Real estate in Turkey

Buyer's guide

• Who can buy a property in Turkey

  

  All foreigners are allowed to buy real estate, except for citizens of Syria, Armenia, Cyprus, Cuba, Taiwan, North Korea and Eritrea. Foreigners can purchase residential or commercial real estate, a new building or secondary real estate, a share in real estate under construction, or a plot of land.

  In Turkey, there are restrictions: foreigners are prohibited from buying real estate near military facilities and land plots that exceed 30 hectares, or 300,000 m². There are also restrictions for citizens of some countries, for example, Russians are not allowed to own real estate on the Black Sea coast.

• Property prices by region of Turkey

  

  Turkish properties grew by 41,1% in May 2022, according to the country’s Central Bank. The dynamics of real estate prices in Turkey outperform the European Union dynamics: the country ranks first in the Eurostat price index — the cost of Turkish housing has increased by 641% since 2010.

  The cost per 1 m² of real estate varies from $300 to $2,500, depending on the real estate type and location. The cities with the highest average real estate prices per 1 m² are Istanbul ($1,800), Bodrum ($1,750), Alanya ($900), Izmir ($800), Antalya ($800) and Bursa ($700).

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• Property purchase procedure in Turkey

  

  Buying Turkish real estate takes an average of two weeks. First, the investor chooses a property. If they participate in the citizenship program, they need to buy real estate that has not yet been used for a Turkish passport obtainment.

  The parties enter into a preliminary agreement. The buyer makes an advance payment of $1,000—$5,000. Then they get a tax number in order to register the property. The parties conclude the main purchase and sale agreement: the remaining value of the property is paid.

  The real estate is registered in the land registry and cadastre of the country where the buyer receives a TAPU, which is a certificate of ownership.

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• Property purchase taxes in Turkey

  

  Buyers of real estate in Turkey pay:

  • transfer tax — 4% of the transaction amount;

  • VAT at the 1—18% rate — usually included in the price of the property;

  • stamp duty in the 0,1 to 0,6% amount;

  • state fee for issuing a TAPU: $45 is paid by citizens and residents of the country, and $130 is paid by non-residents.

  When purchasing real estate under construction, buyers pay 1% for contract notarization. If a realtor is involved in the transaction, the buyer also pays its commission — 3% of the real estate’s value.

• Residence permit and citizenship in Turkey by the purchase of a real estate

  

  Turkey issues a residence permit to foreigners in exchange for purchasing real estate worth:

  • at least $50,000 — in small cities of the country;

  • at least $75,000 — in megacities, such as Istanbul or Antalya.

  Foreigners receive Turkish citizenship by investing in one or more properties for a total amount of $400,000 or more.

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