Turkey is a major player on the global stage, welcoming more and more foreigners. Located between the East and the West, Turkey practices the best of both worlds.
Turkey is not only one of the hottest countries for second citizenship but also has a highly attractive real estate market that can offer significant ROI.
Turkey attracts foreign investors for its natural and cultural wealth, its strategic location, its developed transportation network, and the prosperity of the industrial, trade and tourism sectors.
Turkey’s strategic location between Europe and Asia paved the way for Istanbul International Airport, the largest airport in the world.
Turkey is the 37th largest country in the world and a mass of towns scattered from the east to the west attract foreign buyers.
Most settle on the Aegean and Mediterranean coasts apart from Istanbul, which tends to attract working expats.
Popular places include the Bodrum peninsula, often visited by wealthy, international celebrities and Fethiye, that is particularly scenic. Altinkum has attracted British people thanks to its atmosphere nicknamed little Britain while Antalya is more European in its lifestyle approach. Dalaman is less spoken about however for the foreign property buyers there, it does feel like being at home.
Turkey offers a rare opportunity to enjoy the four seasons, as it is one of the few countries where you can enjoy skiing and swimming in the sea on the same day.
The landscapes of Turkey include vast sandy beaches, snow-covered mountain peaks, turquoise sea views, pools, lakes, natural hot springs, forests, green hills and mountains, Moreover, Turkey is home to seventeen UNESCO World Heritage sites.
Compared to any European country or North American country, living in Turkey is quite affordable.
Pensioners are getting a good deal by leveraging the exchange rate from their currency to the Turkish Lira, providing them with more than the average cost of living.
Although red meat and petrol are expensive, the weekly shop can turn out to be cheap if visiting the local framers markets for items such as fruit, vegetables, cheese and olives.
Fresh fruits and vegetables can be obtained in Turkey during the four seasons.
In addition there is no television licence, the council tax is a fraction of what it is in most Western countries, and facilities such as water can cost as little as USD$10 a month depending on usage.
Aside from the laid back lifestyle and low cost of living, foreigners love the Turkish food, culture and hospitality which also tends to be another major reason to buy property in Turkey.
The cuisine still focuses heavily on fresh ingredients to make delicious home-cooked meals, and it is like a Mediterranean diet, often called the healthiest in the world.
Turkish culture and hospitality also embrace foreigners, and an age-old proverb says every stranger is a friend.
The result is that many different nationalities feel welcome in the country and enjoy indulging in a new cuisine focused heavily on healthy eating.
Low taxes in Turkey are one of the most important reasons for foreigners to buy property in Turkey.
The Turkish government reduced taxes on owning and investing real estate in Turkey.|
A foreign Investor is also exempt from paying Value-added tax (VAT) on the first purchase on the condition that the funds are transferred from overseas.
Turkey’s real estate market was late to enter the international platform. So, the prices of homes attract expats and foreign nationals from many different countries.
Turkey, which has a strong and growing economy, has always offered new opportunities for investors.
The Turkish real estate market is distinguished by being a local market par excellence, as real estate investment attracts Turks more than gold.
Over 90% of the Real Estate investors are local Turks
Real estate investment in Turkey is one of the most profitable investment options in both short and long terms.
Buyers have a wide choice of the extensive choices of different types of real estate properties including Residential apartments/villas, commercial properties such as offices or shops etc. ranging from low budget to luxury properties that can be either new build, off-plan, renovated, resale, the choices are plentiful.
Buyers don’t have to compromise on their dream of buying any property in Turkey.
People looking for long-term investments can rely on Turkey’s real estate market because these prices have the potential to offer lucrative ROI.
Real estate buyers in Turkey have the added advantage over those in Cyprus or Spain, where property prices have already skyrocketed.
With minimal annual maintenance and upkeep, well-maintained property in Turkey can bring a massive return on long-term investment.
The residence permit through property ownership is granted to the applicant plus hi/her immediate family which includes husband/wife plus children under the age of 18
The only criteria being the property value and value reflected on the title deed must meet both the residency valuation limit specified by the government which is currently USD$75K for the larger cities such as Istanbul, Antalya, Ankara etc. and USD$50K for the smaller cities such as Yalova.
