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Does Buying a Property in Türkiye Grant Residency?

15/03/2024 Investment in Turkey 281 Does Buying a Property in Türkiye Grant Residency?

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Does buying a property in Turkey grant real estate residency in Turkey ? A very important question, especially as we enter the current year 2023, and due to the recent major change in Turkish decisions regarding foreigners in Turkey, is it reasonable for us to buy a property in Turkey and not obtain a residence permit that helps us conduct business there and other matters?! ... Currently we tell you that sometimes this may happen. It is possible that you will not be granted a Turkish residency, or you may be granted a residency but it is not related to the property, i.e. real estate, it may be touristic. In principle, these answers may make the decision to buy a property in Turkey . It is unlikely, but if you follow the article, you will learn about the mechanism for obtaining residency in exchange for buying a property in Turkey . 

  • Certainly, the person looking for apartments for sale in Turkey is not only concerned with buying and settling, or investing, for example. Turkish residency is an important factor today, especially in Turkey and in most countries of the world, because residency gives its holder many beautiful advantages that motivate him to buy real estate, and therefore we must Knowing this matter from its roots and its main source.

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  • As Damas Turk Real Estate has promised you, its articles will be completely detailed and comprehensive, and today also the answer to the question of the title of the article will be detailed from the beginning of presenting the idea of ​​real estate residency in Turkey in exchange for real estate until the last law issued regarding the changes occurring in the types of this residency. What is the required value? What conditions must be met? Are there specific areas where I can own a property and others not? What are the advantages of Turkish residency compared to buying a property ? Let's find out the answers to all these questions and more. 

What do we mean by Turkish residency in exchange for buying a property ? 

  • In most countries of the world, there is a residence permit granted in exchange for purchasing a property there. This residency is usually called a real estate residence permit , and this residency is of greater value than several residency permits granted by those countries. Turkey is also the case by issuing such Turkish residency permits, and it is called a residency permit in exchange for purchasing a property in Turkey with real estate residency . 
  • There are certainly other types of residency in Turkey, which are tourist, medical, work, student, and investment residency. All of these residencies certainly have advantages and incentives, but real estate residency has additional advantages over those residencies, and now we come to a new question. So what do we mean by real estate residency in  Turkey ? 

What is real estate residency in Turkey and when was this type of Turkish residency introduced? 

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  • Real estate residency in Turkey, as is clear from its name, means residence in exchange for real estate, but is there any real estate in Turkey ? Is there a specific value for this property that corresponds to obtaining this residency? Questions have begun to swirl in your minds. Leave the solution to these questions to us, and you will find them all within the folds of the article, which, as we mentioned to you, is fully detailed.
  • This type of residency is a short-term type that is granted as valid for a specific period determined by the Immigration Department in Turkey, which generally grants all types of residency in Turkey, from tourist, family, commercial, student residency, work residency, and even humanitarian residency. There are many types, and there are still some. Forms are being introduced these days, as we mentioned to you in the previous paragraph
  • The result then is that real estate residency is a right granted to every foreigner who buys a property in Turkey. As for the conditions, they are in our next paragraph. This residency permits its holder to move around and conduct his business in Turkish territory legally, and it means a legal permit granted for its holder to reside in Turkey in a safe and sound manner, and not He is at risk of forced exit from Turkey after the expiration of the visa granted to him.
  • As for the date of launching this real estate residence permit, it is one of the new types of residency offered in 2018, according to the regulations and laws that have been approved since then, but the updates related to it have become a worry for many who came to Turkey to obtain it, and the reason is that these updates are so numerous that they are not It can be remedied these days, so you must have an expert with you who provides you with correct advice in this regard, or a lawyer who represents you in Turkish territory. 

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How much is it worth to buy a property in Turkey that grants Turkish residency?

  • This value is only in the major cities in Turkey , such as Istanbul , Trabzon, Bursa , Ankara, Antalya , and others. As for the smaller cities, it is 200 thousand dollars. This law is valid as of the writing of this article, and the value may change at any time in light of the updates that occur. Periodically in Turkey, so the value must be verified before purchasing, and there are other conditions that we will detail later. 

Now let us learn about the conditions for purchasing a property in Turkey that grants Turkish residency?

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We have now agreed that the Turkish residency granted in exchange for purchasing a property in Turkey is the real estate residency, and now we will talk about the conditions that must be present when purchasing the property in order to obtain this residency, and any defect in it means that purchasing the property may not grant this residency, so be careful, then be careful. You must choose an expert real estate consultant in order to be your partner in this journey, and the first conditions are: 

First: Where to buy the property in places available for foreigners to reside

  • What do we mean by that? After the increase in the number of foreigners in Turkey, there became areas and cities with a large density of these foreigners, due to their concentration in certain areas or places next to each other. This affected the increase in the population in those areas, affected the increase in traffic congestion in them, and finally affected the fabric. Turks in these areas.
  • so, what's the solution? The solution is that every area in which the number of foreigners has increased by 20% is completely closed to the presence of any foreigner except in exceptional cases, and obtaining real estate residency in these areas has become conditional on the fact that the value of the foreigners there must be less than the mentioned percentage, and this is a demographic matter in the country. Turkish regions , which is completely logical and acceptable.
  • Therefore, this has become a basic condition before purchasing a property, and in order to obtain it, you must search for yourself the areas available for foreigners and their residency there under real estate residency in Turkey , or seek the assistance of a real estate expert and consultant, just as we at Damas Turk Real Estate provide legal consultations through Turkish lawyers specialized in foreigners’ affairs. The Immigration Management platform now issues a daily update on the areas available online.

