New rules for buying property in Türkiye

New rules for buying property in Türkiye

Table of contents

The relatively simple real estate laws in Turkey are one of the main reasons why many people are interested in investing in this sector. Foreigners can also apply for residency by purchasing property in this country, which is considered a significant advantage.

In this article, we aim to discuss the new property purchase regulations in Turkey with you so that you can complete this process in the best possible way.

Complete information on buying property in Türkiye

Buying a villa in Istanbul, which is recognized as a popular destination for real estate investment, is an important issue as many individuals take advantage of the country’s relaxed property laws and regulations. Therefore, it can be said that Turkey, in terms of its appeal and ranking in the global real estate market, is a significant and valuable place for property investment.

In this article, we have explored the details and latest updates from the immigration office regarding the property purchase laws in Turkey for acquiring Turkish citizenship in 2024. Additionally, we have introduced suitable construction projects in Istanbul that are ideal for long-term investment and successful living.

You can choose your desired property and contact our consultants to begin the initial stages of the purchase process. Having an immigration lawyer involved in the property purchase process can help you fully understand the property laws in Turkey.

Property purchase rules in Türkiye 2024

The Istanbul Immigration Office imposed restrictions on property purchases in certain areas as of January 15, 2021, which you should be aware of. Please note that purchasing property in these areas does not lead to residency.

For example, in the Fatih district located in the European part of Istanbul, due to new restrictions, purchasing property does not grant Turkish residency, and even renting property in this area is not approved by the Immigration Office. In the Esenyurt district, you can only obtain residency by purchasing property worth at least $200,000, and rental contracts in this densely populated and restricted area do not lead to residency.

Individuals who obtained their residency before January 15, 2021, are not affected by these regulations, which apply only to new applicants and those applying for residency for the first time. Before taking any action, it is essential to have complete knowledge and awareness of Turkey’s laws. Our experts are available through this link for voice and video calls to answer your legal questions about property purchases in Istanbul and investment laws in Turkey.

Finally, if you are looking to purchase property in Istanbul, Turkey, and want to stay updated on the latest changes to Turkey’s citizenship laws, our legal experts are ready to answer your questions for free. It is recommended to fully update your knowledge about restricted areas before purchasing property.

Property purchase rules in Türkiye 2024

Buying installment houses in Türkiye, Istanbul

Initially, purchasing property in Turkey may be seen as an opportunity to obtain residency or citizenship. However, the reality is that buying property in Turkey, especially in Istanbul, has become one of the best and most profitable real estate investment opportunities, particularly due to the growth in property prices in 2023 and 2024. For this reason, purchasing property in Turkey has become an ideal option for Iranian investors. The economic growth in Turkey has led to an increase in housing prices in Istanbul, expanding the investment opportunities for individuals.

Istanbul can be the best option for purchasing property in Turkey for long-term investment. As the financial and commercial capital of Turkey, the city benefits from significant growth, driven by its tourism attractions and the large housing market. The combination of these factors creates a thriving real estate environment with considerable potential for growth.

Recently, due to the uncertain economic situation in Iran, many Iranians have decided to migrate to Turkey and purchase property in order to obtain Turkish citizenship. This choice has become more attractive due to the difficulties involved in obtaining residency and passports in European countries.

According to the latest regulations from the Immigration Department, individuals who wish to obtain Turkish citizenship and passport through property purchase cannot sell their property for a period of 3 years; otherwise, their citizenship will be revoked. However, after 3 years, they can easily sell their property and still retain their Turkish passport.

 

General rules for buying property in Türkiye

Before we talk about the new rules for buying property in Türkiye, it’s good to familiarize yourself with the general rules:

The property you choose to purchase must not be located in military or security zones in Turkey.

Foreign individuals can only buy up to a maximum of 30 hectares of real estate in Turkey.

If you purchase a property worth $200,000, you can obtain a two-year residence permit, which can be renewed as long as you own the property.

Applying for Turkish citizenship is possible by purchasing a property with a minimum value of $400,000.

Only individuals from countries permitted to buy property in Turkey can proceed with the purchase.

If your goal is to obtain permanent residency and Turkish citizenship, you must buy the property from a Turkish citizen.

To sign the contract, you need to visit official real estate consultancy offices in Turkey.


New rules for buying a house in Türkiye

The new rules for buying a house in Türkiye include the following

In 2023, a law was enacted by the Turkish Council of Ministers, increasing the minimum property investment required for obtaining Turkish citizenship from $250,000 to $400,000.

If you purchase property in the Fatih or Esenyurt districts of Istanbul, you will not be eligible for a residence permit, as the percentage of foreign residents in these areas has exceeded 25%.

