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Updates Related to Buying a Property in Türkiye and Turkish Residency 2023

15/03/2024 Investment in Turkey 851 Updates Related to Buying a Property in Türkiye and Turkish Residency 2023

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  • 2023 is a year in which we entered with several radical changes regarding purchasing a property in Turkey and Turkish residency. These changes began in the middle of last year 2022 and gradually until the decisions were stabilized at the beginning of this year, and price stability is an important factor in motivating the purchase of a property for foreigners in Turkey from On the one hand, it is a comfortable factor for the entire real estate market because it controls several matters such as prices and others.
  • The updates related to purchasing a property in Turkey were related to the required papers and procedures that must be focused on when purchasing, and the updates related to Turkish residency were radical in the multiplicity of types of residency and the expansion of its forms, and the addition of specific numbers that determine obtaining it, such as real estate residency in Turkey, and investment residency as well. 

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  • We have summarized a simple introduction for you in order to know what is the focus of our discussion in this article, because knowing the tips of these pens determines what exactly your research is and whether it exists or not? So what will we talk about today? First, we will provide a simple overview of the law on purchasing real estate for foreigners in Turkey, and then we will delve into the updates that have changed over the past few years. 
  • Damas Turk Real Estate also continues with you to define the main ideas in our article, in which we will then discuss what are the most important updates that affected obtaining Turkish residency, specifically with regard to purchasing real estate in Turkey, namely investment residency and real estate residency. There is more in our article as usual. In other articles as well... Let's start the article together.

What is the law for buying a property in Türkiye for foreigners? 

The decision to buy real estate in Turkey is a right granted by the Turkish Parliament to foreigners since 12/22/1934, based on Law No. 35 of the Land Registration Resolution, and it was restricted by many conditions, most notably the law of reciprocity, and we will discuss this law in detail.

In 2012, specifically in the middle of the fifth month, important amendments were issued to this law, the most important of which is the abolition of the reciprocity law while leaving only some countries. This law is concerned with everyone who prevents Turks from the right to own property and treats them similarly by imposing that the citizens of those countries are not entitled to property in Turkey. These are the following countries:

  • Citizens of the Syrian state.
  • Citizens of the Cypriot state.
  • Citizens of the Armenian state.
  • Citizens of the Cuban State.
  • Citizens of North Korea.

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All citizens of these countries other than those mentioned previously can buy real estate in Turkey, and some of them can only own a single property or several properties, but in general almost everyone can buy without exception, and now what are the conditions that were imposed as a result of the amendments in 2012? ? 

  • Foreigners can own real estate in Turkey equal to a maximum of 30 hectares.
  • Foreigners cannot own real estate next to military places such as barracks and airports.
  • A foreigner can only buy a maximum of 10% of real estate in a given area!

Updates related to buying a property in Türkiye 2023 

After we got acquainted with the official law for buying real estate in Turkey for foreigners, we will now talk gradually about the amendments issued to it, whether in the required papers, procedures, or incentives proposed by the Turkish government. Perhaps we will be a way for our dear followers to take them to the right destination during the journey of searching for... Apartments for sale in Turkey. 

First, obtain a real estate evaluation document when buying or selling DEĞERLEME RAPORU

  •  Real estate evaluation was made mandatory for foreigners specifically on February 15, 2019, and the decision stipulates that in any sale process in which there is a foreign party, this document must be requested for the property whose ownership is to be transferred, and it is not required among Turks in general, in order to guarantee the right of the foreigner in light of his ignorance of the real estate market. Turkish. 

