Natalie When buying real estate in Turkey, the market’s fast-moving pace means foreign buyers need to be knowledgeable. Moreover, such is the size of Turkey and the vast difference in local and regional markets; foreign property buyers need to delve deep and research to find the best investment. In this article, we give a quick overview of top-performing areas, what to know about buying a Turkish home, the buying process, and the real estate market, but call us if you have specific questions and want to speak to a local agent about buying a home in Turkey as a foreigner.
Real Estate in Turkey for Foreigners
1: Can Foreigners Buy Real Estate in Turkey?
Yes, they can. Out of all nationalities globally, only five cannot buy property: Syrians, North Koreans, Cubans, Nigerians, and Armenians. Specific rules apply to how much foreign property buyers can purchase and where. For example, foreigners can’t buy in or near designated military zones. However, for 99% of foreign buyers in Turkey, these rules never come into effect.
2: Do You Get Residency if You Buy property in Turkey?
Sometimes foreign house buyers ask if they get residency when buying property in Turkey. However, residency and buying property are entirely separate and not connected. The residency allows foreigners to stay in Turkey for longer than 90 days, but it does not entitle permit holders to work or own a business. Additionally, foreigners can rent property in Turkey and still get residency. Owning property does not automatically get residency. Every foreigner buying a home must still go through the residency permit application process and prove eligibility to apply.
3: Turkish Citizenship by Investment Program
To get Turkish citizenship by buying property is to buy into a beneficial golden visa passport scheme. Purchasing property for passports to gain rights to live, work and study is nothing new. But Turkey’s strategy offers lower minimum purchase prices, an easy-to-apply system, fewer restrictions, and a quick processing time than other countries. In addition, Turkey does not restrict dual nationality, so applicants can keep existing passports and gain a Turkish passport. However, some countries do, so check with your home consulate before applying. (More about Turkey’s citizenship real estate investment.)
4: Reasons to Buy Real Estate
- Affordable purchase price compared to Spain, France, or Portugal
- New build homes featuring ultramodern architecture
- Easy buying process with low closing costs
- Turkish Citizenship
- Low running and living costs
- Turkish culture
- Top performing transport sector
- Ideal weather climate
5: How to Protect Your Property Investment in Turkey
- Always Use a solicitor
- Get contracts in Turkey notarised
- Never hand over cash. Always leave a paper trail via bank transfer
- Only Use a licensed estate agent
- Check for habitation certificates (Iskan)
- Choose your Power of Attorney carefully
- Research regional Turkish property markets
6: How to Buy Property in Turkey
Sort Finances First: Before looking at properties, get your finances in order so you know exactly how much you can spend. Also, factor in monthly mortgage payments, closing costs, yearly maintenance and running fees. Sometimes buyers ask about Turkish mortgages; however, this often incurs high-interest rates that eat into any potential capital appreciation.
Find Property for Sale: Our property listings include off-plan, new build, and resale property. They range from flats to villas, townhouses, duplexes, and beachfront marina mansions. Generally, we advise against renovation properties because they are often a cash drain, and expenses never match the property’s value. Likewise, flipping houses when you don’t know regional or local markets never make a profit. When browsing our listings, if you see any properties matching your criteria, fill in the contact details to learn more or arrange viewings.
Payment Plans: Property prices are not the only thing to consider. Once you have found your property, make an offer, which Spot Blue will convey to the seller. Then, we liaise between buyers and sellers to negotiate a mutually agreed payment plan. We also detail closing costs, like buyer’s tax, notary, lawyers, and translator’s fee.
Contracts and Locations: To sign contracts, buyers need passport copies, photos, and a Turkish tax number. Although not legally required, we recommend using a solicitor in Turkey. Depending on whether finances and paperwork are ready, we start the application process, and your solicitor in Turkey will also do their due diligence, separate from ours, to safeguard your investment. We walk all home buyers through the exact process, including valuation reports.
Signing for your Deed in Turkey: Once we receive approval from the title deeds office, we will take you to sign for your deeds. You will need to purchase earthquake insurance and employ a translator to ensure you are fully knowledgeable about what you are signing for. Some home buyers in Turkey choose their solicitor as a POA (power of attorney) to sign on their behalf.
Settling into Your New Home in Turkey: Once you sign for your deeds, we arrange the transfer of utility ownership into your name and help you set up household bills. If you have purchased a complex apartment, you will also need to pay a monthly fee towards communal facilities directly to the management complex committee.
