What Are The New Property Rules In Turkey?

Many people dream of buying property in Turkey, admiring its rich history and cultural heritage, excellent climate and high quality of life at an affordable price. But still, purchasing apartments in this sunny republic, as in any other state, is associated with certain aspects. Below we will look at the main new rules that relate to the procedure for purchasing and selling real estate in Turkey.

Our team are experts in the field, establishment, licensing and purchase and sale of businesses and real estate. We have property for sale in Turkey and are ready to provide you with comprehensive advisory and practical assistance in concluding a deal.

New rules and general provisions regarding real estate in Turkey

The Turkish government has made significant amendments to the Turkish Real Estate Law regarding the conditions that foreigners wishing to own real estate in Turkey must meet by passing Law No. 6302 of 05/05/2012, which removed some restrictions on real estate ownership for foreigners. And provided some benefits in the conditions that must be met by foreign persons wishing to own real estate in Turkey, with restrictions imposed on citizens of some countries neighboring Turkey.

With this law, Turkey granted property rights to citizens of 183 countries without reciprocity. The most important reason for this law, which has opened the door for foreign investors to own property in Turkey, is the increased desire of investors to invest in the real estate sector. The most important part of this law is the elimination of reciprocity conditions for foreign investors. Thus, persons from foreign countries can buy property in Turkey, although Turks are not allowed to own property in the countries to which these persons belong. The principle of reciprocity is the rights and privileges granted by one state to the citizens of another state, and the same privileges and rights are granted to the citizens of those states.

Nowadays, foreigners can buy any kind of real estate in cities and regions of Turkey, and according to this they can get permanent residence and finally citizenship of this country. In 2023, Turkish real estate laws were accompanied by changes. The new parameters and regulations are next-mentioned.

  1. If it’s a flat in a complex-organized structure, the owner needs the consent of every neighbor.
  2. All tenants must be registered at the police station.
  3. Owners need to get a permit from the national Ministry of Culture and Tourism and display it at all times. Procedure for getting a permit takes 3-month-period.
  4. Short-term holiday estate may be rented for 100-day-period annually.
  5. If landlords don’t meet these normative points and obligations, they might be fined 100,000 liras or more and tenants might be restricted to live there immediately.

On April 12, 2023, the Turkish government approved a law that increased the possibility of obtaining Turkish citizenship by purchasing real estate from $250,000 to $400,000.

General rules for purchasing real estate in Turkey

The general rules regarding the acquisition and sale of real estate are as follows.

  1. Real estate intended for purchase must not be located in military or security zones of Turkey.
  2. Foreigners can buy up to 30 hectares of real estate in this country
  3. When purchasing a property valued at $400,000, the buyer is granted a two-year residence permit, which can be renewed every year for as long as they own the property, after which you enter the process of obtaining permanent residence.

Three years after receiving citizenship, you can sell the property while maintaining your citizen status. A nice bonus is that during this period the property can be rented out, and when selling the property after five years of ownership, the seller is exempt from capital gains tax.

Strengths of purchasing real estate in Turkey

The increase in demand for houses and apartments in the state among foreign citizens is due to the following advantages.

  1. Prospect for rising prices. Every year it becomes more and more expensive to buy real estate in Turkey, the infrastructure of cities is developing, new residential complexes are being built. Having bought an apartment during the construction stage, you can then sell it for more and make money on the difference in price.
  2. Tourist potential. The popularity of Turkish resorts creates a stable demand for short-term rental housing for recreational purposes. Local property management companies take care of finding tenants, and the apartment owner receives a monthly income.
  3. Affordable prices. The Turkish market remains accessible to foreigners.
  4. Guaranteed residence permit. A residence permit in Turkey when purchasing real estate is provided to all foreign owners of residential or commercial premises.

Since Turkey is not a member of the European Union, local citizenship does not provide special advantages for foreigners to live and work in Europe. However, local citizens can take full advantage of the customs union with the EU and conduct business in the free trade zone.

The main difficulty is to choose a city, assess the investment attractiveness and conduct the transaction correctly. Even if you are planning to buy an apartment for yourself, you need to take into account its liquidity and the possibility of renting it out in order to minimize risks in the future. Our experts will provide you with comprehensive support in choosing real estate for investment and will become your reliable allies along this path.

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