Can Foreigners Buy an Apartment in Turkey? A Guide

Dream of owning a holiday home in Turkey? It's an exciting time for those looking to buy. This large and diverse country offers great weather, vibrant cities, and stunning beaches. Plus, property prices are low. In this guide, we'll explain how buying a home in Turkey works for foreigners. We'll explore the costs, Turkish 'Golden Visa', and the market condition.

Key Takeaways

• Turkey's real estate market is lively with affordable prices when compared to the West.
• Buying property in Turkey is open to foreigners but comes with some rules.
• Through investing in property, foreign investors can get the Turkish 'Golden Visa' and may get citizenship.
• Istanbul and seaside towns like Antalya, Bodrum, and Fethiye are top choices for home buying.
• Foreigners need to choose a property, understand the legal steps, and possibly hire local experts.

Interested in the Turkish property market? Let's dive into it.

Turkey's Property Market: An Overview

In the last year, prices in the Turkish property market went up by 30%. This made it a sellers' market. However, buyers now have a chance. There are many new housing projects coming up. This means more homes will be available for buyers.

Recent Trends and Price Changes

The prices of properties in Turkey soared by 30% in early 2021. This made it good for people selling their homes. But, with more projects coming up, there will be more homes for sale. This will help buyers.

Foreign Buyers' Impact on the Market

Foreigners have shown more interest in Turkish properties in the recent years. During the pandemic, this interest slowed down a bit. Yet, the market remained strong. This was because many locals kept buying and interest rates fell.

Property prices in Turkey have really shot up in the past few years. While this is good for sellers, buyers should not lose hope. New housing projects are on the rise. This means there might be more houses available soon. The market stayed strong mainly because locals kept buying and interest rates became lower. The market also survived the pandemic's dip in foreign interest.

Can Foreigners Buy an Apartment in Turkey?

People often wonder if they can buy home in Turkey as a foreigner. The answer is yes, foreigners are allowed to buy property in Turkey. Yet, there are key things to know. These include some specific requirements for foreigners to buy property in turkey and limitations on foreign property ownership in turkey.

Legal Requirements and Restrictions

There are rules to follow if you're a foreigner buying property in Turkey. For instance, you can't buy more than 30 hectares of land. It's also off-limits to buy or rent homes in military forbidden and military zones.

Residency and Visa Implications

Just buying a home in Turkey doesn't let you live there indefinitely. You may still need a visa or permit to stay long term. Yet, buying property in Turkey can help you get a residence permit or citizenship. This is part of the country's visa options for foreign property buyers in turkey.

The Benefits of Buying Property in Turkey

Buying property in Turkey has lots of benefits. An attractive aspect is the low cost. For example, a city centre flat costs about £781 per square metre in Turkey. This is way less than the £4,247 in the UK. So, it's a good choice for those looking to save money.

Affordable Prices and Rental Yields

Not only is buying cheap, but you can also earn well through rent. Turkey is a popular place for tourists and expats. This means if you buy a property in spots like Antalya, Bodrum, or Fethiye, you could make a good income from renting it out.

Turkey's Citizenship by Investment Program

One major benefit is Turkey's Golden Visa scheme. This lets you get Turkish citizenship by buying property worth at least $400,000. The good news is you and your family can get citizenship in 3-6 months. Imagine owning a property here and also having a Turkish passport.There are many good reasons to invest in Turkey. From low prices to good rent fees and even citizenship. Knowing all these, it's easier to see why buying in Turkey makes sense.

Popular Locations for Property Investment

When looking at Turkish real estate, certain places catch the eye of foreign buyers. Turkey has several top spots for property investment.

Istanbul: The Cultural and Economic Hub

Istanbul is a lively city in Turkey and a favorite for many foreign buyers. It attracts about 44% of them. Though not cheap, Istanbul’s charm comes from its varied food, history, and many job opportunities.

Coastal Resorts: Antalya, Bodrum, and Fethiye

Foreign buyers are also keen on Turkey’s coast. Antalya is popular, chosen by 21% for its fairly low prices and a large community of expats. Bodrum, offering luxury living, is on the Turkish Riviera but is pricier. Fethiye, with its beauty and affordable living, gives a glimpse of real Turkish culture.

The Property Buying Process for Foreigners

Looking for the ideal property in Turkey as a foreigner involves some important steps. Let's look closely at the process.

Finding the Right Property

If you're not living in Turkey, property agencies and agents are very helpful. It's best to find an English-speaking agent who can explain everything clearly. You might also want to search for properties on big real estate websites in Turkey. When you find one you like, you will need to negotiate the price and terms with help from your agent.

Legal Requirements and Documentation

After choosing a property, you will need to sign agreements and pay a deposit. Having a trusted, independent solicitor to look after the legal work is vital. Make sure you have your ID or passport and residence permit, if needed. An appraiser will also value the property.Then, you have to pay certain fees to finalize the transfer with the authorities. This is when you get your Tapu, the title deed for the property in Turkey.

Hiring Professional Assistance

Working with real estate agents and lawyers can make the buying process smoother. Real estate agents will guide you through the market and help ensure the transaction is legal. Lawyers take care of the paperwork, keeping your interests protected. With their expertise, you can be sure your property purchase in Turkey is safe and sound.

Conclusion

Foreigners can indeed buy an apartment in Turkey, thanks to favorable property laws that allow international buyers to invest in the Turkish real estate market. Understanding the process and legal requirements is crucial for a smooth transaction. For more information and available listings, visit our guide on how to buy apartment in Turkey to get started on your investment journey.Buying property in Turkey as a foreigner can be exciting. You enter a lively real estate market. Here, prices are often lower than in the Western world. But, you must follow the rules, like the amount of land you can buy.When you want to buy a property in Turkey, there are steps to follow. You start by picking the right property. Then, you need legal help and fill in the paperwork. Knowing how Turkey's property market works helps. This way, you can buy smart and maybe earn money from rent or even get Turkish citizenship.Turkey has a lot to offer, from vibrant Istanbul to calm coastal spots. It's a good place for a holiday, retirement, or an investment. For those thinking of buying property in Turkey, remember to understand the law, choose wisely, and see the benefits of the property market.