One of the most significant benefits of buying a property in Turkey is that you get a Turkish passport with that. As a result, many foreigners who are looking for a second home find Turkey the ideal option. Turkish citizenship by investment scheme allows expats to invest a minimum amount of $400,000 and get Turkish citizenship within 60 – 90 days from the date of title transfer
The required investment is equivalent to 25% of the cost of immigration to UK.
The only requirements are that the property must be self-financed, paid in full, and kept for at least three years.
You can sell your property after 3 years and still keep you Turkish citizenship.
Foreigners were first able to buy property in 2001, and since then the government has taken necessary steps to ensure that the process is simplified to attract investment in the real estate market. This is one of the reasons for foreigners to choose Turkey for their property investment.
If you are looking to buy a house in Turkey as a nonresident, there are a few things you should keep in mind when it comes to legal matters.
It can be daunting to make the big move to another country and especially if you don’t know the language or where you are going to live. We will help to give you some guidelines to get started on.
STEP 1: Fine a Real Estate Agent
You will need to connect with a Real Estate agent.
You will hardly ever be able to buy anything from the owner directly.
Research and verify the real estate agents legitimacy to ensure the agent you decide to deal with are reputable and certified as there have been cases of foreigners that have been cheated by non licensed fraudulent agents.
For new properties the buyer DO NOT pay any commission. The commission is only paid by the seller.
If it’s an old apartment then the commission is usually split and paid by both the buyer and seller; this can range from 2% – 4%
Don’t underestimate the power of using a real estate agent. You may think you are saving your your self money by bypassing the agent but at the end it will cost you more.
They don’t charge you a fee but work with you by holding your hand all the way from A to Z. And you benefit from the perks of them finding you the right property, driving you around to the respective properties, negotiating the price and advising you on the pro and cons of each property and the area. And if you are buying for citizenship free citizenship application process which would otherwise easily cost you over USD$4k – USD$6K. And not to mention the free after sales service of renting out your property if you are buying for investment or assistance with the activation of the utilities if you plan on living in it your self.
You will never be dealing with the seller directly. If you bypass the agent, the sales rep that you dealing with will pocket the commission and you will miss out on the benefits that you would have otherwise obtained from the real estate agent.
STEP 2: Prepare you wish list
STEP 3: Visit Selected properties based on your wish list
STEP 4: Select Property
STEP 5: Negotiate Price and Terms
STEP 6: Pay Deposit
Be ready to pay a deposit to reserve the property and fix the price
STEP 7: Sign Contract
Make sure:
STEP 8: Get Tax Number
The real estate agent will help you with this. It is simple process online and only takes 5 minutes.
STEP 9: Open Bank Account
Documents required:
STEP 10: Pay full amount of agreed price
STEP 11: Get Valuation Report
STEP 12: Get Title Deed issued under you name
If buying for citizenship Purpose include step 13 and 14:
STEP 13: Apply for conformance Certificate (uygunluk belgesi)
STEP 14: Apply for citizenship
Documents required:
STEP 15: After Sales Service
If you plan to live in the apartment the real estate agent will help you with the activation of the utilities and if you plan on renting it out they will manage that for you as well free of charge in most cases for the first 3 years.
1: Title Deed Fee
This is generally 4% of the property value. Some developers include either half or all of this as part of the selling price and they pay it on behalf of the buyer.
There are some projects built in redevelopment areas where the Title fee is waived and is not applicable at all.
2: Property Tax
These are all nominal charges but worthwhile noting how much they are so that you are not overcharged:
The tax is based on the type of property
– Residential 0.2% of property value
– Commercial 0.4% of property value
– Land 0.6% of property value
Just to make sure there is no confusion:
This is 0.2% NOT 2%!!
This is paid annually.
3: VAT / KDV / GST
– Residential: 1% or 8% of Property value
– Commercial: 8% or 18% of property value
Some developers include this as part of the selling price and they pay it on behalf of the buyer.
When you are buying as foreigner, you are exempt from paying any VAT. BUT it is important that you follow the right steps and do not initiate anything to do with residency until you have obtained the right documentation other wise you will have to pay it.
The cost and a tedious process involved in getting the waiver is not worth the trouble if getting a 1% VAT waiver but the waiver definitely needs to be considered when VAT is 8% or 18%
There are some projects built in redevelopment areas where VAT is not applicable at all.
4: DASK
This is an obligatory Earthquake insurance that every property owner has to obtain.
The Cost is minimum.
