What You Need to Know Before Investing in Property in Turkey

Turkey has emerged as a top destination for foreign investors in real estate, offering a blend of competitive prices, high returns, and the opportunity to gain Turkish citizenship through property investment. Whether you're looking for a second home, a profitable investment, or a pathway to citizenship, Turkey provides a wealth of options.

What you need to know before investing is that Damasturk is always by your side to provide support and guidance throughout the investment process.

Why Choose Turkey for Property Investment?

Affordable Property Prices

Turkey stands out as an attractive investment destination due to its competitive real estate prices compared to Western European and Middle Eastern markets. With options ranging from budget apartments to luxurious villas, there’s something for every investor.

High Rental Yields

Cities and tourist hotspots such as Istanbul, Antalya, and Bodrum offer excellent opportunities for high rental yields, especially in areas with strong demand for short-term and holiday rentals.

Turkish Citizenship Through Investment

A significant advantage of investing in Turkish real estate is the potential to acquire Turkish citizenship. By purchasing a property worth at least $400,000, foreign investors can gain citizenship, which comes with benefits such as visa-free travel to many countries.

Steps to Buying Property in Turkey

1. Research the Real Estate Market

Before making a decision, thoroughly research Turkey’s real estate market. Explore different regions like the metropolitan city of Istanbul, the coastal charm of Antalya, or the luxurious lifestyle of Bodrum. Reliable platforms like Damasturk can help you browse property listings and understand market trends.

2. Obtain a Tax Identification Number

A Turkish Tax Identification Number is essential for property transactions. It’s a straightforward process to obtain one from the local tax office using your passport.

3. Select the Right Property

Choose properties that align with your budget, investment goals, and personal needs. Options include residential apartments, holiday homes, and commercial properties.

4. Conduct Legal Due Diligence

Hiring a local lawyer is crucial to ensure that the property is legally sound. This includes verifying the title deed (Tapu) and ensuring there are no legal issues or liens on the property.

5. Sign the Sales Contract

Once you’ve chosen your property, a sales contract will be signed. Ensure the contract includes all agreed terms such as the price, payment methods, and any other conditions. Having a lawyer review the document is highly recommended.

6. Transfer Ownership

After completing the necessary procedures, the title deed will be transferred to your name, making you the official owner of the property.

Legal Requirements for Foreign Buyers

Restrictions on Foreign Ownership

Foreigners can purchase property in most parts of Turkey, but there are some restrictions in military zones. Additionally, foreign ownership cannot exceed 10% of the total area of any district.

Notary and Translation Services

If you don’t speak Turkish, it’s essential to have a certified translator to help you understand all legal documents. A notary may also be required to authenticate the sales agreement and other paperwork.

Costs Involved in Buying Property in Turkey

Property Price

The property’s purchase price is the main expense and varies depending on its location, size, and type.

Legal and Notary Fees

Legal and notary fees typically range between 1% and 2% of the property value.

Title Deed (Tapu) Fees

The title deed transfer fee is usually around 4% of the property value, shared equally between the buyer and seller.

Annual Property Tax

Property tax in Turkey is approximately 0.1% of the property’s value annually.

Maintenance and Utility Costs

If you’re purchasing a property in a residential complex, you will incur maintenance fees. Additionally, utility costs such as electricity, water, and gas should be considered.

Top Cities for Property Investment in Turkey

Istanbul

As the economic and cultural heart of Turkey, Istanbul offers a wide range of residential and commercial properties, as well as luxurious waterfront homes.

Antalya

A preferred choice for holiday homes, Antalya provides strong investment opportunities thanks to its popularity among tourists.

Bodrum

Known for its luxury villas and stunning coastal views, Bodrum remains a top choice for investors seeking a high-end lifestyle.

Fethiye

With its natural beauty and affordable prices, Fethiye is an ideal location for those looking for a peaceful lifestyle or a retirement destination.

Investing in real estate in Turkey is a golden opportunity that combines financial returns with lifestyle benefits. With support and expert advice from Damasturk, you can confidently navigate the investment process, backed by a professional team dedicated to ensuring your success. Whether you’re seeking rental income or a home in a culturally rich country, Turkey is the ideal choice.