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Second: Mandatory currency exchange document through the Central Bank.

  • This law has been in effect since the middle of last year, 2022, and has been made mandatory only for those who wish to buy a property in exchange for obtaining Turkish citizenship , but shortly after, directly after the decision was put forward, it was made mandatory for any sale or purchase of a property in Turkey for foreigners, but what does it mean? This document and how it is? 
  • This process is carried out by transferring the value of the property to be purchased from hard currencies into the Turkish currency exclusively through the Central Bank! Yes, with the aim of giving the real value of hard money against the Turkish lira. This process is adopted by the Central Bank, and sometimes the zero price in it is better than what is in the currency exchange market. 
  • This process is done through several methods, for example, going directly to the central bank and exchanging currencies, and this is somewhat difficult, but the most effective method is to deposit your money (hard currency) in the bank of your account, and then ask the bank of your account to exchange the money online. Through the Central Bank, and obtains the currency exchange certificate directly at that moment. 

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  • Therefore, a currency exchange certificate must be issued and this process must be done for any property purchase for foreigners in Turkey, which is a very sensitive matter, and this document must be attached with the other papers that are prepared to obtain the title deed “Tabu”. Therefore, attention must be paid to this point, as we mentioned: Sensitive. 

Third: Buying a property in Turkey for housing only grants Turkish residency

  • Also what do we mean by that? The property we purchased must be habitable only! This is stipulated in the title deed document granted in exchange for it, and the Immigration Department cannot provide real estate residency in violation of this text. Simply put, there are only two types of deed documents that can be obtained for real estate residency, which are the full title deed, and the floor easement deed, and they are the red deed. Or the brown color in the types of new tabu editions.
  • These two bonds are intended only for residential properties, and sometimes they may be in some commercial stores, and here you must pay attention and focus, because the clarification in the title deed must be written in it that the property is intended for housing, and otherwise it is illegal for real estate residence in Turkey, and this is an order It is necessary to pay attention to it because it is one of the critical conditions. 

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Fourth: Matching the value in the real estate evaluation document to the value of the property purchase allowance in Turkey

  • Over the past two years and more, the term real estate appraisal has appeared in foreign sales in large numbers. The real estate appraisal document in Turkey  has been defined by real estate appraisal companies as follows: “It is a detailed report on the condition of the property to be sold, in which the market price of the property is also presented, and it is prepared by private companies whose specialty is Valuing real estate in Turkey and holding a license to do so. This report is also called the real estate valuation report, and it is accredited by the Land Registry and Real Estate Survey Directorates.
  • Therefore, before purchasing the property and in order to ensure that the real value of the property matches the required value, the presence of the real estate evaluation report has become a basic condition and security for the foreign party in the purchasing process. It can be applied for before purchasing the property if you want to ensure that it matches the real value, and to reduce falling victim to fraud, etc. We at Damas Turk provide you with a real estate evaluation document before purchasing so that the matter becomes 100 percent guaranteed, and this is generally the best, and now let us learn about the advantages of this residence.

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What are the advantages of buying a property in Turkey that grants Turkish residency?

The advantages of buying a property in Turkey in exchange for residency are many and great and have two parts. The first part is related to the property owner directly, and the second part is related to the property and its future. They are parallel in advantages and incentives, especially after the significant increase in the value of real estate in Turkey, and this was Residence is also one of the requirements for those looking for apartments for sale in Turkey . Let us start, then, with the benefits accruing to the property owner directly.

First: The advantages directly accruing to the property owner who has Turkish residency

  1. Residency, stability, and living on Turkish lands legally and properly.
  2. The presence of this residency is a factor in managing all personal business, including establishing companies, opening subscriptions, and other matters. 
  3. A very important feature is entering and leaving Turkey at the time we want, and without the need to obtain a visa upon our return to Turkey as long as this residency is valid.
  4. Opening a bank account in Turkey is not accepted without a residence permit, and with this residence permit it is certainly easy.
  5. Residency by purchasing a property in Turkey has a higher value and better features than other types of residency.
  6. There are several statements, but not official ones, stating that the residency granted in exchange for purchasing a property in Turkey grants Turkish citizenship to the holder after five years! 

