Terms of buying a property in Turkey in 2020

Buying property in Turkey has been improved in recent years, because the Turkish government has set up new facilities to buy property in Turkey. And you should know that buying a property in Turkey has its own rules, and you must be aware of these terms and conditions before doing it, and we also suggest you to seek the advice and guidance of a lawyer along the way. In this article, we will explain these terms and conditions to you. We will also explain how to get a residence permit in Turkey by buying a property in Turkey.

This article has been updated for 2020 and has the latest changes to buy property in 2020 in Turkey.

خرید ملک در ترکیه 2020

Buying property in Turkey and the Turkish economy

Turkey is one of the countries with significant economic growth in the Middle East, and according to its rich history and culture and unique nature, it has become a destination for many foreign investors. Of course, there are a number of limitations to this, such as you’re not allowed to buy a property in rural areas and around them, but this is not a problem that makes investors confused, because the most of these people invest on areas with luxury apartments and modern villas, you know that by buying a property in Turkey or renting a property in it, you can apply for a residence permit in Turkey, but the rules had some changes, which we will explain them below.

Buying property in Turkey and obtaining Turkish residency

Buying a property in Turkey in 2020 for foreign nationals is in the fifth year in Turkey, by buying a house or property which worth about 250000 dollars, people can get a residence permit in Turkey for themselves and their families, so that by buying a property in Turkey, you have both made a safe investment in a secure place and a new future for your family.

Of course, this is not the only way, you can also get residency for three years for yourself and your family by buying a property in Turkey which worth about 650000 lira or more, which can easily be granted permanent Turkish citizenship with a five-year extension. You have to consider that in in these five years you are only allowed to live outside of Turkey for just one year, otherwise this law will not include you.

Foreigners who buy a property in Turkey can obtain a residence permit in Turkey, in one condition that to be extended for certain periods, and they also have the right to obtain a residence permit for their families. With this residence permit, foreign kids can study in Turkey. It is much easier for foreign nationals who have a residence permit in Turkey to find a job, and it is easy for them to get a work permit through legal companies in Turkey too.

خرید خانه در ترکیه

Is it possible to get a residence permit in Turkey by renting a property?

People who rent a property in Turkey should know that they will get a one-year tourist residency, which means that you do not have the right to study or work with this type of residency, and you will need to change your residency for these two. In the past, you could apply for a Turkish residence permit for five years with extension every year, but according to the new rules for buying property in Turkey in 2020, this is no longer possible and you only receive one year of Turkish tourist residence and it cannot be extended. Unless it’s been one year since your last tourist day.

What is the history of buying property in Turkey?

Because investing in Turkey is profitable and the government has made special concessions to buyers of property in Turkey, such as granting Turkish citizenship, it has made citizens of neighboring countries more interested in buying property in Turkey.

Among these countries, Iraq, Iran and Kuwait are at the top of the list. It is interesting for you to know that in the past they were countries like Russia, Germany and Poland invested the most in Turkey, but due to the fall in the price of the Middle Eastern countries, including the rial, Middle Eastern countries have been growth in buying property in Turkey.

Statistics on buying property in Turkey in recent years

Buying a property in Turkey, especially buying a house in Turkey in October 2018, increased about 134.4% compared to October 2017. We can say that buying a property in October 2018 in Turkey reached to 6276 units. Of course, this increase in the buying houses in Turkey was not only for the citizens of foreign countries, but also by the citizens of Turkey had 19.2% increase. In general, if we want to give comprehensive statistics on buying houses in Turkey, we must say that during October, buying a house in Turkey reached to 146536.

Of course, the sales statistics in Turkey are much higher in some cities than others. For example, the highest percentage of sales was in Istanbul, Ankara and Izmir, Antalya, Bursa and Yalova. Keep in mind that more than half of the houses and properties were newly built.

شرایط خرید ملک در ترکیه

What is the minimum capital required to buy a property in Turkey?

