Foreign ownership in Turkey
Foreign ownership in Turkey.In 2018, foreign property ownership in Turkey rose to an all-time high as the country enjoyed a staggering increase in house sales. Foreigners of many nationalities purchased 40,000 homes, making it the most successful year to date, and combined with existing foreign owners the market proved itself as an ideal destination in which to buy.
While the current lucrative exchange rate can take credit for some interest, it was an overhaul in red tape and procedures that captured the market’s eye, as Turkey made it easier and safe to purchase.
Both residential and commercial properties are proving to be winners with overseas buyers, and so far, in 2019, the trend looks set to continue as more nationalities buy in hotspots like Istanbul, Antalya, Bursa, Fethiye, Izmir and Yalova.
For overseas buyers thinking of entering the Turkish real estate market, our blog articles have plenty of ideas of where to buy. As an experienced agent covering many destinations in Turkey, we also guide all our customers through the buying process.
Contact us to know more about our services, but in the meantime, let’s look at current rules and regulations governing the Turkish housing market, and what overseas buyers can expect when signing on the dotted line.
Foreign Property Ownership in Turkey
Property ownership for foreign house buyers is regulated under the land registry law. This outlines a foreigner can buy up to 30,000 square meters. They can also buy a home in up to 10% surface area of an official district. They cannot buy within any military zone.
Who can Buy Property in Turkey?
Turkey has dropped its reciprocal law, saying only nationalities who live in countries where Turks live may buy. When they did this, it opened the market up to most of the world, including Indians, Chinese, Russians, Americans, Middle Eastern and Europeans. To double check your nationality and whether there are any restrictions, call us on the number listed on the website or use the chat messaging feature, however rest assured, most of the world can legally buy in Turkey.
However, Is It Safe to Buy Property in Turkey?
Yes, it is safe to buy Turkish property, if you follow the system which has been tightened in the last five years to protect buyers’ investments. Given the country enjoys a high amount of foreign real estate sales that boost its economy with FDI, they don’t want to risk getting a bad name.
The processes set in place to help buyers include only using a registered estate agent. We have heard many stories of people who say, well we knew him for years and thought he was a friend. No matter how close your friendship is, stick to the book, and only send money via official bank transactions, outlined in your formal notarised contract.
Always use an English-speaking lawyer that knows Turkish real estate laws and processes and will act in your best interests. Also, use one acting independent from the seller. Their job is to ensure all legalities are in order, for example, making sure there is no debt on the house because this will prohibit the deeds from being signed over.
Only sign the contract when you are confident to do so because there are many properties to choose from, whether they be off-plan, key ready or resale homes. We don’t rush our clients, because as a long term established estate agent with plans to operate for many years to come, we want to build professional relationships. It is also better word-of-mouth advertising for us. The home buying process is much quicker than in countries like the UK, but don’t make a rush decision. Take your time.
It is also reassuring to know, house buyers who do not speak the language must use a certified translator, registered with the land registry office. This ensures when signing for your title deeds, you can be confident that you are getting what you paid for.
The Turkish Citizenship by Investment Program
After Turkey dropped its citizenship by investment entry level, a flurry of interest sparked. The law says that if a buyer meets specific criteria, they can get Turkish citizenship. The most popular method for foreigners doing this is to buy real estate with a minimum value of 250,000 USD and to keep it for three years. Find out more about Turkish citizenship by investment process here.
Foreign Ownership: What Happens After You Buy?
Working: Buying property doesn’t entitle you to work. To do so, you need to apply for a working permit or the citizenship investment scheme. (Guide to working in Turkey as a foreigner.)
Living Here all Year Round: If you plan to live in Turkey, you need a residence visa. Read our advice on making a move and applying for that.
Renting Out Your Home: Many people buy with an aim of rent out their properties either for holiday rentals to cover running costs or long term as a buy-to-let income. Read about the rules, regulations, and how to be a successful landlord.
How to Buy Turkish Real Estate
The first step is to find a new home. View our portfolio listing many apartments and villas for sale in Turkey. Also download our app from Google Play or Apple that alongside property listings contains more advice, hints, and tips.
Each listing includes pictures, floor plans where available, and extensive information about the location, and the home itself. To arrange viewing times and dates, contact us or fill in the enquiry form on each page.
Once you have found the home you like, the start of eight-stage progress will begin, from drawing up contracts to signing for title deeds. Read in-depth about that, in this article covering the Turkish house buying process. Alternatively, if you have any further questions about foreign property ownership in Turkey, call us so we can help guide you in making a sound real estate investment.