Approx. 200 TL – 400 TL depending on a number of factors such as location, size of apartment, the floor it is on, the number of floors in the building etc.
This is paid annually.
5: Expert Valuation Report
This is an independent valuation report required both for the protection of the foreign buyer and is also used for compliance if applying for citizenship
The costs are generally about 2,500TL – 3,000 TL.
6: Translation / Notary fees
Depends on the details and number of wording of power of attorney, number of signatures etc.
Allow USD$300 – USD$400 in total.
7: Utilities meter application fees
Allow say 5,000TL
8: Lawyer Fees
Paid by the Real Estate Agent at NO cost to the buyer.
9: Citizenship Application Fees
Paid by the Real Estate Agent at NO cost to the buyer.
10: Real Estate Agency fees
Paid by the seller at NO cost to the buyer.
We are a more of a Real Estate Consultant rather than just a real estate agent (2 in 1):
You will NOT be paying us any agency fees or commission. Agency fees are paid by the seller.
Any money paid for what you end up deciding to buy is paid for directly to the seller. Not an intermediatory entity or agent.
We have over 500 projects in İstanbul.
We do NOT have any vested interest in any particular project over another so you will be given an honest independent advice without having an ulterior motive behind it.
We provide FREE of charge service for everything to do with your property purchase from A to Z including:
Invest Meow Grup Türkiye for all your needs relating to Real Estate Investment, Immigration, Residency, Citizenship, Health insurance & other Corporate Consulting Services requirements in Turkey:
ALL under one roof:
– invest meow Realty
– invest meow Göç (Immigration) & Corporate Consulting Services
– invest meow Sigorta (Insurance)
– invest meow Transport, Travel & Tourism
For more details contact us via:
WhatsApp/Telegram:
+90 552 674 2387
What is the ROI in Turkey?
Generally the ROI for residential properties is about 5%. And commercial about 6%
This gives you a payback period of about 20 years.
These figures are based on rental income only.
Most that invest in property in Turkey, invest because of the high capital growth
The property prices in Istanbul increased by 20.02 % last year!!!
So if you include capital growth into the picture of your investment:
5% per year rental return
20% return on capital growth
Total 25%
You would have doubled your money in 4 years!
Although these figures are based on the Turkish Lira. As you are buying in Turkish Lira and will be selling your property in Turkish Lira:
But as general rule property price increase are indirectly linked to the USD$ due to most construction material being imported.
What are the monthly fees that the property owner in Turkey must pay to upkeeping of the Facilities Management?
This is the facility management fees also known as Aidat. the body corporate fees, homeowners association (HOA) fees or whatever other name you know it as, is paid to the compound’s management to cover various costs such as: cleaning, maintenance, lighting, elevators, security, running sports and health facilities, and so on.
The total cost of the management fees are split by the total square meter area of the project and then multiplied by the areas of each apartment to determine the costs to be paid by the apartment apartment.
The square meter rate varies depending on how elaborate the facilities in are in each project. It can range anywhere from 4TL per m2 to 10TL per m2 depending on how extensive the facilities are.
What is the capital gains tax when selling a property in Turkey?
The capital gains tax rate ranges between 15% to 35%, payable only if the property is sold within 5 years from the date of purchasing the property in Turkey.
If the property is sold after 5 years, there is no Capital gains tax applicable to be paid.
Who can buy real estate in Turkey?
Most nationalities are eligible to own real estate in Turkey, with the exception of a very limited number of nationalities that are either not permitted to buy property at all due to political reasons or have restrictions subject to property’s location.
Is it possible to get a mortgage in Turkey?
Real estate financing is mostly provided by Turkish banks, so the applicant must have regular income in Turkey.
However some of the major real estate developers do offer payment plans which can range anywhere from 12 months to 60 months.
Is it possible to buy a property remotely in Turkey without coming to the country?
Yes, it is possible. Real estate can be bought remotely without coming to Turkey, through a legal power of attorney for whoever acts on your behalf in Turkey. The power of attorney is issued at the Turkish embassy in your country of residence.
Down Payments on buying property based on an Installment Plan
Down payments vary from project to project. It can be as low as 25% of the value of the apartment and remaining amount will be paid in equal monthly installments over a period of time agreed or designated in the contract.
Is it necessary to obtain a residence permit before buying real estate in Turkey?
No. Most real estate buyers do not need to obtain a residence permit in Turkey before purchasing.
