What are the expectations for the real estate market in Turkey?

Most real estate experts such as) HSBC, Knight Frank, KPMG, Deloitte, Bloomberg (are expecting that real estate prices in Istanbul will continue to rise for the next five years for the following reasons:

  • The good condition of the Turkish economy in general.
    • The soaring up numbers of tourists visiting Turkey annually.
    • The continuous rise of property purchasing by foreigners in Turkey.
    • Due to the advancing technologies of construction, making new buildings is now cheaper and faster than before.
    • The mainstream of the youth which requires more housing solutions helped rising the prices of real estate in general.
Is the foreigner owner of the property in Turkey entitled to inherit? 

Turkish law allows foreigners to own property in Turkey for various nationalities around the world except for some nationalities that are not entitled to own in Turkey citizenship ( Syrian, Armenian,  Cypriot, Cuban,  North Korean).

 Anyone who is entitled to own property in Turkey certainly has the right to inherit the property and other assets after death, so there is no obstacle for the foreigner in Turkey to inherit his property to his relatives who are in Turkey or abroad and the heirs can transfer ownership of the property to their names after the issuance of the property and after the court's decision and the distribution of quotas are by Turkish law

What is the real estate residence in Turkey, what are the conditions for obtaining it, and what are its advantages

It is a short residence that is renewed every period granted to foreigners who gained a property or several ones in Turkey.

It is usually granted for one year and the owner’s wife and his children under the age of 18 can also obtain real estate residence as escorts to the landlord who is the owner of the property.

The most important conditions for obtaining them include:

-The foreigner owns a residence or property prepared for residence and is used for housing.

-The property is registered in Tabu, and the title deed is obtained.

-providing the full required papers and necessary proofs.

One of the most important advantages of obtaining real estate accommodation is:

  • This residence entitles the owner and his family to enjoy all the rights to reside in Turkey and enables them to enter Turkey without visas or prior security approvals.
  • Real estate residence (staying in Turkey by purchasing a property) is similar to tourist accommodation in many respects, but real estate accommodation is stronger in terms of the viability and duration of the
  • Open a bank account at a Turkish bank, obtaining banking freedom to receive and send money.
  • The holder of real estate residence can apply to the embassies of other countries from within Turkey to obtain a visa.
  • The opportunity to get medical insurance in hospitals inTurkey.
  • Property accommodation holders are also entitled to apply for Turkish citizenship if their property values amount to 250,000, US dollars under specific conditions.
How is the transfer of ownership done?

The case of buying fully cash.

- Reservation of an appointment in the real estate registry office in the municipality to which the real estate is to be purchased and a submission of all required documents.

- A text message will reach the transaction number to pay the fees and ownership tax, which is 4% of the price of the apartment, to be paid equally between the seller and the buyer

- The seller and buyer parties go to the Real Estate Registry Directorate and in the presence of the responsible employee and a sworn translator by the state, the ownership transfer process is signed after verifying all the information and the property is free of any mortgage or attachment to the property and then the title deed is delivered in the name of the new owner Of the property

The case of buying through installments

In this case, the transfer of the title deed does not take place directly until the completion of the sales price amount. Where a sale contract is signed between the owner company and the buyer, and this contract can be certified by the Turkish notary to ensure the rights of both parties. Some fees will be applid for the notarization process which will vary according to the sale price and the sales contract terms.
After the installments are over, ownership in the Land Registry Directorate is formally transferred from the construction company to the name of the new owner of the property purchased under the previously concluded contract.

Documents required for the transfer of real estate ownership in Turkey

- The tax number which can be obtained from any tax department in Turkey and this number contains the personal information of the foreign citizen who will need it to execute any official transaction.

  • The real estate evaluation report, obtained from real estate evaluation companies accredited by the Turkish government and registered with the Land Registry Department.
    - A copy of the  passport, certified and notarized.
    - Two personal photos, size 4 * 6, and they must be no more than 6 months old.

A glance of the real estate ownership law for foreigners

According to Article 35 of the Land Registration Law No. 2644, which was enacted on May 18, 2012, according to Law No. 6302, the requirement for reciprocity in the right to own property of foreigners on Turkish lands has been abolished

Foreigners can own and invest in Turkey in any type of real estate (residential, commercial, land, farm), but there are legal limits to foreign ownership in Turkey:

- Across the country, a foreign citizen may possess a maximum of 30 hectares of immovable property

The area of real estate owned by foreign citizens should not exceed more than 10% of the area of the administrative region

- A foreigner is not entitled to own or rent real estate in military areas or near them, unless they apply for a military approval which normally takes 45 days.

Featured Properties
Ongoing Project
ISTH 652 Luxury apartments for sale with Belgrad view in Maslak - ISTHOMES Real Estate
Citizenship approved
Ready To Move In
ISTH 317 Luxury apartments for sale wıth Bosporus view in Şişli - ISTHOMES Real Estate
Citizenship approved
Ongoing Project
ISTH 624 Luxury Apartments for sale in kağıthane - ISTHOMES Real Estate
Citizenship approved
Ongoing Project
ISTH 621 Luxurious apartments for sale in Beylikdüzü - ISTHOMES Real Estate
Citizenship approved
Ready To Move In
ISTH 531 A Luxury Project at the heart of Üsküdar - ISTHOMES Real Estate
Citizenship approved
Ongoing Project
ISTH 209 A luxury apartments with sea view in büyükçekmece - ISTHOMES Real Estate
Citizenship approved
Ongoing Project
ISTH305 A luxury residential investment project in the Asian Üsküdar IST Homes Real Estate
Citizenship approved
Ready To Move In
Bakirkoy /İstanbul
ISTH 47 Sea Front Luxury Project in Bakirkoy District in Istanbul
Citizenship approved
Ongoing Project
ISTH 61 Apartments in Excellent location for investment in Istanbul
Ready To Move In
ISTH 101 Mixed Used Luxury Project in Beyoglu Area in City Center Istanbul
Citizenship approved
Ready To Move In
ISTH 322 Bosphurs View Luxurious Apartments in The Heart Of Istanbul
Citizenship approved
Ready to move- Under construction
ISTH 617 High Quality Family Concept Project in famous Beylikduzu Area Near Marmara Sea
Citizenship approved
Ready To Move In
ISTH 323 Luxurious Apartments For Sale at Ritz-Carlton Residence in Nişantaşi / Istanbul
Citizenship approved
Find the property that suits your needs!
It’s easy to find the most suitable property for you with our propery widget.
We use cookies
We use cookies and other tracking technologies to improve your browsing experience on our website, to show you personalized content and targeted ads, to analyze our website traffic, and to understand where our visitors are coming from.