Second: The advantages of the property, its value in the future, and its status in Türkiye

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1. The high value of real estate in Turkey and investment returns

  • Real estate investment in Turkey has been able to enter the list of the best real estate investments in the world over the past five years, and the reason is due to the profitable investment returns that real estate investors in Turkey have seized , whether in terms of rental returns, or in terms of reselling and obtaining lucrative profits, then Buying a property in Turkey that grants Turkish residency is also a real estate investment! is not it? Because the value increases and the returns and returns increase
  • We note that before the world entered the Corona pandemic crisis, the rate of increase in real estate prices in Turkey was regulated and linked to several factors and standards adopted by the Turkish government, and the increases were based on annual or semi-annual inflation, as the increase in real estate prices is similar to the rates of increase in inflation based on The Turkish Statistics Authority every first year, and it was usually 8 to 10%, and these are very distinctive numbers.
  • Now, after the repercussions that shook most countries of the world due to the Corona pandemic, the inflation index has become variable every month, and we must adopt these percentages in order to increase the value of real estate, and this is what led to a significant increase in real estate prices that in some areas have reached double, currently for several years. For months, prices have become somewhat controlled and stagnant after the issuance of many laws, so the current increase is linked to inflation on the one hand, and to the exchange rate of the dollar against the Turkish lira on the other hand.

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2. Buying a property in Türkiye, which has a strategic location and global economic standing

  • Turkey, as we know, enjoys a fantastic geographical location that connects the continents of Europe and Asia, specifically in the city of Istanbul . It is an international bridge linking the two continents in the land area via modern and advanced land roads. Therefore, it has been a destination for major and international companies specialized in big business.
  • As for the airspace, there is nothing wrong with it. Istanbul Airport, the largest in the world, is a major transit station for most flights coming to Asia from Europe and vice versa as well. There are many achievements, numbers and awards that the airport has received since its inception in 2018 until the present day.
  • In the maritime field, Turkey has the most important straits in the world, which are the wonderful Bosphorus Strait in the city of Istanbul , and the Dardanelles Strait in the city of Çanakkale, which connect the Sea of ​​Marmara on one side and the Black Sea on the other side, and which have become the most valuable straits in the world as well.

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  • Buying a property in Turkey and investing in real estate in a country with a unique geographical location, and then choosing the most appropriate city to own the property, certainly leads to a safe investment with a high value on a regular basis, and this is in addition to the economy, which has become ranked nineteenth in the world, entering the list of twenty. The best economy in the world is certainly not easy, especially Turkey, which was one of the remote and poor cities, and today it is a country with prestige and a strong global standing.

3. Buying a property in Turkey, which has an environment and culture close to the Arabs by virtue of a single history

The Turks in general and the majority respect Arab culture greatly, and the Turkish environment is considered the only one that accepts and embraces citizens of most Arab countries compared to neighboring countries in the Middle East or European countries. There are many commonalities between Arabs and Turks, the most important of which are:

  • Shared history for 800 years through Ottoman rule: “A unified background”
  • The common Islamic religion “Religious manifestations and conservative environment”

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  • The Turkish language contains more than 111.27 thousand Arabic words, “facilitating communication”
  • Customs, traditions, and even popular proverbs are similar. “Ease of integration and understanding.”
  • Arab schools in Türkiye “a bridge that integrates Arabs and Turks”

What we mentioned are the most prominent commonalities between Arabs and Turks. In addition to that, the most important thing that distinguishes contemporary Turkish culture is its openness to global culture and keeping pace with developments, and not being closed in on itself, especially since they have been implementing this policy for decades, which is what has made it a modern and historic state. at the same time!

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So buying a property in Turkey and investing in real estate there while living and obtaining Turkish real estate residency are two birds with one stone! There is no doubt that living in Turkey is beautiful and comfortable, so what if it is coupled with a safe and always profitable investment! Let us now embark with you on the journey of buying property in Turkey and be your guide and guide you to the right and safe path.

Some notes regarding Turkish residency in exchange for purchasing a property

  • There is a common mistake in the real estate market, which is that purchasing a property worth $200,000 from the father enables him to obtain real estate residency for himself and his children with the wife! This is unacceptable, because the law says that the value corresponding to the real estate residence permit for each person must be 200 thousand dollars, while the family may not be granted real estate residency, but rather tourist residency, and this is what is happening at the present time.
  • So 200 thousand dollars is the value of the property and in the name of the person requesting real estate residency only. The property cannot, for example, be in the name of two or more people, because the value of the property is distributed among them as if it were shares, and each of them has a share of an estimated value from the price of the property, for example the value of the property is 100. A thousand dollars in the name of two people, each person’s share is only 200 thousand dollars! 
  • This information was the answer to the question in the title of our article today: Does buying a property in Turkey grant Turkish residency? The result is definitely yes, but with the company of an expert real estate consultant, and otherwise you may be exposed to stations that may be pivotal in this journey, either completely safe or full of obstacles and heartbreaks later! 

Keywords:

Turkey real estate

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