Things to Know About Foreign Property Ownership in Turkey
As more and more foreigners are availing Turkey citizenship by investment, the demand for foreign property ownership in Turkey also increases. Many foreign nationalities all over the world buy Turkish real estate properties as they move to this beautiful country.
In fact, the sales reached an all-time high in 2018. The country recorded an astounding 40,000 properties sold in 2019 alone. With that said, the experts laid out this comprehensive guide when you buy property in Turkey.
Things to Know About Foreign Property Ownership in Turkey
Freehold Ownership
One great thing about having foreign property ownership in Turkey is that its freehold. Meaning, you have 100% rights and ownership once you bought a property. Contrary to other countries and cities where they only give leasehold properties to foreigners (e.g. Dubai, Thailand, etc).
After making a successful transaction, the seller will transfer the rights of the property to you. This includes having a new TAPU (title deed) that will be issued in your name. Once you have a property, you’re free to do as you want. You can sell it back, have it rented, lease, loan, or donate as you see fit.
Types of Properties to Buy
Another factor you have to consider foreign property ownership in Turkey is the type of properties. Once you obtain citizenship or residency in Turkey, you’re basically allowed to buy any type of property you want. This includes house, beach resort, a building, condo, townhouse, penthouse, apartment, etc. Certain special properties such as historic, heritage, or ancient sites are subject to verification, though.
Buying Restrictions
Are there buying restrictions for foreign property ownership in Turkey? The answer is yes. There are two main factors that may affect your purchasing power. One is a nationality, the other one lies in whether you’re a Turkish or non-Turkish citizen.
If you’ve gained Turkey citizenship by investment, then you shouldn’t have any property buying restrictions. However, that’s not the case if you’re only a resident or if you hold other types of visas. The following buying restrictions can apply:
Non-Turkish cannot buy:
- 10% of the town’s land.
- over 300,000sqm of land in Turkey. This applies whether you bought a whole lot, or accumulated properties. The only exception to this is if you get special permission from the Ministry of Interior.
- A property located within 400 meters from a military zone.
Meanwhile, here are the restrictions on foreign property ownership concerning nationalities:
- Greek citizens are not allowed to buy a property with a border to the sea.
- Citizens of Ukraine and Russia are also not allowed to buy properties in cities within the Black Sea borders.
- Citizens of Albania, Egypt, Latvia, and Morocco are not allowed to purchase agricultural land.
- Citizens of Afghanistan are also not allowed to purchase agricultural land. On top of that, they also need to acquire special permission to purchase other types of properties in Turkey.
Requirements in Obtaining TAPU
Last, but not least, you should educate yourself in title deed as part of foreign property ownership in Turkey. The great thing is that it’s relatively easy to obtain the requirements. You only need your passport, Turkish tax number, as well as 4 passport size photos.
You also need to pay 4.4% of taxes on the property’s price. This is also known as Property Purchase Taxe. You can then get your TAPU deed within 10-15 working days, depending on the property’s location.
Interested to purchase your property in Turkey now? Consult our professional immigration experts to guide you with the process! We can help you secure a property and help you with processing your Turkish citizenship by investment.
