Last Updated on August 29, 2023 by marie
Buying an apartment in Turkey is easier than ever. Foreign investment in Turkey’s real estate market has recently gained traction, attracting growing interest. Straddling Asia and Europe, Turkey has captured the attention of investors in recent years. Under Turkish law, foreign citizens face no restrictions when purchasing apartments. Iraqi, Iranian, Kuwaiti, Russian, and Saudi Arabian nationals are among those who commonly choose Turkey for apartment purchases. When you buy an apartment worth at least $400,000 or multiple apartments totalling more than $400,000, you are eligible to apply for Turkish citizenship.
Investing in Turkey’s real estate sector, which has seen an increase in value due to advancements in the country’s infrastructure and social welfare, is becoming highly profitable. For foreign buyers, purchasing an apartment in the country has never been easier. Here we will briefly outline the buying process and answers any related questions.
Finding the Right Apartment in the Right City
At Ideal Estates, after carefully evaluating your needs and budget, we initiate the search for apartments that fit your criteria. To find the ideal apartment in Turkey, the first step is to select a city. Alanya stands out as the best option for real estate, with its charming climate, and golden beaches along the Mediterranean coast.
Capital Gain
The primary reason for foreign investors to choose Turkey is its affordable apartment prices and short appreciation period. Appreciation period is a crucial factor that investors consider while purchasing apartments, and in Turkey, it ranges from 10-20 years. With Turkey’s continuous development, the value of apartments increases faster. Turkey offers a rich and diverse environment with its cosmopolitan culture and natural resources, including all four seasons. Buying an apartment in Turkey also grants citizenship rights, which provides benefits for both investors and foreigners who wish to reside in the country.
Foreigners looking to buy an apartment in Turkey should conduct thorough research and seek assistance from professional real estate companies. Ideal Estates offers specialized real estate services to help you find the home of your dreams.
Buying Process and Benefits
To purchase an apartment, you need to apply to the Directorate of Land Registry and Cadastre with your identity card or passport, Residence Permit, and either your Power of Attorney or a certified copy of it. After the application, the apartment will be investigated, and if there are no issues, you can proceed with the purchase. You can also obtain a Residence Permit from The Bureau of Citizenship and Immigration Services on the same day you apply.
As a foreign national, the maximum property size you can purchase in Turkey is limited to 30 hectares. Anything over 30 hectares is not permitted under Turkish law. If you purchase a property worth at least 400,000 dollars, you will be granted citizenship, but with the stipulation that you cannot sell the property for a minimum of 3 years. There is no requirement for individuals to reside in Turkey in order to obtain citizenship.
