Procedure for purchasing real estate in Turkey in 2024

Now many foreigners are interested in how to buy real estate in Turkey. And the point here is not so much about wide beaches and the azure Mediterranean Sea, but about a decent standard of living and quality houses and apartments at an affordable price.

Of course, buying a home abroad requires compliance with a number of requirements and conditions. And the Republic of Turkey is no exception.

In our expert review, we will look in detail at the procedure for purchasing apartments in Turkey in 2024. We will tell you about the advantages and features of the acquisition, as well as the parameters for choosing real estate.

Is it worth buying an apartment in Turkey now?

Despite rising prices, it is now profitable to buy real estate in Turkey. Firstly, this is an opportunity to relax with the whole family in a resort country without spending extra money on renting a hotel room. And secondly, after purchasing Turkish property, you will gradually recoup its cost by renting it out during your absence.

Now in the eastern republic there is high domestic demand, but in general there is a lull in the market. Some investors have temporarily postponed the purchase of apartments, studying the quality of construction and seismic resistance of individual provinces of Turkey. Others are in no hurry to buy an apartment, waiting for the situation to change in popular areas closed for obtaining a residence permit. Still others are waiting for prices to collapse.

But based on the results of 10 months of 2023, the volume of concluded transactions compared to 2022 decreased by an average of 14.3%. And this had no effect on the reduction in the value of objects. The price tag for housing continues to rise, although not at such a rapid pace as before.

Therefore, if you wanted to buy real estate in Turkey, do it now, before prices for liquid properties begin to rise rapidly again and there is no shortage of good options. In addition, it is important to take into account that the current situation can change very quickly if any major event occurs in the world again and the rush for apartments in Turkey begins to grow rapidly again.

Next, we will describe in detail what ownership of Turkish real estate gives to foreigners.

What does buying real estate in Turkey give?

Why does the interest of foreign investors in Turkish apartments not fade away?

The most important advantage is that buying an apartment in Turkey gives the right to obtain a residence permit, and after 5 years of permanent residence in the country, a foreigner can apply for a second passport.

Other advantages of buying property in Turkey:

1. Simple transaction processing

Buying a Turkish home is a simple and quick procedure that will only take a few days to complete.

Foreign citizens may not participate personally in the process, but conclude a transaction remotely, that is, through their official representative under a notarized power of attorney. Often, buyers choose friends or employees of a real estate company as trusted agents.

2. Extensive selection of properties on the housing market

Investors in the real estate market have access to properties in the primary and secondary markets for any purpose and budget:

• inexpensive apartments of different layouts;
• spacious apartments by the sea;
• luxurious view duplexes and penthouses;
• villas with pool and garden and much more.

Purchasing housing from a developer at the start of construction guarantees the best prices - savings reach 30%.

3. Prices are lower than in Europe

Turkish real estate is becoming more expensive against the backdrop of high interest from buyers. And that's a fact! However, the price tag for apartments is still noticeably lower than in most European countries. Thus, you can buy a two-room apartment in Alanya for an average of 100,000 €. In France or Italy, objects with similar characteristics are much more expensive.

4. Affordable installments from developers

Turkish developers offer interest-free installment payments provided that only 30% of the total cost of the property is paid. Payments are made according to a convenient schedule during the entire period of construction work, that is, until the residential complex is put into operation.

5. Diverse internal infrastructure of residential complexes

Luxurious five-star hotels with a wide range of services are the calling card of Turkey, which developers look up to when building new residential complexes.

Today, an ordinary Turkish residential complex boasts a set of internal infrastructure, including: swimming pools, saunas and hammams, playgrounds, gyms, parking, barbecue area, etc.

6. Good quality construction

The quality of construction of Turkish complexes is comparable to European countries. The Turkish government requires developers to strictly comply with current legislation and comply with all norms and regulations on the environmental friendliness of building materials, safety, seismic resistance, and energy efficiency of residential complexes.

7. Readiness of objects

Housing in Turkey is rented renovated. Finishing, installation of utilities, installation of flooring, installation of plumbing, windows, doors, kitchen units are included in the price of the property. Therefore, after purchasing an apartment, the owner will need a minimum of time for arrangement.

8. Rental income

Resorts in the Republic of Turkey are in demand among tourists all year round, which means apartments located in a good location will be in demand and bring a passive, stable rental income. For example, the return on rent for apartments in Alanya within walking distance to the beach reaches 8–10% per annum.

9. Increase in price of square meters

The price tag for real estate in Turkey is constantly growing. In the last two years, apartments have at least doubled in price. This creates good prospects for investors from abroad who have planned to purchase apartments for profitable resale. Turkish developers offer the best conditions: if you purchase housing at the excavation stage, its cost will be 30% lower than in a finished house.

10. Citizenship by investment

Foreign investors have the right to legalize their residence in Turkey. Real estate priced from $400,000 makes it possible to participate in the investment citizenship program under a simplified scheme.

In addition to the investor, his immediate relatives can apply for ikamet and citizenship.

