With its growing economy, strategic location, and streamlined processes for foreign buyers, Turkey has emerged as a top global destination for real estate investment. This comprehensive guide provides an overview of the property buying process, investment opportunities, and options to gain residency or citizenship in Turkey through real estate purchases.
Meet the Easy Purchase Process
Buying real estate in Turkey is extremely easy, fast, and affordable. The process is streamlined for international buyers, making it an attractive investment opportunity.
Facts about Turkey
- World's 19th largest economy
- Europe's youngest population with 55% under 35
- 7th most popular country in Europe for foreign direct investment
- Direct flights from Istanbul to 250 cities worldwide
- 27% of assets in the Turkish financial sector belong to foreign investors
This guide aims to explain the real estate sector and investment process in Turkey for foreign buyers looking to invest.
Turkey is a unique transcontinental country located at the crossroads of Europe and Asia. Istanbul, its most populated city, is a global hub for commerce, tourism, finance, technology, healthcare and culture.
With direct flights connecting 250 cities across 5 continents, Turkey offers unmatched accessibility and convenience for travelers. The country also boasts a high-quality education system, including a range of international schools.
Recognized for its effective response to the COVID-19 pandemic, Turkey's healthcare system is considered one of the best globally. The country has become a leading destination for medical tourism.
With a strong economy, government incentives, industrial potential and cost-effective workforce, Turkey presents lucrative investment opportunities for global investors.
Why Foreign Investors Prefer Turkey
- Strategic location at the center of Europe and Asia
- Streamlined real estate purchase process
- High real estate investment returns
- Flexible payment plans and low annual costs
- Strong and diverse economy
- Options to acquire citizenship through investment
- World-class yet affordable healthcare
Step-by-Step Guide to Buying Property in Turkey
- Pay the deposit
- Sign the purchase contract
- Obtain tax identification number
- Open a Turkish bank account
- Receive property valuation report
- Obtain title deed
That's it! The entire purchase process can be completed in less than a week.
- 4% title deed fee applies
- VAT ranges from 1% to 20%
- Foreign buyers exempt from VAT
- Minimum $200,000 property investment for residency
- Minimum $400,000 property investment for citizenship
Turkey offers an easy, fast and profitable real estate investment experience for international investors. With its unique advantages, stable growth and high returns, Turkey is an attractive destination for global real estate investment.
The Process of Becoming a Turkish Resident through Real Estate Investment
To obtain residency in Turkey through property investment, foreign buyers need to invest a minimum of $50,000 in real estate. This minimum amount increases to $75,000 for purchases in metropolitan cities like Istanbul, Ankara, Izmir, Mugla, and Antalya.
However, effective October 16, 2023, the minimum property value was raised to $200,000 across all cities in Turkey.
To meet residency requirements between April 26, 2022, and October 16, 2023, you need to provide the following:
- Title deed (TAPU)
- Property valuation report
- Proof of property registration with the Land Registry
After October 16, 2023, the documents required are:
- Title deed (TAPU) showing a minimum value of $200,000
- Proof of $200,000 deposit to a Turkish bank
Previously, different cities had varying minimum values, but this has been standardized to $200,000 nationwide from October 16, 2023.
The Process of Becoming a Turkish Citizen through Real Estate Investment
The requirements for citizenship through real estate investment are:
- Purchase property worth at least $400,000 and commit to not selling it for 3 years. This requires approval from the Ministry of Environment and Urbanization.
- Invest a minimum of $500,000 in real estate funds, venture capital funds or bank deposit. This must be held for 3 years and requires Capital Markets Board approval.
The step-by-step process is:
- Consult with specialized firms and lawyers to plan your application.
- Purchase qualifying real estate that meets the investment threshold.
- Obtain a Certificate of Conformity from the Land Registry.
- Submit your citizenship application at the designated government office.
With its unique advantages, strong economy and high growth real estate market, Turkey offers an easy, fast and lucrative investment experience for global investors. The country provides a straightforward process for securing residency or citizenship through property purchases. For those seeking stable returns, global connectivity and a high quality of life, Turkey is an optimal destination for real estate investment.
If you are considering purchasing property or investing in real estate in Turkey, the expert team at Ikamet can guide you through the entire process. From selecting the right property and location to navigating the legal requirements and paperwork, Ikamet will ensure a smooth and stress-free investment experience.
Contact the professionals at Ikamet today to learn more about the profitable real estate investment opportunities available in Turkey and get started on the pathway to Turkish residency or citizenship. Ikamet has all the expertise and resources to make your Turkish property investment a success.