What we need to know about buying property in Turkey
Buying a property in Turkey is one of the most controversial issues that many people face. If you think a little about this issue or if you intend to immigrate to this country, you will definitely face challenges. Challenges that each can change your opinion and even your goal. Is immigrating to Turkey the right thing to do or whether buying a house in this country is a simple task or not, are the first questions and challenges you face.
Turkish laws, like any other country, change according to needs. The current law is only valid for two years and the status of its renewal or change is not known. Therefore, this opportunity may no longer be available in the near future. On the other hand, Turkey is on the way to join the European Union. If Turkey joins the European Union, the possibility of changing the law or increasing the minimum investment amount for buying property will be very high. Therefore, we suggest you take advantage of the opportunity before changing the rules.
After buying a property, you can live in it or rent it out. You can even sell the property after 3 years and withdraw your capital from Turkey. Another important point in the process of buying property in Turkey is the lifetime validity of the passport. In this way, even after selling the property and leaving Turkey, you will be considered a Turkish citizen for the rest of your life. This point is very important for people who want to immigrate to European countries, Canada, America or Australia by obtaining a Turkish passport.
The most important factors of real estate investment
Real estate investment, when done right, can bring great returns to the investor. Being safe and constantly increasing in value has made this investment very popular. If you are planning to invest in real estate, there are important factors in this investment that you should consider. Here are some things to consider for a successful investment.
- Property location
- Investment objective
- Price evaluation
- Financial situation
According to the latest updates, the amount of capital which is required to obtain Turkish citizenship through real estate investment has changed from $250,000 to $400,000. This decision was taken in a part of the meeting of the government board and announced by the Cabinet.
A proper guide to buying property in Turkey
Since you are not familiar with the country and its laws, you can ask for help from a reputable real estate agency to buy a house in Turkey.
Buying residential projects in Turkey
Turkey has made significant progress in the field of construction in recent years. Also, many investors have started building huge projects in this country. It can be said that the best materials in the world have been used in these buildings. One of the best features of Turkey’s residential projects is its high security. Because there are CCTV cameras throughout the complex and a person is there as a 24-hour security guard. Anyone can make profitable investments by purchasing one of these projects. The good news is that you can buy these projects in installments, and it should be noted that semi-finished buildings are cheaper.
Disadvantages of buying property in Turkey
Among the disadvantages of buying property in Turkey, the following can be mentioned:
Language of Turkey: Pay attention to the fact that if you intend to buy a property in Turkey or want to immigrate to this country, you must master the Turkish language. The Turkish government has considered very good privileges for foreigners who are fluent in the Turkish language. If you are not familiar with the Turkish language, you need to spend a little money and get a translator to buy a property in Turkey.
Paying taxes and side costs of property purchase: It should be noted that the costs to be paid are not limited to the purchase of the property. In fact, there are additional costs that must be paid before buying a property. These costs include: consultation fee, document registration fee, translator’s fee, etc.
The possibility of voiding the contract: If you buy a property in Turkey that is not approved by the relevant ministry and organizations, the contract may be voided by the Turkish government.
Documents required to buy property in Turkey
- Passport
- Get the local tax code
- Opening a bank account in one of the Turkish banks according to the tax code
- Documents of your residence in your country (such as electricity bill)
- Two photos
Property purchase costs in Turkey
You should know that apart from the cost of buying a property in Turkey, you have to pay other costs, which are unavoidable, these costs are as follows:
- Notarizing a copy of each passport: 200 liras
- Document transfer fee: 2-3% of the total amount of the purchased property
- Municipal taxes: 2-3% of the total amount of the purchased property
- Company commission: 3-5% of the total amount of the purchased property
- Land money: 80 dollars + 89 lira per person
- Insurance cost: 300 to 800 liras per person (according to age)
What are the rules for buying real estate in Turkey in 2022?
According to Turkish laws, in 2022, only a part of foreigners can buy property in Turkey. According to these rules:
- The minimum price of buying a property in Turkey to obtain a Turkish passport and citizenship is 400,000 US dollars. (According to the law approved on Tuesday April 12, 2022)
- In order to keep the Turkish passport, the purchased property must not be sold or transferred for 3 years.
- Foreign nationals are allowed to purchase up to 30 hectares of land in the Republic of Turkey.
- Foreign nationals will not have the right to own or lease lands of the Republic of Turkey located in military-security areas.
- Foreign nationals are allowed to buy only up to 10% of the land and properties of each district/city.
- Foreign nationals or legal entities registered outside of Turkey are allowed to request installment purchase from owners and reputable financial institutions (banks). This is one of the rules of buying a house in Turkey that can be useful for you.
- Foreigners who buy land to build a property must do it in two years.
- Everybody can buy any type of property including land, house and commercial property.
- By buying a property worth less than 400,000 dollars, you can get a 2-year Turkish residence permit and you can extend it As long as this document is in your possession.
Undoubtedly, buying a house in Turkey is a great investment and has many benefits. Turkey, as a semi-European country that is on the path of progress, provides a good opportunities for life and investment. This is the reason why a large number of people have purchased property in Turkey in recent years.
By buying a property in Turkey, you can benefit from privileges such as high level of welfare, living in the most beautiful cities, setting up profitable businesses, career advancement and studying in prestigious universities; But before doing anything, you should first familiarize yourself with the process of buying property and the tips related to it in order to have a low-risk investment.
