Real estate market in Turkey is becoming more popular lately as it has become a destination for investors all around the world, due to many facilities provided by the Turkish government to the investors, also, it is a destination for foreign tourists in general for its fascinating nature, and for Arabs in general due to its conservative environment and the similarities in traditions from Arab and eastern traditions.
What is Foreigners Real Estate Ownership Law in Turkey?
Turkish government has done some important modifications to the real estate law regarding individuals interested in ownership of Turkish real estate, and that is through law number 6302 issued in 03/05/2021m, where some restrictions for foreigners’ ownership was lifted, and some facilities were made in terms of conditions that must be met by foreign individuals with the continuation of the restrictions imposed on citizens of some countries neighboring Turkey.
Nationalities prohibited from real estate ownership in Türkiye:
1. Armenian citizenship.
2. Cuban nationality.
3. Cypriot citizenship (except for Turkish Cypriot citizens)
4. North Korean nationality.
5. Syrian nationality.
Does Real Estate Ownership Law Applies the Principle of Reciprocity?
Turkey has granted ownership right to citizens of 183 country without applying the principle of reciprocity, the main reason behind this law that allows foreign investors to own real estate in Turkey is to increase the interest of investor in Real estate investment in Turkey, most important terms of this law is lifting reciprocity restrictions that was applied to foreign investors.
What are the restrictions imposed in real estate ownership law in Turkey:
This law has imposed some restrictions of sizes that foreign citizens can own, according to this law, the total property sizes that a foreigner can own should not exceed 10% of the district size, and the total size of properties that a foreigner can own all around Turkey should not exceed 30 hectares, and the right to raise this size to 60 hectares is granted to the cabinet, in addition to that, amendments to the property law in Turkey linked the areas that can be classified as military zones with the approval of the Army Chief of Staff and the leaderships it represents.
What Motivate Foreigners to Real Estate Ownership in Turkey?
1. Strategic vital location to Turkish land which made real estate a winning investment card that foreign investors look for in Turkey.
2. Low real estate prices in Turkey compared to other European countries, this is considered one of the strongest ownerships increase reasons.
3. The tourism character of the Turkish state, which gives real estate a distinct and important investment value.
4. Turkey's prosperity in all sectors of education, health, transportation and infrastructure has made it an investment destination that many are looking for.
5. The strength and stability of the Turkish Economy , which make this real estate market one of the best markets to invest in.
6. Political stability in the country, and its one of the most important factors that investors look for.
Most Prominent Real Estate Investment Fields for Foreigners in Turkey:
1. Residential real estate investment in Turkey, which means ownership in Turkey in purpose of residence and family settling, or in purpose of studying in Turkish universities.
2. Commercial real estate investment, by purchasing a property in Turkey for investment project, commercial or company projects.
3. Profitable real estate investment, its when the foreigner purchase a property in Turkey then renting or reselling it to benefit from its profit.
Real Estate Ownership Conditions for Foreigners in Turkey:
1. The foreigner’s nationality should not be one of the ownership prohibited nationalities.
2. The investor should be older than 18.
3. The property size should not exceed 30 hectares, and not exceed 10% of the district’s size.
4. The property should not be in a security or military zone.
Real Estate Investment Advantages for Foreigners in Turkey:
1. Low living expenses and residence in Turkey.
2. The ability to get good monthly profit through real estate investment in Turkey.
3. Turkish real estate price increase continuously which is in any investor’s interest.
4. Foreigners’ ownership law in Turkey gives the ability to apply for Turkish citizenship through real estate investment.
What are the required documents for foreigner ownership procedures in Turkey:
1. Tax number.
2. Biometric image for the seller and the buyer.
3. A valid passport translated and certified by the notary.
4. Bank vouchers for the property payments.
5. Tax and real estate fees payment vouchers and title deed
6. Document of Real Estate Evaluation.
7. Earthquake insurance document.
How long does the procedure take to obtain the title deed required for foreign ownership in Turkey:
The period required to obtain a title deed while buying a property in Turkey takes a short period, not exceeding a week.
