Common questions about real estate investment in Turkey for foreigners
Real Estate Investment in Turkey for foreigner
Every year, Turkey attracts hundreds of thousands of investors from around the world with the aim of investing property in Turkey. But the reasons for buying property in Turkey vary from investor to investor, such as acquiring Turkish citizenship, or residency in Turkey. and other reasons.
In this article we have gathered 12 common questions about property investment in Turkey for foreigners. The advantages of buying a property in Turkey, small but important details for everyone interested in investing in Turkey.
12 questions about buying property in Turkey for foreigners
1. Can all nationalities buy any property in Turkey?
All nationalities can sell and purchase real estate in Turkey, except for citizens of 3 nationalities, namely Armenia, North Korea and Syria.
A foreign investor can buy property in Turkey of any kind, such as residential, commercial and tourist properties, but is not allowed to buy property in security or military zones.
2. Can Turkish citizenship be obtained through real estate investment?
The most important conditions for obtaining Turkish citizenship through real estate investment are the purchase of a property in Turkey worth at least USD 400 thousand. Payment in Turkish lira via bank transfer. He pledged not to sell it for 3 years.
3. What are the advantages of a Turkish passport?
Turkish Passport enjoys many advantages both locally and globally. In 2022, Turkish Passport ranked 38th globally according to Passport Index.
The Turkish passport allows the holder to enter 120 countries, and can enter 67 of them without a visa. The holder can study and receive medical services in Turkey free of charge.
4. What are the terms and duration of property residency in Turkey?
One of the most important conditions of real estate residence in Turkey is that the foreign investor owns a property in Turkey and lives in it, and that the value of the property is not less than USD 75 thousand.
Although the length of real estate residence in Turkey is only one year, it is easily renewable. All family members can benefit from it.
5. In some countries foreigners are not entitled to own property for more than 99 years, what about Turkey?
One of the advantages of buying a property in Turkey for foreigners is that property ownership lasts for life, and also the foreign buyer can inherit the property to his children and grandchildren as if in his or her home country.
6. What is the first Turkish city to sell and buy real estate?
Istanbul is the first city to sell and buy property in Turkey, both Turkish citizens and foreign investors.
Istanbul real estate accounted for 17.5% of Turkey’s total real estate sales.
7. Is it true that there are prohibited areas for foreigners in Istanbul?
The proportion of prohibited areas of Istanbul’s souls is very small, and real estate investment options in Turkey and in Istanbul properties remain very broad.
Foreign investors in Turkey also receive many facilities and concessions from the Turkish Government itself.
8. Are there pre and post-purchase taxes in Turkey?
Property taxes in Turkey are divided into 3 sections:
Taxes paid once: such as real estate valuation report fees, taboo tax, VAT.
Annual taxes: annual property tax, earthquake insurance in Turkey “Dask”.
Monthly taxes: such as electricity and water bills, phone and internet subscription.
9. Are buildings in Turkey resistant to earthquakes?
All of Turkey’s properties built after 2007 are built according to the specifications of Turkey’s earthquake-resistant buildings, developed by the government following the 1999 Marmara earthquake.
The specifications of Turkey’s earthquake-resistant buildings take into account several safety factors, such as soil hardness and balancing construction, and supporting it against shocks and shocks.
Read more about the subject in an article: What are the specifications of earthquake-resistant buildings in Turkey?
10. What are the properties built under Turkish government guarantee projects?
In addition to ensuring that they are built according to the specifications of the earthquake-resistant buildings, and in fully serviced areas, you can buy a property in Turkey by guaranteeing the Turkish government in a way of installment.
You can also benefit from offers announced by the Turkish government twice a year, amounting to 35% of the total remaining instalments.
11. What are the most important steps to buy a property in Turkey?
Extract the title deed “Tabu” for the chosen property, the property number and a photograph of it in the municipal scheme.
Extract the tax number from the tax department.
Translate the investor’s passport into Turkish, and certify it from the notary “Nutter”, with 4 selfies.
Signing the purchase contract with the seller or company, making a down payment. and submit a request for the transfer of ownership to the security agencies.
Review the Tabu Department after the approval has been issued, and take the previous owner to verify the authenticity of the property’s data, such as its number and space.
12. Why use Dari Real Estate Services?
In addition to saving your time, we provide you with a wide range of properties that match your standards, within the projects of several construction companies in Turkey.
Day Real Estate Advisors’ expertise will be a staff member to serve and support you to choose the best property and complete all necessary procedures and transactions.
Do you have any other queries? Contact Dari Properties today and get your consultation from our experts.