Rules, conditions and features of purchasing real estate in Turkey

Turkish laws regarding the conditions for purchasing real estate are the same for nationals and foreigners. Non-residents without citizenship and without a Turkish residence permit have the right to buy an apartment in Turkey.

Both individuals, regardless of age, and companies are allowed to act as buyers.

Until May 2012, the so-called principle of reciprocity was in force in Turkey, which was abolished after amendments to Article 35 of Land Law No. 2644 . That is, foreigners were given the same rights to acquire property in Turkey as foreigners in their home country. The new amendments expanded the list of states to 183, whose citizens have the opportunity to become owners of real estate in Turkey.

Today, citizens of almost all countries of the former CIS, including Russians, Belarusians, Ukrainians, Kazakhs, Moldovans, etc., can become owners of Turkish housing.

For citizens of the Russian Federation and Ukraine there is a ban on purchasing square meters in the Black Sea region.

In addition, non-residents cannot obtain ownership rights in strategically important areas of the state.

What kind of real estate in Turkey can a foreigner buy?

According to the legislation of the Republic of Turkey, foreigners are given the right to purchase any residential and commercial real estate:

• land;
• office, industrial, retail space, warehouses, etc.;
• apartments;
• duplexes and penthouses;
• cottages and townhouses;
• villas

The only restriction: the area of ​​land owned by a foreigner cannot exceed 30 hectares. This legal requirement has been in force since 2006. If an investor plans to purchase land for the purpose of housing construction, he will need to provide project documentation for two years before the start of construction work.

Changes in the rules for purchasing Turkish real estate

Due to increased demand from buyers from abroad, the Turkish government over the past two years has been forced to introduce a number of changes to the laws relating to the purchase of real estate in Turkey.

Let's look at the new rules:

• On October 16, 2023, the threshold price of real estate for obtaining a residence permit under TAPU increased to $200,000. If the cost of housing is below the threshold, then the foreigner receives the right to a tourist residence permit. However, after the expiration of the initial residence permit, it will not be possible to extend it on the same grounds.
• In July 2022, the Department for Population Migration temporarily closed 1,162 popular districts and microdistricts for the initial receipt of ikamet. The argument is that the percentage of foreigners among Turkish citizens in these areas exceeded 20%. Now it is impossible to buy real estate in Turkey for obtaining a residence permit in some areas of Istanbul, Alanya, Antalya, Mersin.
• As we have already noted, foreign investors can apply for a second passport through an accelerated procedure. According to Law No. 5901 “On Turkish Citizenship”, the participation of foreigners in the citizenship by investment program is today possible if the price of the object exceeds $400,000. An important nuance: we are not talking about the sales price, but about the cadastral price, that is, the one indicated in TAPU. You can buy an apartment for any currency, including rubles. However, before TAPU is issued, the money is converted into a national currency, which is officially recorded in the döviz alım belgesi certificate. Its presence is mandatory when concluding any real estate purchase and sale transactions.

These rules are the same for Russians, Ukrainians, Kazakhstanis and other foreign investors.

Rights and obligations of property owners in Turkey

Purchasing property abroad gives owners a number of rights and responsibilities. Similar rules apply in Turkey.

Basic rights of Turkish homeowners:

• Obtaining exclusive and lifelong ownership rights to the object and part of the land plot, if these are apartments in a residential complex.
• A foreigner can dispose of his property as he pleases - rent, resell, inherit or give as a gift.
• If the threshold value meets the requirements of Turkish law, then the owner, together with his legal spouse and children under 18 years of age, can apply for a residence permit or Turkish citizenship.

Among the responsibilities of foreigners who have purchased property in Turkey, it should be noted:

• The need to obtain DASK earthquake insurance and timely payment of the annual premium for real estate, utilities and aidat.
• Investors planning to generate rental income from their apartment are required to study and adhere to the relevant laws. For example, short-term rental of housing in Turkey is permitted only if there is a license and a number of other conditions are met.

How to choose an apartment in Turkey

The first step that a foreign investor must take after deciding to buy real estate in Turkey is choosing an apartment. You can do this in two ways:

• independently study the market and select suitable options;
• contact a real estate agency for help.

The Turkish real estate market is huge and diverse, so the buyer can choose a property with any characteristics and cost.

If you decide to search on your own, you will have to review thousands of offers on the pages of various specialized sites. This will help not only make a choice, but also obtain primary information about the market, cost and purchasing rules.

Ignorance of the national language and legislation can lead to all sorts of difficulties and mistakes. In addition, searching on your own means that you must be in Turkey to be able to meet sellers and see the options you like.

Of course, buying an apartment in Turkey yourself is possible. But it is much safer and easier to enlist the support of an experienced real estate company. They will help you select liquid options and purchase a home, and no monetary reward is provided for the services provided.

What you need to buy an apartment in Turkey

In order to buy an apartment in Turkey, a foreign citizen will only need a foreign passport. This document is sufficient to sign the purchase and sale agreement and make a deposit. But to register ownership, the investor needs to prepare and execute a number of papers.

List of required documents for purchasing real estate in Turkey:

• Power of attorney, if necessary.
• A copy of the international passport.
• Turkish individual tax number.
• Expert assessment of the object.
• Biometric photos - 4 pieces.
• Permission from government authorities - if necessary.