The most important and latest real estate projectsBuying a property in Türkiye

  • Damas Turk Real Estate introduces you to the real estate evaluation as a comprehensive report on the condition of the property to be sold, in which all information about the property and the history of its establishment is presented as well. It is organized by engineering companies whose work is to evaluate real estate in Turkey, and they must have certificates imposed by the Turkish government under the terms It is called SPK, but why did the Turkish government impose it on foreigners specifically?!
  1. First, verify the history of the property before purchasing. Sometimes the property has a mortgage or debts, or may still have installments, so the sale process is completed and the foreign buyer has agreed to accept this mortgage or debt, etc. So here the report explains what the condition of the property was before. Purchase, it ensures a safe and legal transfer of ownership.
  2. Secondly, knowing the market value of the property.. Unfortunately, sometimes real estate owners take advantage of foreigners’ ignorance of real estate prices in the market, so they deliberately raise prices for the sake of deception and benefit. The real estate evaluation report in Turkey here gives us the real and logical price of the property, and on this basis the buyer advances from In order to complete the property purchase process. 

So, the most important main objectives achieved by the existence of this real estate evaluation are, in brief, as follows: 

  • Guaranteeing the rights of foreigners in light of their ignorance of prices in Turkey and legal matters, and deterring some from exploiting this point
  • Knowing the market value of real estate and limiting the increase due to the greed of some real estate owners and others as well.
  • Obtaining information in a legal form and not having to pay money to obtain it.
  • Knowing the problems and other problems with the property in light of the presence of many things that some people do not know.

Secondly, it is mandatory to exchange currency documents 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? 

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  • 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.
  • 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 in exchange for Turkish citizenship for $400,000  

  • On 05/13/2022, the Turkish government approved new updates to the Turkish citizenship law in exchange for purchasing a property in Turkey, and they were issued in the Official Gazette. What are the most prominent radical amendments that occurred to the law then?! Raising the minimum value for purchasing real estate in exchange for obtaining Turkish citizenship to $400,000 
  • What was nice about that period was that the decision was implemented exactly a month after its issuance, and it was a good opportunity for everyone who wanted to obtain Turkish citizenship in exchange for purchasing a property worth $250,000, which means that the Turkish government had provided a great opportunity for foreigners in that period, and it flourished. The real estate market and the demand has increased significantly. 

The most important and latest real estate projectsTurkish citizenship

  • This update was one of the radical amendments to the law on purchasing real estate in exchange for Turkish citizenship , which at the beginning was the required value of one million Turkish liras, and then in 2018 it was amended to become 250 thousand dollars, and finally in the middle of last year it was raised to 400 thousand US dollars. .

Fourth, updates in ownership transfer procedures and some of the papers required when purchasing a property in Turkey

  • After the effects of the Corona pandemic ended, there was a new electronic system launched by the Tabu Directorate in Turkey, in light of the tendency of most countries to deal electronically rather than being in person in everything and when extracting papers and the like. It issued the famous Tabu web platform, and all Businesses start through this platform.
  • Previously, the papers were delivered by hand, and the forms and other things were filled out manually in the land registration directorates in Turkey, but after the availability of this system, all procedures became online, as all the required papers are added to this platform with a statement and clarification of the reason for the transfer of ownership and others, and the procedures are in the directorate The title deed is only the signature of the transfer of ownership or any other actions at the end of it. 

This had a major positive impact on the level of Turkey, and reduced the congestion that existed in Turkish government departments and others, even on the level of the Turkish real estate market, which had been waiting a lot to obtain an appointment in those directorates. The process became easier and more smooth.

The required papers are also no longer complicated and easy to obtain as well, especially since the foreigner is only required to translate the passport and the tax number, which can also be issued online. In this regard, let us get to know all the papers required by the owner, whether the owner or the buyer, for foreigners in Turkey, and they are as follows: follows:

  • Foreign passport translation. 

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  • Tax number “online or through the General Tax Administration”
  • Real estate valuation document.
  • Currency exchange document at the central bank. 
  • Earthquake insurance for real estate “insurance companies”
  • Popular value of the property “from the municipality”
  • Biometric personal photos.

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  • Taboo form “data filling form”

Updates related to Turkish residency 2023

Turkish residency has many types and forms, and in this article we cannot mention all the updates related to each of them, but what concerns us and is the best among them is both real estate residency and investment residency, and many updates have been issued against them that were radical, especially in real estate residency, which will We'll start talking about it next. 