Additionally, renting a house to obtain a residence permit is also prohibited in these districts. However, students are an exception—they are allowed to reside in these areas and apply for a residence permit.

The most important rules for buying property in Türkiye for foreigners

Important points of buying property in Türkiye

It is important to note that for a secure investment in property in Turkey, being aware of key laws and regulations is essential. In this section, we will review the most important immigration laws of Turkey for foreign nationals.

Foreign nationals purchasing property in Turkey are not allowed to directly engage in construction. Therefore, if they intend to buy land, they must submit their business plan for utilizing the land to the government within two years from the date of purchase.

In addition, foreign nationals are not allowed to purchase property near military bases or restricted areas. Therefore, before buying property, it is essential to carefully examine its geographical location to ensure it is not close to sensitive and strategic government zones.

If the value of the purchased property reaches $400,000, the buyer and their family, including children under 21 years old, can obtain Turkish citizenship. However, for a period of three years, they will temporarily be prohibited from selling the property. Additionally, each foreign buyer can purchase a maximum of 30 hectares of property and real estate in Turkey.

 

The main process of buying property in Türkiye

After getting acquainted with the new rules for buying property in Türkiye, it is necessary to get information about the main process of buying a house in this country.

  1. Steps to Buying Property in Turkey

    1. Selecting the Property

      • First, you must choose the property you wish to purchase.
      • Ensure that the legal eligibility of the selected property is fully verified.
    2. Opening a Bank Account

      • You need to open a bank account in Turkey.
      • Transfer the required amount for the purchase in Euros, Dollars, or Pounds to your account.
    3. Property Valuation (Ekspertiz Report)

      • The property must be evaluated by an official expert from the Turkish government valuation department (Ekspertiz Report).
      • Receiving an official valuation approval is mandatory.
    4. Currency Exchange and Official Documentation

      • Once the valuation is confirmed, the agreed purchase amount must be converted into Turkish Lira at the Central Bank rate through a bank.
      • A Foreign Exchange Certificate (Döviz Alım Belgesi) is required, which the bank sends to the Land Registry Office via the KAP system.
      • The title deed transfer process takes place at Turkish notary offices.
      • Once completed, you will receive your title deed (Tapu).
    5. Applying for a Residence Permit

      • If the purchase price stated in the title deed is at least $200,000, you can apply for a residence permit in Turkey.
    6. Required Documents for Property Purchase in Turkey

      • Notarized and translated passport
      • Two biometric photos
      • Turkish tax identification number
      • Notarized and translated birth certificate

 

House prices in Türkiye in 2024 with full details

Loki apartment price in Istanbul, Türkiye

Everyone who intends to purchase property in Turkey typically asks the question: “How much money is needed to buy a house in Turkey?” Many people want to know if it is possible to buy a house in Turkey with 5 billion Toman (around $100,000). The answer is yes! However, due to the increase in property prices in Turkey between 2022 and 2024, this amount is only sufficient to buy a small property (50 to 60 square meters) in weaker areas of cities like Istanbul. On the other hand, with the same amount, one can purchase a larger and better-quality property in smaller cities across Turkey.

To familiarize yourself with the districts of Istanbul, we recommend checking out the comprehensive article “Best Districts in Istanbul for Buying a House,” prepared by the Forki Group team. You can access the article through this link. Interestingly, in this post, we regularly update and publish the prices for each district on a monthly basis, based on official statistics and figures released by the government.

Choosing the best city for property purchase in Turkey can be challenging, but by considering your goals, you can make the right decision. If your goal is investment, Istanbul, with its strong economic growth and high property value, will be the best option. However, if you’re looking for a peaceful life away from the hustle and bustle, the surrounding cities offer great options for property purchase for residence and leisure.

Is it possible to buy a house in Türkiye with one billion tomans?

Given the fluctuations in the currency market in Iran, the value of 1 billion Toman in Turkey as of today (Shahrivar 11, 1403) is approximately 550,000 Turkish Lira. If you plan to invest with this amount, you should note that it will not be sufficient to purchase a suitable property, especially in Istanbul. Additionally, keep in mind that with this amount, you would also find it difficult to purchase a suitable property in large cities within Iran.

Therefore, if your budget is this amount, it is advisable to conduct thorough research on the real estate market in both countries to ensure your investment is secure. Ultimately, for purchasing property in Turkey, we recommend paying close attention to the important and key points discussed in this video.

