Guide to Buying Property in Turkiye for Foreign Investors
Turkiye has an attractive real estate market for foreign investors with its unique natural beauties, rich historical and cultural heritage. This guide aims to provide comprehensive information about legal processes, purchasing advantages and things to consider for foreign investors who want to buy property in Turkiye.
Legal Processes
Real Estate Acquisition: Foreign nationals can acquire property in Turkiye within certain legal restrictions. The property to be purchased must not be within military restricted areas and security zones. This control is carried out by the General Directorate of Land Registry and Cadastre.
Title Deed Transactions: Title deed transfer is mandatory when purchasing a property. Transactions carried out at the General Directorate of Land Registry and Cadastre are carried out with the participation of the buyer and seller or their authorized representatives.
Obtaining a Tax Number: Foreign investors need a tax number to purchase property in Turkiye. This number can be easily obtained from any tax office.
Real Estate Valuation Report: As of 2019, foreigners are required to obtain a real estate appraisal report when purchasing property in Turkiye. This report determines the market value of the property.
Advantages
Investment Opportunities: Turkiye offers real estate investment opportunities with high rental income and value increase potential, especially in touristic regions such as Istanbul, Antalya and Mugla.
Citizenship Program: In exchange for a certain investment amount, Turkiye offers investors and their families the opportunity to obtain Turkish citizenship. This program provides many advantages to investors.
Quality of Life: Turkiye offers a high quality of life with its mild climate and rich cultural and social life.
List of Things to Consider
Competent Consultancy Services: During the property purchase process, it is important to work with a reliable real estate consultant who knows the local real estate market and legal procedures well.
Comprehensive Research: Conducting comprehensive research on the property to be purchased and its surroundings minimizes possible risks.
Financial Planning: Additional costs such as purchasing costs, taxes and maintenance expenses need to be planned well.
While buying real estate in Turkiye offers significant opportunities to foreign investors, careful planning and conscious steps are required to complete this process successfully. This guide aims to help investors start their real estate investment adventure in Turkiye with confidence.
Source: Emlakdergisi / Prepared by Irem Yildiz