As a result of the ongoing developments in the real estate sector in Turkey; the demand for buying does not come from Turkish citizens only.
It was observed that serious purchases are made by foreigners who live in Turkey. According to researches; foreign nationals have a share of 22 percent of the real estate market in Turkey. In order to support this upward trend, new legal arrangements have made to ease the sale of real estate to foreigners in recent years.
Advantages Offered to Foreigners in Buying Property
Buying a property, it is one of the best investment instruments by foreigners in Turkey. It is the Istanbul real estate market, which has the highest share in this market. Especially in Istanbul, there is a high level of interest of foreigners in a property for sale. The same situation is valid for Antalya after Istanbul. As the region; the Aegean and Mediterranean regions are the most preferred zones by real estate buyers. It is foreseen that these demands will increase further thanks to the latest regulations.
Foreigners who previously purchased at least one million dollars of property; then they could apply for citizenship in Turkey. After an arrangement made in 2018, this limit reduced to 250.000 dollars.
According to the law, foreigners exempted from VAT tax when purchasing a commercial or residential building in Turkey.
The regulation also exempts the Turkish citizens living in other countries of residence with work permits from the tax, for at least six months.
Conditions to Apply for Turkish Citizenship Except for Buying Property
- Marriage with a Turkish citizen
- The certain amount of fixed capital investment
- To have the conditions specified in the right to apply for exceptional citizenship; athletes, scientists, art people and so on.
Restrictions for Buying Properties for Non-Turkish Citizens
There are some restrictions for foreign nationals who wish to buy property in Turkey. The most important of these are;
The total area of the property or land purchased by a foreigner cannot exceed 30 hectares.
In areas where private security applications are located or in areas where military territory are declared; no property can be sold to the foreigners.
Sales of Property to Foreigners
In general terms, there is no different practice in selling the property to foreign nationals. All transactions made by the related land registry offices. However, in the process of selling the property to foreigners; depending on the nature of the situation, some added documents can be requested.
Last Updated: 4/9/2019 1:31:58 PM