6: Best Investment Areas in Turkey
There is much potential but pick your region carefully. For example, in Aegean Altinkum, the property is cheap because there is still an abundance of land available for building and many empty properties for sale. Hence, to make a wise investment, look long term for a minimum of ten years. Whereas in upmarket Kalkan, a lack of land and low supply drives property prices up. Also, local trends and its prestigious Turkish riviera reputation promote the town as a luxury location.
Two areas are hotspots for property investment in Turkey and each attracts specific nationalities. First, buyers from Middle eastern countries like Bursa, because of affordable property prices, and a real estate market in its infancy. Bursa also promotes city and beachside living and operates all year round for tourism thanks to its skiing industry. With the Turkish government looking to boost this industry, Middle eastern nationalities view this as a long-term investment. (Real estate in Bursa.) The other area to investigate is Istanbul. Regions prime for mid-to-long-term investment include the European Basin Express and any Bosphorus villages that all do well in capital appreciation.
7: Best Areas for Holiday Homes or Permanent Living
Alanya: Alanya is both a colourful working town and a popular sprawling beach resort situated on Turkey’s Mediterranean coast. Alanya’s jewel is the old quarter, crowned by the impressive 13th Century castle and Red Tower, between the sparkling Mediterranean and the Taurus Mountains. The peninsula’s eastern side, is home to the pretty fortified harbour, the bright lights of extensive tourist amenities and high-rise beachside apartments. (More about Alanya.)
Bodrum Town: Bodrum’s Mediterranean climate promotes hot summers and cool winters, attracting expats looking to live in Turkey and strong tourism trade. Known for the landmark Bodrum castle, which sits on the coastline, Bodrum town is also on the nautical map thanks to its reputation as a leader on the international sailing scene. Although property prices are higher in Bodrum town, all amenities and facilities are on your doorstep, including the central bus station connecting homeowners to the rest of Turkey. (Find out more about Bodrum.)
Yalikavak: Yalikavak is the place to be seen, thanks to celebrities and royalty who often dock in on their large mega yachts. Think upscale living and million-pound mansions for trendy Yalikavak, although we also like the old town that still displays traditional Turkish values. Yalikavak is one of the trendiest places in Turkey.
Fethiye Town: Apart from a gorgeous climate and natural beauty, Fethiye attracts foreigners with a less expensive lifestyle and welcoming hospitality. Over 7,000 British citizens permanently live in Fethiye, while approximately 600,000 British tourists visit the town every summer. Fethiye’s Mediterranean climate of hot summers and cool winters is also a big lure. The town centre is where life never stops: the central bus station connecting locals to the rest of Turkey, the marina hosting luxury yachts, the shopping, and the nightlife centres. (Discover Fethiye in Turkey.)
Ovacik and Hisaronu: Ovacik and Hisaronu sit side by side, further inland from the Oludeniz region of Fethiye. Both benefit from refreshing mountain breezes and have grown from their starting days as small villages, originally intended to deal with the tourism overspill from Oludeniz. As well as being a popular expat hub in Turkey, and place to buy summer property, they both benefit from solid tourism markets, and the vibes extend into the shopping, eating out and nightlife scenes. Hence, you will not find traditional Turkey here but more of a relaxed western atmosphere.
Antalya City: A Mediterranean climate and 300 days of annual sunshine promote relaxed and laid-back vibes in Antalya city. The prominent position on the Turkish Riviera; means marinas and yachting are an excellent source of local income. Antalya is the starting point for the official 516-kilometre Lycian Way trekking route running to Fethiye. Two places are popular with foreign property buyers; Konyaalti beach and Lara beach, Turkey’s top beachside destinations.
Belek: Behind a sweeping beachfront sit numerous championship golf courses, luxury hotels and properties for sale. After the Turkish government promoted the resort for tourism in Turkey, the annual numbers of golf tourists to Belek match Portugal’s Algarve. In addition, Belek receives golf players and foreign fans from around the world because Antalya’s international airport is just 30 minutes away.
Side: Especially popular with British, German, and Scandinavian, and German tourists and property owners, Side is a safe, charming beach resort in Mediterranean Turkey. The resort has benefited from significant infrastructure investment. However, no new builds can be over four storeys, so Side will always keep a welcoming, village appeal. Another appeal is that Side was built around the old historical town ruins, which gives this town a surreal charm.
About Us: We are Spot Blue international, and we have helped many foreigners looking at overseas properties. Contact us today if you still have more questions. Otherwise, our blog discusses destinations, lifestyles, and real estate in Turkey for foreigners.