Updates related to real estate residency in Türkiye

Real estate residency in Turkey 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 means a regular permit granted for its owner to reside in Turkey in a safe and sound manner, and the updates that Recently issued and still in effect, they are as follows: 

First, the value of the property must be at least $200,000

The most important and latest real estate projectsHouse prices in Türkiye

  • Before the beginning of 2022, the value was unconditional when purchasing the property in exchange for obtaining the real estate residency, but after months of that year and the noticeable increase in real estate prices, there became a number required to be achieved in order to obtain the real estate residency, and this value is 200 thousand dollars? But does it apply to all cities and regions? 
  • 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 50 thousand dollars. This law is in effect as of the writing of this article, and the value may change at any time in light of the updates that occur periodically in the country. Turkey. 

Secondly, the property purchased in exchange for Turkish residency must be valid for residential purposes only

  • 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. There are simply only two types of deed documents that can be obtained for real estate residency, which are the full ownership deed and the floor easement deed.
  • These two documents 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 that the property is intended for housing, and anything less than that is illegal for real estate residence in Turkey.

Thirdly, the property to be purchased must be located in the cities and areas in which a residence permit is available

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  • 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.
  • The solution was that every area in which the number of foreigners increased by 20% was completely closed to the presence of any foreigner except in exceptional cases, and obtaining real estate residency in these areas became dependent on the fact that the value of the foreigners there must be less than the mentioned percentage. 
  • Therefore, a basic condition before purchasing the property and in order to obtain it is to search for the areas available for foreigners to reside there under real estate residency in Turkey, or to 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. 

Updates related to investment residency in Türkiye

  • Investment residency is a short-term residency, as is the case with all Turkish residency. This residency is granted to people who bought real estate in Turkey in order to obtain Turkish citizenship. What is the point if they will be granted Turkish citizenship after that? The goal is to conduct their official work in Türkiye until Turkish citizenship is issued. 
  • Previously, before the updates that occurred in Turkish citizenship, it was issued in exchange for purchasing a property in Turkey at a value of 250 thousand US dollars, but after the updates in mid-2022, the value in exchange for issuing an investment residency became an amount worth 400 thousand US dollars.

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  • The purpose of obtaining this residence permit, as we mentioned, is to have proof of identity for the investor that authorizes him to conduct business and work in Turkey, for himself and for the family as well. Therefore, it is necessary to seek to obtain it even if the goal is not to obtain Turkish citizenship, because it is the official document that allows you Stay legally in Turkish territory. 
  • After we talked about most of the updates that occurred last and current year and which are still in effect now, and since we are talking about buying a property in Turkey, we must mention to you the most important advantages of buying a property in Turkey for foreigners, which is something that must be focused on in order to know what... We will earn it by purchasing real estate in Turkey.  

What are the most important advantages of buying a property in Turkey 2023?

First: Obtaining Turkish citizenship by purchasing a property worth $400,000 

After the Turkish presidency issued the law on obtaining Turkish citizenship through the purchase of real estate, and foreign delegations began to flock to it and seize the opportunity, especially since it was previously worth $250,000, as the owner of the property is naturalized along with his wife and children, all of whom are under the age of eighteen, this law is true. It was a hope for many Arab nationalities who aspire to obtain another nationality by investing their money.

In this process, there are many very sensitive matters that must be paid attention to before completing the purchase process. In order to acquire Turkish citizenship through real estate investment, you must have an experienced advisor involved in the Turkish real estate market on this journey. So, what are the conditions that must be met in order to Is this process going correctly?

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  • The value of the property or properties must be no less than US$400,000.
  • Properties must be seized for a period of three years and a pledge must be made not to sell under any circumstances.
  • Purchase must be made exclusively from a Turkish entity, whether it is a legal person or a company, and any property owned by a foreign national is not accepted.
  • It is not possible to naturalize more than one person on one property, even if the value is higher than required. 
  • Only husband and wife with children under 18 years old also obtain Turkish citizenship.

