How To Buy Property in Turkey
Turkey has a rich history, impressive cultural heritage, favorable climate, and beautiful beaches. Attractive places in this country, especially in cities such as Istanbul, have many tourists worldwide every year.
That is why people may think of how to buy property in Turkey. Having residence in Turkey is possible through property purchase and is one of the ways to invest and get citizenship. Buying an apartment in Turkey is one of the fastest ways to get one of the most powerful passports in the world.
If you are thinking of buying property in Turkey, you should get the necessary information in this field. You will only put your money at risk without having the essential information. Our consultants try to assist you in this difficult path by providing information on buying property in Turkey.
What rules should you follow to buy property in Turkey?
According to the new regulations, foreign individuals and investors should own property in Turkey worth $ 250,000 to get citizenship. According to Turkish law, they will be able to apply and declare the acquisition of Turkish citizenship in this way. Of course, with $ 150,000, you can also get Turkish citizenship. Staying there is possible through knowing how to buy property in Turkey at a lower cost. However, the minimum purchase price of a property for a stay is 60,000 dollars.
On the other hand, foreign investors must accept the criteria set by Turkey to maintain their citizenship. In this regard, people must keep the purchased property in Turkey for 3 years, and you must not sell the property during this period. The process of getting a Turkish passport by purchasing a property usually takes 65 to 80 days. In this method, 3 years of residence is a granted subject, which is the tourist type residence. This means that you cannot work in Turkey. However, under particular circumstances, these 3 years can increase to 10 years.
Is it possible to buy property in Turkey with a low budget?
Our counseling team provides services for all investors and applicants who intend to immigrate through the purchase of property in Turkey and want to get their residence. The services that our team provides will reduce the economic and psychological cost of going to Turkey. If you are facing a budget constraint, be sure to consider the following factors.
According to our experiences and research, these factors change your costs to some extent. Using the services of a law firm about how to buy property in Turkey can increase the security factor of this process.
Investing in special projects
You can invest in special projects in Turkey. These projects reduce your costs because the government pays part of the budget. In this project, you will eventually receive more than you invested. Therefore, it has economic benefits, and you can get your citizenship too.
You need professional and experienced legal advisors to find such projects. That is why you can trust us to buy property in Turkey to reduce costs and increase profits.
Considering the location of the property
If you do not have a reasonable budget, choosing properties with fewer facilities is better. The answer to how to buy property in Turkey is determined based on the property’s location. Choose the site based on the knowledge and advice of someone who knows the city. For getting information and advice in this area, you can refer to our consultants.
For example, if the property you want is in the city center, it will cost more. Even the facilities of the property and the city affect the price of the property.
If it is close to public transportation, there are shopping or medical centers around it, or the building or property itself has additional options, your budget for buying property in Turkey should naturally increase as well.
Property distance from the sea
Turkey has access to many international water provinces. This access is in many of its cities, and it is not just for one area. For this reason, the distance of the sea from the property in Turkey affects its price.
Naturally, properties closer to the sea and access to the water ports have a unique advantage. This advantage applies to both the property’s view and the transportation aspects. If it is important to you to be near the sea, you need to increase your budget significantly. Otherwise, you can reduce costs by having more distance from the sea.
Choosing the city based on your budget
Pricing property in Turkey is up to 30.6 percent this year, averaging $ 502 per meter. People who want to buy property in this country should pay attention to which city they decide to buy property in because the price of a property in the provinces of Turkey is very different.
Istanbul is one of the most expensive and largest cities in Turkey and is 39th out of the 94 best cities globally. The average house pricing in Istanbul has increased by 20.8% and has reached 782 US dollars per square meter.
Prices of property in Turkey in this province have increased by 4.5% compared to last year. House pricing in Ankara, Turkey’s second-largest city and capital, is $ 368 per square meter, up 3.28% from last year.
What should we consider when buying property in Turkey?
Those interested in knowing how to buy property in Turkey should know that they must first determine their purpose of buying property in Turkey because, on the one hand, investors can have Turkish citizenship by buying property. On the other hand, the applicant can purchase a residence in Turkey.
The only difference between the two is the price of buying a house in Turkey. If the applicant wants to have only temporary residence in Turkey, he can buy a property worth less than $ 25,000.
Of course, you should know that the minimum purchase price for a house in Turkey is $ 60,000. Keep in mind that purchased property in Turkey at this price are smaller properties, such as one-bedroom apartments. In addition, you can get temporary residence in this country by renting a house.
This residence is of the tourist type, which means that the person cannot work or study in Turkey and must get a permit or change the type of residence. Before 2020, Turkish tourist accommodation was for two years through a rental property in Turkey.
However, in the new laws, which have changed since the beginning of 2020 and in 2021, this residence is for one year and cannot be extended after the end of one year. To extend this type of residence, at least one year must have passed since the end of the previous residence.
Applying for citizenship through the property
To answer how to buy property in Turkey, you have to decide what kind of property you want. Most people buy real estate to get Turkish citizenship. In this case, it is better to buy a residential property because it has less difficulty, and you will not have a lot of legal complexity for getting citizenship.
Some people decide to buy property in Turkey for business. These people should also consider the rules of starting a business in Turkey. Usually, you can buy one of these two types of property with any budget.
However, it would help to consider all aspects of the work for starting the “how to buy property in Turkey” process. As a foreign investor, you can buy either of these two types if you follow the rules.
Who can buy property in Turkey
Turkey allows all foreign investors to buy property in Turkey based on the principle of reciprocity. This means that countries that allow Turkish citizens to buy property there can buy the property based on exchange. In this regard, all EU citizens except (Belgium, Cyprus, Czech Republic, and Slovakia), the USA, Canada, and other Asian and Latin American countries can freely buy property in this country. Foreign investors should be aware that there are restrictions to invest and buy property in Turkey. Foreigners can invest in areas authorized by the Turkish government to purchase the private property (residence, workplace, land, farm, etc.). If there is no structure for investment and land purchase, the current owner can launch a project in that area within two years. Of course, the launch of this project is dependent on the conditions of the region. In general, you cannot buy property in Turkey in military areas; this is prohibited for foreigners.
Final Word on How to Buy Property in Turkey
Buying property in Turkey is not difficult if you have the necessary budget in the first stage and get the necessary information in the second stage. Our team will provide you all the information to answer the “how to buy property in Turkey” question. All property information in this country is important. In addition, it is important to know the latest changes in Turkish law.
This becomes even more important if you plan to become a citizen by purchasing a property in Turkey. In this case, you should also consider the financial and time minimums. You should also consider the type of property you are considering, the factors influencing the price, such as area, location, restricted location, and other things.
If you have any questions in this area, you can contact our experts. We try to give you the best we can.