There are some exceptions for example for Palestinians who hold travel documents, and citizens “without nationalities” who do not hold nationality of any country, but do hold travel documents, are entitled to buy real estate in Turkey, provided that there is a residence permit in Turkey.
Why are down payments on installment plans quite high?
The developers are not banks. They are not offering you a loan. The payment plans are offered as a means of assisting the buyer to pay for their purchase over a period of time.
As an alternative you could look at getting a mortgage through a bank and would need to add the interest accrued over time into the price.
What is better, ready-made or under-construction property?
With properties under construction not only will you have plenty of options to chose from as you will be buying early but you will also have potential for good capital gains growth during the construction stage. Some properties have increased as much as 30% to 40% just during the construction stage.
In Turkey a title deed can be issued under your name even for a property that is under construction so you have nothing to worry about in terms of the security of your investment.
But if you want something to move into straight away then would have to look at the ready to move option property.
How much interest is charged for buying property on an installment plan
Property prices are listed as Shelf Prices
A Shelf price is generally the installment price
The real estate agent can assist to negotiate an appropriate discount for you. The more experience and the better relationship that a real estate agent has with the developer the more of a discount they can get you.
If you are buying on an installment plan, the discount for the Shelf price might only be say 5%
BUT if you are buying in cash, you could get as much as 25% to 35% discount off the Shelf price!!!
Like the old saying goes:
Cash is King!!!
Will property ownership be freehold in Turkey?
Yes, all the properties sold in Turkey are freehold.
If I buy an under construction, can I sell my property before the project is completed?
Yes, you can sell your property during the construction phase, but there may be a commission paid to the developer, which will need to be negotiated and agreed to during the signing of the contract.
Can I obtain a residency permit in Turkey if I buy a property?
Yes, a foreigner can obtain a residence permit based real estate ownership for himself and his family unit.
A family unit is considered a husband and wife plus children under the age of 18.
Permits issued based on real estate ownership can be issued for two year intervals.
The current limit for property value which is purchased for residency purposes theoretically is set at USD$75K for large cities and USD$50K for small cities.
But practically speaking the value will need to be above USD$100K reason being that the limit is not only the price that you buy the property at but also the value of reflected on the valuation report.
Does Investment in Real Estate need to be in one property to qualify for citizenship?
No, you can buy one or multiple properties as long as the total value invested is above the citizenship limit requirement.
Will property prices fall in Turkey?
Eager real estate investors looking for countries with falling house values should know property prices are not falling in Turkey.
According to the Central Bank of the Republic of Turkey, over the last year, up until the Quarter of 2021 period, house prices rose by a staggering 30.6%.
Will property prices fall in Turkey?
There has always been a high interest in Real Estate in Turkey. Locals prefer to invest in real estate rather than gold.
Prices in Turkey have been increasing every year and the upward trend in demand for real estate continues.
With the pace of building construction has slowed down due to increase in the cost of building materials and specialist services. demand for housing has increased furthe.
The price continued to rise as demand for housing has continued.
And then there are the buyers from Russia and Ukraine which has put further stress on the availability of the supply of real estate.
The construction of the Istanbul canal and the Artificial Islands that will be built from the soil dug out the Istanbul canal will further increase the demand for real estate.
In 2023 real estate prices will continue to rise in Turkey.
Real Estate Inheritance Law in Turkey
Turkish laws allows the property transfer to the heirs through intestacy when a person has died intestate.
There is however an inheritance and transfer tax imposed on the property but it is relatively low and it’s value is depended on the value of the property.
Can I buy a property in Turkey without physically being in Turkey?
A foreigner does not need to live in Turkey and nor having visited Turkey to buy a property.
It is very rare to find an owner wanting to sell a property directly so 98% of the time you will be dealing with a real estate agent anyway.
You never pay the real estate agent anything.
Your contract is made with the seller directly, facilitated by the real estate agent, and all payments are made to the seller directly.
You don’t actually need a local bank in Turkey. You can do an international transfer directly to the seller.
The contracts to buy a property are signed by either the real estate agent or anyone else you give a power of attorney to. It is best to be given to the lawyer of the real estate company, who has to be given a power of attorney for the a number of other miscellaneous things that he has to do anyway.
Use referrals to source a trusted real estate agents that you will have to work with.
How much does a Power of Attorney Cost?
A Power of attorney’s are prepared at a public notary.