You should know that there is no legal limitation in investing in Turkey, but you need to know at least how much capital is needed to buy a property in Turkey. The price of a house in Turkey depends on many things, including zone, area, project and age of the building, but about each meter of house in Turkey is between 3000 lira to 5000 lira, and you can buy a small house (50 meters) for 150000 lira or more.

How much money do we need at least to buy a property in Turkey?

It should be noted that the price of property in Turkey depends on the value of the tomans against the lira, but if we consider each lira as 2200 to 2500, so to buy a property in Turkey that is 150 thousand lira you need 330 to 375 million tomans.

The important point is that you need at least 750 million tomans to buy a simple house in Tehran, and you can’t find a suitable house for less than this amount in Tehran, and with this amount of capital, you can buy a property in Turkey and make special future for yourself and your family.

خانه مدرن در ترکیه

Is buying property profitable in Turkey?

To answer this question, we refer to the official statistics on buying property in Turkey. According to the UNCTA in 2019, Turkey was able to become the second largest recipient of FDI or foreign investments in Asia. In general, foreign direct investment in 2018 reached to 12.94 billion dollars, compared to 11.48 billion dollars a year earlier in 2017. Some European countries traditionally have been the largest investors in Turkey. It is interesting to know that the United States is the second largest investor in Turkey after Netherlands. Netherlands has invested 15.8% of its total foreign investment in the upper part in investing in Turkey. After it the United States (7.6%) and the United Kingdom (6.9%) are the largest investors in Turkey, according to preliminary data from the Turkish Ministry of Industry and Technology.

To facilitate the admission of foreign investors, Turkey has set up the Investment Support and Promotion Agency of Turkey (ISPAT) to attract foreign investors.

Do I need a lawyer to buy a property in Turkey?

As a foreign citizen in Turkey, you should know that you are not aware of all the rules and conditions for buying property in Turkey and these terms and conditions are constantly changing and updating, so it’s better to use a lawyer or immigration agency for buying a property in Turkey.

خرید ملک در ترکیه

Terms and conditions of buying property in Turkey in 2020

According to Note 35 of the Turkish Real Estate and Land Law No. 2644, approved on May 18, 2012, citizens of foreign countries (except for countries whose citizens are banned from buying and selling) can buy a property with considering the related laws. You can visit the website of the Turkish Land Registration and Mapping Organization to find out which countries are on the banned list. It should be noted that citizens of foreign countries can purchase all types of property by inquiring from the relevant authorities, including commercial, administrative, land, residential, etc., for any amount. And there are no restrictions. Of course, if foreign nationals buy an empty land and want to build on it, they must start building the project within two years.

Restrictions on buying property in Turkey

  • Each foreign person in Turkey can buy only up to 30 hectares of land in the Republic of Turkey.
  • None of the foreign people can buy land located in the military and security zones of the Republic of Turkey.
  • Foreign people can only buy up to 10% of the land and property in each district or city.
  • Foreign people can also apply for credit in Turkey to buy property from financial institutions or banks, and there are no restrictions.

In some cases, the purchase of property by foreign nationals in Turkey is revoked, such as:

  • If you have violated the laws of the Republic of Turkey by buying property.
  • If the property purchased is not approved by the relevant authorities and organs.
  • If you do not announce the completion of the project or the construction of the property at the specified time to the ministry.
  • If you are not able to announce the end of the work to the ministry based on the previously approved plans.
خانه لوکس در ترکیه

Documents needed for buying property in Turkey

  • Passport
  • Getting a local tax code
  • Opening a bank account in a Turkish bank according to the tax code
  • Documents of the place of your residence in your own country (such as electricity bill)
  • Two 4×3 photos

What is the process of buying a property in Turkey and receiving a residence permit in Turkey?

This process is easy and can be done in a short time as follows:

1.You travel to Turkey and visit the various properties, choose the property you want.

2.The municipal expert (ekspertiz) values ​​the property.

3.Unlike in Iran, in Turkey the price that the government expert considers for the property is not much different from the real price of the property, and this price difference is below 10%; therefore, property owners cannot offer unrealistic prices. and in the end, the price set by the expert is recorded in the document.

4.You deposit the advance payment into the owner’s account.

