Turkey is a middle-eastern country with a unique culture, pleasant weather, and properties with amazing architecture that are perfect for investment. Whether you're a businessman looking to invest, a student looking for accommodation or just someone looking to relocate or retire, Turkey is one of the best options in the property market right now. Buying a property in Turkey is not only a hassle-free process, it can also grant you a second citizenship. Let's go through the major things you need to consider before buying property in Turkey.
Types of Properties for Sale in Turkey
In Turkey, you'll find a vast range of properties mirroring the country's image of being a perfect mix of East and West. There are multiple types of properties for sale in Turkey, from modest apartments to luxurious houses including villas. Owing to its rich history, Turkey also offers traditional townhouses designed according to the Ottoman period, but there is no lack of modern-style homes with sea views. The northern region will offer you houses using timber in their construction while the western and southern region will mostly showcase stone-built properties.
Where to Buy Property in Turkey
Turkey is a huge country and in addition to what property type you buy, it greatly matters where, as well. Every one of the bustling cities in Turkey will offer you a different investment experience, Istanbul being the most popular choice.
It is Turkey's cultural, educational, and economic hub, divided into 39 districts. If you want to buy a house in Turkey and have all kinds of amenities including cafes, parks, shops, schools, and gyms near you with good infrastructure, Istanbul is the perfect choice for you. Buyers can choose from any of the amazing neighbourhoods including Nisantasi, Taksim, Karakoy, and Cihangir.
Individuals who wish to buy a house in Turkey with beaches all around will surely love Antalya with its blue flag beaches or Bodrum offering villas with sea views and large gardens.
Fethiye and Ankara
Fethiye offers all coastal vibes that Bodrum and Antalya do, with a touch of traditional Turkish lifestyle. Buying a house in Turkey with various business opportunities, and countless amenities but reasonable prices? Ankara is the place for you, being the capital city of Turkey and offering a lifestyle similar to Istanbul at much lower rates.
How to Buy Property in Turkey - Process
Foreigners are keen on investing in the Turkish property market due to the simple process of buying property here.
Find your Real Estate Agent
The first step is finding the right real estate and build a good rapport with your real estate agent – get in touch with Arcus to learn more about the services we offer in Turkey.
Terms and Conditions of Property Purchase
Secondly, make sure to visit Turkey in order to get a feel of the neighbourhoods and even better, carry out a property inspection to get a better idea of the market. Conduct a detailed discussion about terms and conditions of property purchase, and negotiate the price. In order to ensure a smooth purchase, you should grant the power of attorney to a competent solicitor who will close the deal for you.
Register your Turkish TAPU
The last thing you need to do is register your Turkish TAPU (title deed), to obtain which there is usually a 4% fee. The real estate agent also charges a 4% of property value as their commission fees.
Buying Property in Turkey for Foreigners
Foreigners are free to buy property anywhere in Turkey, as long as it's not within military forbidden zones and security zones. Gov.uk states that foreigners can buy a maximum of 30 hectares of property in Turkey.
Residence Permit when Buying a Property in Turkey
Buying a house in Turkey doesn't automatically give you the opportunity to get a Turkish residence permit. In fact, foreigners who don't possess a residence permit need to obtain their Foreigner Identity number (Yabanci Kimlik No.) from the TNP Foreigners’ Department in the nearest city (not local town) if they wish to buy property in Turkey (free of cost).
Turkey Real Estate
Turkey’s real estate market is very much in demand among expats and foreigners due to the reasonable prices compared to other countries. You can get small, but fully-furnished 2-bedroom apartments for $60,000. Moreover, long-term real estate investment in Turkey is sure to offer profitable ROI.
Turkey Citizenship by Investment
Turkish citizenship by investment scheme is an incredible opportunity which allows buyers to obtain Turkish citizenship by investing a minimum amount of $400,000 in just 60-120 days. The spouse and children under 18 of the applicant have the right to Turkish nationality as well. Turkish citizenship allows foreigners visa-free travel within 110 countries including Hong Kong, Japan, and Singapore. Contact us to learn more about buying property in Turkey and obtaining citizenship.