We will tell you more about the preparation of documents and the purchase and sale procedure below.

The procedure for purchasing real estate in Turkey

The process of buying an apartment in Turkey:

• Selecting a suitable object.
• Check for legal purity.
• Concluding an agreement and making a deposit.
• Preparation of documents for the transaction.
• Full payment for real estate.
• Re-registration of TAPU.
• Obtaining contracts for utility services.

Let us consider in detail the procedure for registering ownership of Turkish real estate.

Property selection

Real estate companies in Turkey guarantee the opportunity to choose apartments in two ways - offline and online.

In the first case, the agency's managers will draw up a list of suitable properties, based on your preferences and budget, and invite you on a sightseeing trip to Turkey. During a few days of the introductory tour, you will not only look at the property, but also learn all the useful information about the city and the conditions of purchase.

Online viewing allows you to select an object in a completely remote format. That is, literally without leaving your home. All you need is to state your wishes as accurately as possible, based on which the agent will select objects and show them online through the messenger.

When choosing real estate, focus on the purpose of the purchase and consider the following characteristics:

• convenience of the facility location;
• type of real estate;
• year of construction and current condition of housing;
• layout, area and number of rooms;
• distance to the beach;
• views from windows and orientation to cardinal directions;
• budget for purchase and subsequent maintenance.

Checking the object for legal purity

These issues are dealt with by realtors and real estate agency lawyers. Among other things, the seller has a technical passport (iskan), TAPU and the absence of encumbrances on the property in the form of debts, arrests, bank loans, and mortgages are taken into account. The data is requested from the Cadastral Chamber.

Signing the contract

The contract is drawn up after the foreigner has chosen housing. At this stage, a contract is agreed upon and signed in the presence of both parties, as well as a sworn translator and realtor.

It is important to take into account all the nuances specified in the contract. In particular, the obligations and rights of the parties, all information about the property, the buyer and the seller, penalties for violating the terms, method of payment, date of re-registration of the Turkish title in the name of the investor.

At the same stage, a deposit of 10–25% of the price tag for the object is made.

Making a deposit and signing an agreement guarantees the reservation of apartments and their removal from sale. The preliminary agreement itself only establishes the intention of the parties and the terms of the agreement.

Preparation of transaction documents

To re-register ownership of real estate in Turkey, a foreign citizen needs to have certain documents. We have already given the standard package of papers above. Let's go through each of them in detail.

Notarised power of attorney

If you want to buy real estate in Turkey remotely, you need to make a notarized power of attorney. Thus, you delegate your powers to the principal (represented by a friend, relative, realtor). The document is drawn up at one of the notary offices in Turkey or at the Turkish consulate.

TIN

Having an individual taxpayer number is required when drawing up a contract for the purchase of housing in Turkey.

Issued at the branch of the Turkish Tax Service in literally 15 minutes, or on the portal of government agencies. The TIN will be needed in the future to carry out any financial transactions or official actions.

Opening a bank account

Payment for real estate in Turkey is made in several ways:

• cash;
• transfer from the buyer's bank account to the seller's account;
• by card;
• through a crypto wallet;
• through international payment systems.

Most investors open an account in one of the private or public Turkish banks to transfer money.

To open an account, you will need a foreign passport and TIN. The duration of the procedure is a little over half an hour.

The first buyers of real estate will need to obtain another document - a permit from the military department, which confirms that the property is not located in a strategically important and protected area. In general, the procedure is formal.

Payment for apartments

Full settlement for the apartment occurs on the eve of submitting documents to the Cadastral Department and before paying taxes. The payment amount corresponds to the contract data, minus the advance payment made. The money is transferred to the seller's account. Please note that there is a bank commission for services provided.

Re-registration of TAPU

The purchase transaction takes place only at the Cadastral Office - Kadastro Müdürlüğü. At the final stage, the property is registered in the state real estate register of Turkey. The only official document confirming ownership is the TAPU or Turkish Title. From the moment the TAPU is issued, the foreigner becomes the full owner of housing in Turkey.

The period for re-registration of a certificate is about 5 working days. It all depends on the management workload. At this stage, it is also important to pay all applicable duties and taxes.

In addition, in 2022, the Web Tapu application was launched in Turkey, with the help of which it is quite possible to conduct real estate transactions online.

Obtaining utility contracts

Concluding a contract with Turkish utilities for the supply of water and electricity is the responsibility of every Turkish property owner.

Conclusion

As you can see, purchasing Turkish real estate in 2024 is a simple procedure, provided that specialists from a real estate company participate in it. If you have already thought about purchasing housing in Turkey, we recommend that you do not delay making the final decision for long, especially if you are planning to obtain a residence permit or citizenship by investment.

On the website for purchasing real estate in Turkey from the Altop Real Estate agency you will find a large selection of properties with the desired characteristics and cost. Our specialists will guide you through all stages of the transaction, guaranteeing safety, simplicity and transparency of the transaction. Contact us, we are in touch 24/7!