Natalie So, you are dreaming of owning a home in Turkey. Congratulations on choosing such a beautiful country to own a Turkish house. Many foreigners buy property here, some to use as a holiday home, others as an investment to their international real estate portfolio, and others because they reside in Turkey all year round. From the Mediterranean Antalya region to Aegean Izmir to bustling Istanbul, it is a buyers’ market with many budget and luxury apartments and villas for sale.
But obviously, to make a wise property investment in Turkey, do your homework so you end up with the modern home of your dreams. As a real estate agent, we help many property buyers in Turkey, but in this guide, we will answer common questions, give advice and tips, and talk about the process to become a house owner in Turkey.
About Buying a Home in Turkey
1: Why Own a House in Turkey
- Affordable property prices
- Masses of development and new homes
- Affordable running and maintenance
- Ideal capital appreciation over mid to long term
- The easy and quick buying process
- Turkish citizenship by investment on properties over $250,000
- Massive choice of destinations throughout Turkey
- Gorgeous weather and lifestyle
- Getting to Turkey thanks to state-of-the-art airports
- Turkish food and culture
2: Need to Know: Legal Documents and Requirements
With all our properties for sale in Turkey, we do our due diligence, but it is helpful for homebuyers to know all about the Turkish legal documents. First, all apartments and villas in Turkey must have an iskan. This is a habitation certificate to prove the property is suitable for living. Don’t be fooled into buying a property without one because the lack of this license drastically lowers the house value. Additionally, for private villas or apartments on a complex, swimming pools must have a license.
Any property in Turkey with an ipotek, cannot be sold because there is a debt against the home. If you buy a complex apartment, you are legally obligated by Turkish law to pay monthly maintenance fees towards communal upkeep. The complex should also have an effective management plan in place, and at any time, homeowners can ask to see the books. To sign for the deeds, also purchase Turkish DASK insurance.
3: How to Buy Property
Find Your Dream Home: Search our portfolio of apartments and villas for sale in many areas of Turkey. Each property listing talks about the price, location, home features, why that home stands out and contact details to find out more via email or arrange a viewing. Alternatively, call us today and speak with an agent about your budget and requirements, and we will send a selection of Turkish properties for sale via email.
Turkish Tax Number and Bank Account: When you find your dream home, you may want to put in an offer. Overall though, we then step in to handle the process. At this point, you will need a Turkish tax number. While you don’t have to open a Turkish bank account, we recommend one because house sales are made in Turkish lira, and you will also need it for household bills. When exchanging and sending money, don’t use banks. Instead, use a company like Wise for better transfer fees and exchange rates.
Deposit and Solicitor: We will pay a deposit to secure the property, and at this point, advise a Turkish solicitor. Property buyers don’t have to use one by Turkish law, but it gives peace of mind to many foreigners. They will also arrange contracts which we will get notarized. They will also perform their due diligence checks on the property.
Sign for the Property Deeds: Once the Turkish land registry approves the home sale, you will attend to sign for your property deeds. If you cannot be in Turkey, appoint your solicitor to act as power of attorney. If everything is in place, you can get house deeds in as little as a week.
4: Extra Purchasing Costs of Property
Alongside a budget for buying a home in Turkey, factor in extra purchasing costs. As an overall guide these are usually 8% of the purchase price. Additional closing costs include the property buying tax, solicitor, translator, notary, and land registry fees.
5: Where to Buy Property in Turkey
You may already know where to look at property for sale in Turkey, but if you don’t, there are some clear trends of hotspots for foreign home buyers. The best places include…
Istanbul: This bustling city is the hotspot for property investment. Many people who are buying to invest in the Turkish citizenship by real estate investment scheme also buy here because that is where most approved homes are. For investors, the lure is off-plan property prices and long term interest-free payment plans enabling them to capitalize on the property’s value.
Bodrum Peninsula: Sitting on the western Aegean coast, the Bodrum peninsula attracts luxury buyers looking to invest in villas. Of course, a big lure is the coastline position, giving off fantastic sea views from penthouses. Towns like Torba and Turkbuku are also high profile and attract wealthy business people and celebrities. While Bodrum town centre was once the property hotspot, these days, luxury homes in Yalikavak take prime place.
Housing in Alanya: Sitting at the far eastern tip of the Mediterranean, Alanya attracts luxury and budget buyers. In neighbourhoods like Mahmutlar, property buyers can find the lowest prices on the southern coastline. Alanya has grown over the years and is now a large bustling city. It constantly attracts foreign home buyers because the Alanya council invests heavily in infrastructure and tourism.
Life in Fethiye: For a dream home experience, look at the Fethiye region and resorts like Hisaronu, Ovacik, Calis Beach, and the town centre. Fethiye is another region that stands out for affordable home prices, but it also has many landscapes of natural beauty, attracting home buyers. Fethiye is the perfect region to find a residential apartment for sale.
Belek: This is an excellent option for Turkish property if you like golf. Belek, Turkey’s golfing capital, boasts of many world-class courses designed by premier golf players like Nick Faldo. The resort is also known for its long beach and spa and wellness hotels. Belek is an excellent town to look for a detached villa or to build your own home.
Antalya City Center: Don’t think of urban landscapes in Antalya because the city has two neighbourhoods, Konyaalti and Lara Beach, that are prime areas to buy a flat, especially to rent it out. With a quality lifestyle and fantastic sea views, home buyers tap into Turkey’s best shopping and nightlife scenes. As a result, Antalya is one of the top hotspots for foreigners buying homes in Turkey.
6: Can I be a Resident if I Buy Property?
Anyone can become a resident in Turkey if they have healthcare and the financial means to support themselves. The residency and property processes are two different things, and foreigners don’t even have to buy property to get a residency permit.
7: Turkish Citizenship by Real Estate Investment Scheme
Anyone who spends 400,000 USD or more on a property can apply for Turkish citizenship by investment scheme. This grants the home buyer and their family permanent rights to live, work and study in Turkey. Additionally, any future children will automatically become Turkish citizenship based on birthright. More about Turkish citizenship by real estate investment.
More about Property in Turkey
We hope we have answered your questions about buying a home in Turkey. If you want to know more, please call us today. Through our service, thousands of foreigners have become Turkish house owners. Also, browse our blog about Turkey, which talks more about investment, house sales, and living here as an expat.