You can not put a specific price on the cost without knowing the purpose, extent and details of the power of attorney.
It can be as cheap as 500TL and as much as 3,000TL +.
If you can not read/ write Turkish then a translator will also be required as everything is prepared in Turkish. Depending on the availability of translator in your preferred language this can cost roughly about 500TL.
Wording or Text of a Power of Attorney
You cannot give someone a general authority to do things on your behalf, it needs to be specific with everything from A to Z listed.
There are standard templates for each specific task that you want to give someone authority for.
The standard text can be modified to suit you or your lawyers requirements, if need be.
A power of attorney to buy property for example can include things like signing the contract, payments, transfer of title, activation of utilities or whatever else you want him/her to do specifically related to the property.
It can be made as a general authority to buy property or it can be limited to a specific property.
The wording of the text is in Turkish.
The agent or the lawyer you are dealing with will have to send you a word copy of the template which you would give the embassy or public notary if you are in Turkey for them to cut and paste into their template to prepare a power of attorney for you.
Are there any restriction of different nationalities buying property in Turkey?
Other than for North Korea, Armenia, Syria, South Cyprus, Taiwan, due to political reasons:
There is NO restriction of buying property imposed on any nationality.
Is there any benefit in having more than one name on a title deed?
It depends what the purpose of buying the property is.
If it is for citizenship purposes then you need to leave it under one person’s name otherwise the share of the main investor or applicant applying for citizenship would not be met.
If you are buying for residency purposes although both names don’t need to be on the title but would be preferred. The same applies to name of children within the same family.
How do countries that are not easily issued visit visa’s able to come to Turkey to buy property?
Worthwhile establishing a relationship or having some sort of in principal agreement with a real estate company to send you an invitation letter.
Can two adults (siblings) both invest in 1 property?
Any foreigner, other than restricted nationalities, can purchase a property like a local Turk without any restrictions on the number of people that share a title deed.
But if the property is being bought either for residency or citizenship purposes then there are certain rules that that need to be complied with to ensure being able to be used for the intent it is bought for
In the example of the question raised:
For Residency Purposes
Two siblings cannot use a share title deed for residency purposes as they are not considered as a family unit. A family unit is a husband/wife plus children under the age of 18
For Citizenship
If two siblings bough the property then each share holder has to meet the the minimum citizenship amount to be able to quality for having met the citizenship value limit of investment in Turkey.
Service provided by Tapu office (TKGM) in partnership with a bank (TakasBank).
The system is great for direct transfers of titles and it protects the buyer especially in cases where there is no trust or reference of who you are dealing with.
But you can only do the transfer of funds in TL, not in a foreign currency.
Can you purchase land towards the citizenship amount? Or would it have to be a house with land?
Any Real Estate whether it be land residential, commercial or industrial or land can be used towards citizenship.
How do you find the real value of the land/property?
Market price is what the fair market price is in the market
When an independent valuation is done, then both figures are compared and lower value is taken as the real price of the property.
Just something to be aware of:
Land valuation and valuation of re sale properties as compared to new properties, are almost always less than the market price. Sometimes by more than 75%, which means valuation being a quarter the value of the actual market price.
Get a valuation done first to see where you stand before proceeding with the purchase otherwise you will not be able to use the property purchased for the specific reason of meeting the Residency or Citizenship limits!
How much does an Evaluation report cost?
The evaluation report (or Property Expertise Report) cost depends on the property, age, location, price and a number of other factors.
You can contact us via WhatsApp / Telegram for a quote:
+90 552 674 2387
How do you trust the property market statistics published in the media?
Turkey property market has been increasing by about 25%+ every year. Turkey still has the cheapest real estate in the world. Statistics based on real facts show what price properties have been sold for historically.
Turkey is not like Dubai where prices literally fluctuate daily based on the economic data. That is because 90% of those investing in Dubai are foreigners and when economic situation changes prices get directly influenced.
In Turkey, the foreigners are less than 10% of the investors in real estate. Over 90% are local Turks. Turkey has a growing population and a huge percentage of the population are the young generation that all need their own places to live. The demand is always there.
There is actually a shortage of properties in the market.
Look at the rental market, people are having problems of even finding a rental place to live in because of the demand. > : There is also the issue of the fact that interest rate in Turkey used to be as high as 25%. The local Turks had parked all their money in the banks. Guaranteed 25% return on their money without them doing anything was seen as a good investment.