5.On the day of the transfer of the document (in one day), the remaining deposit will be credited to the owner’s account.

6.Less than a week later, the property deed purchased in Turkey will be delivered to you.

7.then you will request an interview with the Turkish Immigration Service.

8.At the appointed time (usually less than a month), you will go to the Migration Board have all the documents available to answer a few simple questions.

9.Finally, a one-year (and sometimes two-years) Turkish residence card will be sent to your address in Turkey.

10.You should know that the Global Trust expert is with you in all these steps and you can be sure that all the steps will be completed in the shortest time.

برج های مسکونی استانبول

Buying a property costs in Turkey

You should know that in addition to the cost of buying a property in Turkey, you also have to pay other costs, which there are also in Iran, these costs are as follows:

  • Notarized copy of each passport: 200 lira
  • Document transfer fee: 2% to 3% of the total amount of property purchased
  • Municipal fees: 2% to 3% of the total amount of property purchased
  • Enterprise Commission: 3% to 5% of the total amount of property purchased
  • Soil money: 80 dollars + 89 lira per person
  • Insurance fee: 300 to 800 lira for each person (depending on age)

Warning: Be sure to consider the following tips when buying a property

Unfortunately, with the increase in buying property in Turkey and the accumulation of large amounts of capital in this market, some bad people have taken advantage of this opportunity and are trying to defraud investors, so it is important to observe a number of points in this regard:

  • Before any money transfer it is recommended that you inquire about the status of the property in bank debt, bank loans, legal restrictions, and etc. with the Turkish Real Estate Registry.
  • Before buying a property in Turkey, ask the builders and consultants to show you the necessary permits. And make sure they’re right.
  • Buying a property worth less than 25000 dollars is not a guarantee that your residency will be accepted. You only have the conditions to check it. Because the Ministry of Interior has to decide on the granting of residency. (It should be noted that in many cases this request is accepted)
  • If there is a dispute between the buyer and the seller, both parties can file a lawsuit in court and judicial authorities.
  • You can request a home purchase at any post office.

At all, our suggestion is to use an experienced lawyer along the way, and this is the safest possible thing to do.

خرید ملک در استانبول

Living and buying property in Istanbul

Istanbul is seven times bigger than Tehran and it’s the fourth largest tourist city in the world. It has a great economy because it is touristy. You can also find a job next to your place easily, and also it’s a great city for having fun. Of course, the property in this city is equally expensive. Life is not boring and it has forests, sea, beach and etc.

We can say that this city is a night alive and you can find a restaurant with great food at any time of the day or night.

In Istanbul, there are many suitable projects that have attracted the attention of many investors, and among these projects, you must have heard the name of Babajan Holding Company in TV commercials.

Living and buying property in Izmir

Izmir has beautiful historical sites, a very beautiful and modern city that is famous in Turkey for its people’s hospitality and culture. Izmir is the third largest city in Turkey after Istanbul and Ankara, and also after Istanbul it’s the second city in Turkey attracting the attention of many foreigners who are seeking to stay in Turkey or buy property in Turkey. Izmir can be considered as the industrial, agricultural and tourist hub in west of Istanbul. According to surveys and statistics, Izmir, with its high standards for living globally, has been able to attract many audiences. Due to the temperate climate of Izmir, its beautiful and its pristine nature has made many foreigners want to stay in this city. Izmir is a secluded city and you don’t have to endure hours of busy traffic like Istanbul anymore.

By looking at the statistics, we find that last year over 8000 properties in Izmir were sold to foreign people. Property prices in Izmir are much better than in Istanbul. For example, in the middle and upper neighborhoods of Izmir, you can buy a 100 metesr house for about 300000 lira, although some areas of Izmir are very popular and expensive. Of course, and also many things can affect the price of a property.

Global Trust Services in the field of buying property in Turkey

We have more than a real estate agency in Turkey, and we can guide you to these projects without taking any money from you and adding the cost of buying property in Turkey, and also you’re with all our experienced experts along the way. We help you to buy property in Turkey in safe and with comfortable situations.