This is one of the most important advantages of buying a property in Turkey for foreigners in 2023, which is obtaining citizenship and a Turkish passport, which is also rich in many advantages, the most prominent of which are: 

  1. First, the Turkish passport ranks 39th among the passports of countries in the world.
  2. Secondly, the holder of a Turkish passport can enter 113 countries around the world, 63 countries without a visa and 45 countries with a visa upon arrival.

The passport holder also has the right to enjoy all the rights that a Turkish citizen possesses, which are:

  • Enjoying the right to vote and run for office in the Turkish elections.
  • Obtaining the right to free education in Turkish schools.
  • The right to retain the citizenship enjoyed by the Turkish passport holder.

Secondly, obtaining a real estate residence permit in exchange for purchasing a property in Türkiye 

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At the beginning of 2022, according to the latest laws issued regarding granting real estate residency to foreigners, the minimum value for obtaining it was set, which is at least $200,000, and everyone who has the property in their name can benefit from it. This residency can be a gateway to nominating an owner. Real estate to obtain Turkish citizenship, but real estate residency has several important conditions, which are:

  • A property must be purchased in Turkey for the purpose of housing, and no other type of property other than that is accepted.
  • The value of the property cannot be less than $200,000 in large cities, and $50,000 in small cities
  • The full value must be in one property and may not be for several properties in Turkey.
  • It is necessary to submit a real estate evaluation document with the real property value that matches the value required for residence.

This real estate residency is one of the most important residencies granted by the Immigration Department in Turkey to foreigners, and many benefit from it when they obtain it, such as leaving and entering Turkey without issuing a visa again. It also facilitates several things in Turkey such as bank accounts, subscriptions, and other matters. 

Third, benefit from the attractions and incentives provided by the Turkish government 

We must note that the advantages are not limited only to what the Turkish government offers to everyone who bought a property in Turkey, but rather the advantages of buying a property in Turkey are “Turkey” itself, especially in light of its position among the countries of the world, and we will mention to you the most important factors that attract... Foreigner to buy property in Turkey:

First, Türkiye's position in the world today

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Turkey's good and constantly growing economy with its political stability, in addition to huge projects in all sectors, seems to continue to create new opportunities for those coming to it to invest in Turkey and buy real estate there, and today Turkey ranks nineteenth in terms of the most powerful economic countries in the world.

Secondly, the distinctive climate and tourism in Türkiye

Turkey is characterized by a relatively moderate climate compared to other countries in the world, and this climate attracts many foreigners who seek to reside in Turkey and conduct their business remotely in their country of origin. They then seek to study investment in Turkey by activating some of their businesses there, and some may wish to obtain its citizenship. Through real estate investment.

For example, Russians dominate the first place in buying real estate in the city of Antalya due to the moderate climate in summer and winter, and Arabs in general seek to reside in Turkey due to the extreme heat that exists in their country of origin, so that Turkey attracts tourists in the winter to enjoy the snow in the highest mountains such as Uludag in Bursa.

Third, the advanced infrastructure in Türkiye 

Turkey today has a very advanced infrastructure, as demonstrated by the projects it has established over the past few years. The building system today in Turkey is at the latest international standards, in addition to being resistant to earthquakes, especially since Turkey is within an earthquake line.

In addition, Turkey has a well-developed transportation infrastructure. Thanks to more than 50 airports across the country, travelers can travel to most destinations in a very short time. It is extremely easy to reach major cities via well-developed highways as well.

  • After we have presented to you all of the important information we have to help you make your way to Turkey, filled with the latest updates related to buying a property in Turkey and Turkish residency 2023, we would like to remind you that we at Damas Turk Real Estate provide unprecedented professional services in the world of Turkish real estate. 
  • Damas Turk Real Estate is proud to provide you with its advisory services in the field of real estate investment in Turkey and purchasing real estate there. It has long experience and is rich in advice that guarantees you a safe and successful investment. We place it in your hands with complete confidence. All you have to do is contact us through the links available on our website.
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