the property purchase.
- Appoint an independent, trusted and qualified solicitor to handle the legal side of the transaction. You’ll need to have your ID/passport and residence permit (if applicable) ready.
- Entrust an independent appraiser to conduct a property valuation, which typically takes three to four days.
- Pay the required notary fees to confirm the property transfer with Turkish authorities and obtain a Tapu, equivalent to the title deed in Turkey. This should be examined by a solicitor and sent to the local land registry office as per Turkish land registry law, where a new Tapu will be issued containing your details.
- You can then move into the property of use the title deed and purchase agreement to apply for Turkish citizenship by investment.
Bureaucracy and paperwork
According to Turkish land registry law, some property transfers can occur in Land Registry Directorates. You may be required to sign the title deed and the land deed, which you may receive after getting your occupancy certificate.
Visas and requirements for residency
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. To proceed with any property purchase, however, you must first receive your Foreigner Identity Number from the TNP Foreigners’ Department.
The title deed
The charge for getting a title deed, also known as a Turkish Tapu, is four percent of the property value. It is a legal document that transfers property ownership from one person to another.
Commission fees for real estate agents
The commission fee for a real estate agent is generally four percent of the property value. At the same time, it is a reasonable rate, although investors are free to negotiate alternative rates.
What taxes and fees must I pay when I purchase property in Turkey?
While costs may differ based on the region in Turkey, here’s a basic breakdown of the primary Turkish property taxes and fees incurred during property acquisition in Turkey:
Tax | Fee |
Notary fees | Approximately $300 |
Purchase Tax (title deed tax) | Four percent of the purchase price |
Land Registry fee | $26 |
Land Registry fee | Approximately four percent |
Land Registry fee | $500 to $1,000 |
Value-Added-Tax (VAT) | 18 percent for commercial properties |
The Best Places to Buy Property in Turkey
Istanbul
Istanbul’s visual appearance has changed significantly over the last two decades, spreading into lovely adjacent neighborhoods. Because Istanbul is such a diversified metropolis, any working expat or pensioner retiring in Turkey can explore the city’s many districts to discover desirable real estate investment opportunities. The following Istanbul districts are some to consider:
Karakoy: This neighborhood, known as Istanbul’s “hipster” side, has many cafés and restaurants on its streets. Karakoy is an area that allows hundreds of individuals to enjoy life on a daily basis by living their alternative lifestyles and provides them with an integrated city vibe that joins locals and internationals alike.
Taksim: Taksim is one of Istanbul’s most central neighborhoods, with a lot of historic architecture, including some of Turkey’s oldest mosques. Because it is an older district, the architectural quality may differ from that of its surrounding districts.
Sariyer: This region is well-known for its proximity to financial centers as well as its beautiful views of the Bosphorus. Sariyer is close to the city’s green area, appealing to expat families and those interested in buying an Apartment in Turkey.
Etiler: Etiler, one of Istanbul’s most costly neighborhoods, is great for people looking for luxury, as there are many popular shops, trendy cafés, and attractive workplaces. In Etiler, you get a chance to find a villa with a view of the Bosphorus or a luxury apartment.
Antalya
Antalya is a well-known summer spot for locals and tourists alike. The city is located in southern Turkey, making it an ideal place for year-round summer life. This is the third most popular expat destination in Turkey, and it is also one of the greatest areas in Turkey to purchase a home, which is demonstrated by its blue flag beaches, pleasant temperature, and big expat community. According to figures issued by the Turkish Institute of Statistics (TUIK), the city has around 100,000 international residents.
Ankara
Ankara, Turkey’s capital city, is another popular location for foreigners. Ankara’s property costs are lower than those in Istanbul, so if you want to live in a large city but don’t want to invest a lot of money, Ankara is a good option. It provides a variety of retail alternatives, is near to major attractions, and has many business prospects.
Average House Prices in Turkey
City | Price Per M2 in the City Center | Price Per M2 Outside the City Center | Average Price for a 100 M2 Property |
Istanbul | $2,845 | $1,730 | $230,000 |
Antalya | $2,230 | $1,295 | $175,000 |
Ankara | $1,715 | $1,250 | $150,000 |
Average house prices: Turkey vs the US
Country | Price Per M2 in the City Center | Price Per M2 Outside the City Center | Average Price for a 100 M2 Property |
Turkey | $1,890 | $1,125 | $150,000 |
United States | $8,100 | $5,475 | $680,000 |
These figures are approximate and compiled using data from Numbeo.
How Can Global Citizen Solutions Help You?
Global Citizen Solutions is a boutique migration consultancy firm with years of experience delivering bespoke residence and citizenship by investment solutions for international families. With offices worldwide and an experienced, hands-on team, we have helped hundreds of clients worldwide acquire citizenship, residence visas, or homes while diversifying their portfolios with robust investments.
We guide you from start to finish, taking you beyond your citizenship or residency by investment application.
Frequently Asked Questions about Buying Property in Turkey
Can a foreigner buy Turkish real estate?
Foreigners can legally purchase real estate across Turkey, excluding properties over 30 hectares, those covering more than ten percent of a district, or those located in military zones.
Why are properties so cheap in Turkey?
Properties in Turkey can be relatively cheap due to a lower cost of living compared to many Western nations, influencing property prices to align with local economic conditions. Additionally, a surplus of available land and a thriving construction sector contribute to increased housing supply, preventing excessive demand-driven price surges.
Is Turkey good for real estate?
While there are risks of buying property in Turkey for foreigners, Turkish real estate prices are considerably cheaper than countries like the United States, Australia, and the UK. The Turkish citizenship by investment program presents several reasons to invest in Turkey, with its increasing popularity fueled by attractive real estate prospects and an economy prime for growth.
Does buying property in Turkey give you citizenship?
You can qualify for Turkish citizenship and get a Turkish passport by purchasing property for at least $400,000.
How long can you stay in Turkey if you own a property?
Americans and EU nationals can stay in Turkey for 90 days or 180 days, regardless of whether they own a property. Foreigners require a residence permit to stay in Turkey for over 90 days. Owning a property worth $400,000 or more may allow you to acquire Turkish citizenship and stay in the country indefinitely.
Can I live in Turkey if I buy a property?
Foreigners who acquire property in Turkey can obtain Turkish citizenship and permanently live there if the purchase price meets or exceeds $400,000.
How do I sell a property in Turkey?
The process of selling property in Turkey is relatively simple:
- Employ a reputable real estate agent.
- Determine a purchase price according to the market value and set a commission fee.
- 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.