But money just sitting in the banks is dead money. No benefit to the economy
By Erdogan dropping interest rates, it is forcing everyone to take their money out of the bank and do something with it to stimulate the economy by having the money circulating.
Everyone is resorting to property. If everyone is investing their money in property, property prices are going through the roof due to limited supply and a high demand.
Those that were interested in selling are now holding on to their property because they know it will be a good investment for them. Unless someone offers them an above the market price now, there is no point selling their property anymore. Hence the issues of price hike in the market all over Turkey
Turkey prices are not inflated. Market reality will tell you that. If prices were inflated, no one would be buying.
Buying property and what to be aware of
Properties under construction can have the Kat irtifaki ready which means you can get the property transferred to your name before the property is complete.
Once the property is complete, they will still need to get the Kat Mulkiyeti otherwise you cannot legally occupy the place.
Usually prices of new properties are listed as “shelf” or “list” price. These prices usually accommodate some sort of payment plan.
The more cash deposit you pay the earlier you pay the full amount the more of a discount you can get off the list price.
The cash discounts can be anywhere from 15% to 35% off the list price
Refer previous post on additional costs.
What is DASK Earthquake Insurance in Turkey?
DASK is a policy created by the World Bank and Turkish Government and provided by the Turkish Catastrophe Insurance Pool (TCIP).
It is insurance cover for material damages that occur to buildings caused by earthquakes. It is also known as Compulsory Earthquake insurance.
The Turkish Government mandate that all property owners in Turkey hold DASK insurance.
DASK insurance is intended to cover material damages on dwellings caused by earthquakes, as well as possible damage caused by fires, explosions, tsunamis and landslides that are a direct result of an earthquake.
Buying property for Residency purposes
The property being used for residency must have a title deed under the applicants name.
The property being used for residency purposes needs to be suitable for the family size and habitable.
The Theoretical value limit set by the government is USD$75k and USD$50k for a property to be able to be used for residency purposes.
The limit is not just what you buy the property for but there is an independent valuation that needs to be done and that valuation needs to be above the limit as well.
Practically speaking:
For new properties:
You can no longer find properties for under USD$150k anymore especially in larger cities such as Istanbul.
Old properties:
You can find properties closer to the limits set for residency but the valuations can be a problem because of the locals generally under declaring the true prices of the properties, for tax reasons.
There are also other costs involved as noted in previous posts that you need to keep in mind.
How does someone outside Turkey issue a power of attorney to authorize another person in Turkey to purchase a property and sign the appropriate documentation in the name of the buyer?
There are specific requirements that need to be included in a power of attorney to enable a smooth transition of the purchase process. It would be best to obtain a template of the text from a legal representative first. The template text is then taken to the Turkish embassy in your home country for a requestion for a power of attorney to be prepared.|
The original of the power of the attorney can then be sent via DH/FedEx or other, to the nominated representative in Turkey to act on the buyers behalf.
Does anyone know of an agent or solicitor who can assist with the property investment and or the citizenship process?
You can reach out to for any questions you may have or if you need assistance with buying property, title transfer, and residency or citizenship applications.
WhatsApp/Telegram +90 552 674 2387
When a husband and wife both put their names on the title deed with say 50% shared by each, the value of the home would be divided in two. If a property was bought for say USD$80k, each partners share would be 40k. What problem does this cause to meeting the threshold for residency and citizenship limits set on property ownership?
For residency it won’t matter what each partners share is in the property as long as share holders are a family and total purchase price of the property is above the minimum property limits for the respective cities
For citizenship whoever the main applicant is, he/she has to have a total of his share in a pool of real estate investment to the value of the citizenship limit. In the case of the example, if the property is shared 50/50 then only USD$40K would be the main applicants share that he can use towards the pool of properties that he is going to build to make up the citizenship limit
How does the rule of payment for property being bought by a foreigner needing to be in USD$ which is then converted to TL?
Article 13 of the new circular published in January 2022 by the Türkiye Central Bank, requires international Real Estate buyers to exchange the foreign currency through the Central bank.
Essentially, foreigners with no citizenship ties with Türkiye, bring the foreign currency to a bank within Türkiye.
The bank is then requested to exchange the funds through the Türkiye Central Bank for the required amount of Turkish Lira.