Consulting with real estate experts can help you make better decisions for your investment. Buying affordable homes in Turkey is possible, but you should keep in mind that in Istanbul, purchasing property at a lower price might indicate a weaker location. Additionally, real estate offers priced significantly below the average may have legal or documentation issues that could put your investment at risk. Therefore, when buying affordable homes, especially in Istanbul, you should be cautious and carefully examine all aspects of the property.

Buying a house in Istanbul, Türkiye

The tourism industry, the rise in housing prices, and the attractiveness for investment have made Istanbul a highly sought-after destination. According to recent statistics, Istanbul has seen the highest property price growth in Turkey in recent years.

However, this does not mean that purchasing property in other cities of Turkey will not lead to growth. In general, it can be said that Istanbul, in terms of job opportunities and economic growth, remains one of the most attractive options.

As mentioned, it is possible to buy a home in Istanbul with a low budget, but you should keep in mind that if you’re looking for a property with significant growth potential for investment, you should avoid selecting weaker, low-priced areas for purchasing an apartment in Istanbul.

This is because buying a cheap home in weaker areas will not provide significant growth for you. Therefore, it is better to choose a property where you won’t be the first and last customer, meaning one that has potential for resale and demand from other buyers in the future.

The price of buying a house in Istanbul with full details

Considering the rate of 2000 lira per square meter of house in Istanbul, it is equivalent to 60 million tomans.

Additionally, official statistics from Turkey show that the highest number of registered property transactions in recent years have been in Istanbul. This indicates that by purchasing property in Istanbul, you can achieve higher returns in a relatively short period of time.

Given the two distinct Asian and European districts in Istanbul, the choice of the right area for property purchase depends on your personal preferences. However, in general, it can be said that developers operating in the Asian side of Istanbul tend to have more construction power and capabilities.

This area previously had less tourist appeal, but with extensive construction projects by reputable developers, the number of foreign nationals purchasing property there has increased significantly.

If you are someone who prefers touristy areas and values proximity to the city center, it would be better to choose the European side of Istanbul for purchasing property. It can be said that apartment prices on the Asian side of Istanbul are generally more affordable compared to the European side.

 

Prohibited areas of Istanbul for Turkish residence in 2024

Important note: If your residence is registered as a student, you are not included in this law and you can rent or buy property from any neighborhood you want.

NeighborhoodsRegions
OSB MAHALLESİBeylikdüzü
MİMAR KEMALETTİN MAHALLESİ
MESİHPAŞA MAHALLESİ
MUHSİNE HATUN MAHALLESİ
BALABANAĞA MAHALLESİ
MİMAR HAYRETTİN MAHALLESİ
KEMALPAŞA MAHALLESİ
İSKENDERPAŞA MAHALLESİ
MOLLA GÜRANİ MAHALLESİ
SARAÇ İSHAK MAHALLESİ
KATİP KASIM MAHALLESİ
NİŞANCA MAHALLESİ
 

Fatih

İKİTELLİ OSB MAHALLESİ
ZİYA GÖKALP MAHALLESİ
 
Başakşehir
DENİZKÖŞKLER MAHALLESİAvcılar
MEŞRUTİYET MAHALLESİ 
İNÖNÜ MAHALLESİ 
ERGENEKON MAHALLESİ 
MECİDİYEKÖY MAHALLESİ
 
Şişli
KAMER HATUN  MAHALLESİ 
ŞEHİT MUHTAR  MAHALLESİ 
KOCATEPE  MAHALLESİ 
BÜLBÜL  MAHALLESİ 
ÇUKUR  MAHALLESİ
Beyoğlu
DUDULLU OSB MAHALLESİÜmraniye
 
KOZA MAHALLESİ
YEŞİLKENT MAHALLESİ
ZAFER MAHALLESİ
PİRİ REİS MAHALLESİ
GÖKEVLER MAHALLESİ
AKEVLER MAHALLESİ
 
Esenyurt
 
MALTEPE MAHALLESİ
Zeytinburnu
BEŞYOL MAHALLESİKüçükçekmece
YILDIZ MAHALLESİBeşiktaş

 

 

House price in Istanbul in Iranian money

All prices are dependent on the exchange rate. For example, if the price of a property in Istanbul is quoted in US dollars or Turkish lira, its equivalent in Toman will vary based on the current exchange rate.

To calculate the price of a property in Istanbul in Iranian Rials, you first convert the price of the property into the local currency (Turkish Lira) and then multiply this amount by the exchange rate (Toman to Turkish Lira). Due to fluctuations in the currency market, these prices may change continuously.

The best way to get up-to-date and accurate property prices in Istanbul in Iranian Rials is to visit real estate consultancy websites or contact reputable real estate advisors who can guide you in selecting the best options for your needs. To get the latest apartment prices in Istanbul, you can visit the real estate section of the 4kgroup website.

