The Benefits of Buying Property in Turkey: why it’s a Great Time to invest

23/12/2022

The purpose of buying property in Turkey

People with different motivations buy property in Turkey. It is also essential to determine why you are buying property in Turkey. Because for each purpose, there are discrete and more effective practical recommendations. If you are buying property for investment, Istanbul and Ankara are the best and most beneficial cities. But if you are purchasing a property to obtain a Turkish residence and passport, you must pay at least $400,000 to the seller. In the following, we will review all the significant points when buying property in Turkey and the benefits of buying property in Turkey, so stay with us.

Benefits of buying property in Turkey

Buying property in Turkey has many benefits and is a great investment opportunity. By purchasing a house in this country, you will receive Turkish residence for yourself and your family, and under certain conditions, you can also obtain Turkish citizenship and its passport. With a Turkish passport, you can travel to 71 countries in the world without a visa. Some of the most important advantages of buying property in Turkey are:

Buying a property at a reasonable price

Buying property in Turkey is much cheaper than buying a property in other countries in the region, and thus it can be a good investment opportunity or a nice place to raise a family.

Capital increase by investing in property

Another benefit of buying property in Turkey is investing and receiving added value. If you have purchased a house in Turkey with the right advice in the correct city and neighborhood, this investment will be profitable for you, and it will be possible to increase your capital.

Obtaining Turkish residence

One of the main benefits of buying property in Turkey is obtaining Turkish residence. You can get a temporary residence in Turkey by purchasing property for any amount. This type of residence is called Taşınmaz residence. If you desire to obtain citizenship and a passport, the rules and conditions are a bit different, but with the right advice and choice, you can get whatever you want.

You shall buy a property worth at least $400,000 (in neighborhoods where the property purchase limit for foreigners to obtain a passport has not been met.) If the property has not been bought and sold by foreigners (non-Turkish) for the past three months, you can receive your citizenship and passport within three months. Of course, there are other ways with different conditions and rules to get Turkish citizenship and a passport through buying property in Turkey.

Work and life in Turkey

The cost of living in Turkey is very reasonable, and if you have a work permit in Turkey and can earn an income, you will definitely experience a good life in this country. Buying property in Turkey allows you to work and live in this country with peace of mind.

Facilities of Turkey

There are many tourist facilities and attractions in Turkey. You can easily use these facilities and entertainment centers in different cities of Turkey, especially Istanbul, and provide and enjoy happy days for yourself and your family.

Disadvantages of buying property in Turkey

Every action you take has advantages as well as disadvantages. By examining these advantages and disadvantages of buying property in Turkey, you will be able to make the best decision and have a good experience. Of course, the mentioned cases cannot be stated as the disadvantages of buying property in Turkey, but they are points that you should pay attention to when buying a property in Turkey.

Tax on ancillary costs

In addition to the cost of buying property in Turkey, you should also consider other expenses. Side costs of buying property in Turkey include:

Document transfer fee (2 to 3% of the total amount of the purchased property)
Insurance cost (depending on age, 300 to 800 liras per person)
The cost of notarizing a copy of each passport (200 liras)
Municipal taxes (2-3% of the total amount of the purchased property)
Company commission (3-5% of the total amount of the purchased property)

Contract cancellation risks

Under certain conditions, it is possible to cancel the property purchase contract in Turkey. As a result, pay attention to these points when buying property in Turkey so that you don't face problems.

If your purchased property is not approved by relevant organizations and ministries.
If you have purchased land and after 2 years you have not started its construction.
When buying property in Turkey, a termination permit must be submitted to the relevant office.
If the property you have purchased violates the laws governing Turkey.

Important points when buying property in Turkey

Due to the increase in buying properties in Turkey, profit-seeking people take advantage of this opportunity and commit fraud. Therefore, you need to follow a series of tips and have the necessary and sufficient information in the field of buying property in Turkey so that you do not lose your capital. Some of these significant points to know when buying property in Turkey include:

The company and real estate you buy the property from have an official license from the Turkish government.
Before transferring any money to buy a property in Turkey, make the necessary inquiry about bank debt, bank loans, legal restrictions, etc. In other words, the purchased property should not be indebted to the government, bank, or tax office. You can inquire about these items by visiting the Tapu office.
Foreign nationals are exempt from paying property tax.
The purchased property must have a valid Turkish official document, i.e., Tapu, and it has been officially registered in the Tapu office. The property must be purchased from a Turkish person to obtain Turkish residency.
If the property is under construction and pre-purchased, it must have an official document.
If you have purchased a property to obtain Turkish residency and citizenship, the value of the purchased property must be at least $400,000.
Note that with a document worth at least $400,000, only one person and family members under 18 can apply for citizenship. That is, for each adult over 18 years old, $400,000 must be deposited to the seller from the applicant's account to purchase the property.
Several people can obtain Turkish citizenship with a property deed, but on the condition that each of the partners has paid $400,000 from separate accounts in their name to the seller's account. For example, if the value of a property in Turkey is $800,000, two people can get two documents for the same property by paying $400,000 separately from their account to the seller's account and registering their citizenship application.
The amount of the property should be paid only from the main applicant's account to the seller's account.
If you are sponsoring your parents or one of them, you can apply for a residence permit with a joint property document. You must prepare and translate official and valid documents from your origin country, such as welfare guarantee documents, and take them to the Turkish embassy or immigration office.
Avoid buying a property with a loan.

Restrictions on buying property in Turkey

According to the mentioned disadvantages and advantages of buying property in Turkey, there are also restrictions for purchasing a property in Turkey. Each foreign national can buy up to 30 hectares of Turkish land. But they only have the right to buy up to 10% of the properties of each city or district. Also, none of the foreigners can buy lands located in the security and military areas. There are no restrictions for you in requesting credits from financial institutions and banks. But we suggest that you make your purchase in cash so you can enjoy better from the advantages of buying property in Turkey.

In case you violate the laws of Turkey when buying a property or the purchased property is not approved by the relevant authorities, your purchase of property in Turkey will be canceled. Also, if the termination of the construction is not announced according to the previously approved plans of the ministry, or the completion of the project and the construction of the property is not announced to the ministry within the specified period, the government can cancel the purchase of the property by foreigners. Therefore, by obtaining complete information and consulting with experts in this field, proceed to buying property in Turkey and invest.