The Central Bank then issues a Foreign currency Exchange Receipt (Döviz Alım Belgesi).
The foreign currency exchange receipt is required by the title deed office for the transfer of the title deed (tapu) to happen from the seller to the buyer. The Turkish Lira value on the title deed will be reflected on the title deed and the USD$ equivalent used at the basis for meeting the Residency or Citizenship limits.
Can property be sold in USD$?
A property may be priced and also paid for in a foreign currency.
Refer Article 13 rule above, about requirement of Döviz Alım Belgesi
If the funds are paid to the seller in a foreign currency, the seller is obliged to convert them to Turkish Lira to obtain the Foreign Currency Exchange receipt for the buyer.
We have some money in Lira and some in dollars and we we’re planning on purchasing only in Lira – can this property count towards a residency permit?
Refer requirement of Foreign Currency Exchange Receipt. The funds in your Lira account will need to exchanged to USD$ first and then exchanged back to TL to obtain a Foreign currency exchange
Any property you buy can be counter towards residency as long as the property value limit is me and as you plan on living in it.
Can additional family members be added onto a tapu?
Once a title deed (Tapu) is issued, a share would have to be sold to the family member for their name to be added to the title deed
Make sure you are aware of the pro’s and con’s of having more than one person having a share of the same title deed
Does one need to be on short term residency before buying property house or land ?
There is no requirement of having residency or any sort in order to buy property
Can foreigners buy Agricultural land in Turkey?
According to the 2012 property law, foreigners are allowed to buy land and real estate subject to:
What is difference between “Arsa” and “Tarla” land ?
Zoned (Imarli) which referenced as “Arsa” on the title deed is land where construction is permitted on a certain percentage of the land, whether it be villas, commercial, residential, tourist, health or educational buildings.
Agricultural land (Bahçe tarla) is land on which construction is not permitted at all or allowed in very small proportions of its area, on special terms.
What is ISKAN?
Iskan is a certification document that confirms the acceptance of the building into operation. Another words an occupancy permit.
ISKAN confirms that the property is ready for use in agreement with the Turkish State Commission.
The construction company usually provides a ready-made Iskan to the homeowner.
If there is a sale of secondary real estate, then Iskan is obligatorily transferred to the new owner. > : There are 2 types of ISKAN permits:
Genel Iskan (general – for a residential complex)
Genel Iskan (Genel Iskan) is a general registration certificate, a certificate confirming the commissioning of a building. Issued for the entire building as a whole (multi-apartment residential complex, villas). It contains complete information about the land plot where the building is located, and the technical data of the building: the footage of all apartments, number of storeys, details of the installation of electrical wiring and sewerage systems.
Ferdi Iskan (individual – for apartments).
Ferdi Iskan (Ferdi Iskan) is an individual registration certificate for apartments within a residential building. Issued for each individual apartment or private house after the purchase of a property. It contains the technical data and characteristics of an individual property: the total area of the apartment, including balconies, kitchen, corridor, bathrooms and outside walls, location and number of rooms, exact address and details of the owner.
Both registration certificates are issued by the mayor’s office for the location of the property. > : What is “Aidat” ?
This applies to any residential/commercial complex including an indual building that has more than one tenant.
“Aidat” is a monthly fee for the maintenance of the compound, which all tenants (or owner if the property is empty) are obliged to pay, regardless of whether they live in their apartment all year round or come only a couple of times a year.
To be more precise, the fee is for the use of all the amenities that are on the territory: a swimming pool, a gym, a sauna, a Turkish hammam.
What is included in the Aidat?
– Concierge or caretaker services
– Security
– Gardener’s job
– Cleaning of entrances and territory
– Garbage removal
– The lighting of the territory
– Elevator service
– Salary for the personnel involved in the maintenance of the complex
In fact, the rule is that the more extensive the infrastructure of the complex is, the larger its territory is, the higher is the aidat.
How is the aidat calculated, and what happens if it is not paid?
All of the above items of expenditure are added up, resulting in an amount that is then divided by the number of apartments in the complex but according to their share in the whole compound (lands shares are written in your Title Deed)
The final figure will be the aidat.
If the owner does not pay this fee for several months, the management company has the right to hire a lawyer and take the defaulter to court.
“Aidat” is an important payment required to keep the complex in excellent condition.
If your property is leased out, the maintenance fee (aidat) becomes a monthly responsibility of the tenant.
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