 

Buying installment apartments in Istanbul

If you are purchasing a property for the purpose of obtaining Turkish citizenship and have chosen an installment payment plan, it is very important to note that you cannot apply for Turkish citizenship until the full payment for the property has been completed. This is due to the guarantee provided by the Turkish government, which grants citizenship only to individuals who purchase property and pay the full amount.

Therefore, if you intend to purchase property for Turkish citizenship and have decided on an installment payment plan, you must be aware of this point and ensure that you are able to pay all installments and amounts required for the property purchase. Only then will you be eligible to apply for Turkish citizenship later.

Buying a house in Türkiye by seeing advertisements

Real estate advertisements in Turkey, when honest and providing accurate information, can be very effective. However, recently, with the rise of misleading ads, such as claims of purchasing property in Turkey for 1 billion Toman, people are being led into confusion and doubt. These types of advertisements not only provide false information but also put individuals’ investments at risk. Therefore, while buying property in Turkey can be profitable, it is essential to avoid rumors and deceptive advertisements.

Terms of sale of installment apartments in Istanbul

The law of civil residence in Türkiye

The conditions for purchasing installment properties in Istanbul typically vary depending on the policies of each construction company and market conditions. However, in general, the terms are usually similar to those for installment purchases in other parts of the world. These typically include an initial down payment, followed by monthly installments over an agreed period, with interest rates potentially applied depending on the agreement. It’s important to carefully review the terms and ensure that they align with your financial situation before committing to a purchase.

In the construction industry in Turkey, different construction companies may offer varying terms for the sale of their residential units. These terms typically depend on the amount of the down payment, the number of installments, and the financing interest rate. Generally, as the down payment increases, the financing rate may decrease, or the installment period may become shorter, and vice versa. It’s important to negotiate and carefully consider these factors when choosing a payment plan that suits your financial situation.

Some developers may offer more attractive payment terms to attract more customers, such as delivering the property after a 50% down payment with one-year installments. On the other hand, other developers might provide terms with higher down payments and longer installment periods. These variations depend on the developer’s sales strategy and the market conditions, so it’s important to compare different options and choose the one that best aligns with your financial situation and investment goals.

For this reason, it is important for buyers to examine various payment options and compare them to select the best one that aligns with their financial situation and personal needs. If you are considering purchasing a property in Turkey, be sure to seek assistance from reputable sources that are officially operating in Turkey. This will help ensure a secure and informed investment process.

 

Reasons for canceling the contract to buy property in Türkiye

  1. Violating Turkish laws by purchasing a property.
  2. The purchased property is not approved by relevant authorities and organizations.
  3. Failing to report the project completion to the ministry according to the pre-approved plans.
  4. Not informing the ministry about the completion of the property construction within the designated timeframe.

Additional costs of buying property in Türkiye

In general, the costs of purchasing property in Turkey are more affordable compared to other countries. Below are the additional costs associated with buying property in Turkey: The tax cost varies depending on the property’s usage, ranging from 1%, 10%, to 20% (usually 1% for most properties). The title deed transfer fee is 4%, which can be split equally between the buyer and the seller by mutual agreement. Note: Some projects, due to being part of the urban renewal plan (kentsel dönüşüm), may not have a title deed transfer fee. Real estate commission fees Official court translator fees DASK insurance cost.

  • Tax costs depend on the property’s usage: 1%, 10%, or 20% (in most cases, it is 1%).
  • Title deed transfer fee is 4%, which can be equally split between the buyer and the seller based on mutual agreement.
  • Note: Some projects classified under urban renewal (kentsel dönüşüm) are exempt from the title deed transfer fee.
  • Real estate agency commission fee.
  • Sworn translator fee (court-certified translator).
  • DASK (compulsory earthquake insurance) cost.

 


final word

Turkey has always been an attractive destination for Iranian investors. The country is known for its natural beauty, numerous historical landmarks, and pleasant climate, making it a popular choice for tourists every year. If you’re considering purchasing property in Turkey, you can trust Forki Group to guide you through the process and provide reliable services.

مشاور خرید ملک در استانبول Buying a property in Istanbul https://api.whatsapp.com/send/?phone=905395556404&text&type=phone_number&app_absent=0

Frequently Asked Questions

Is it possible to buy property in Turkey remotely?
Yes, you can purchase your desired property in Turkey through a power of attorney without being physically present.

For whom can property owners in Turkey apply for residency?
According to the new law, a property owner can apply for residency for their legal spouse and children under 21 years old.

How long can the residency obtained through property purchase be extended?
As long as you do not sell the property, your residency can be extended.

 

 

 

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