Compounding rise in Turkish property prices doesn't dampen demand, and the numbers of those wishing to buy an apartment or house in Turkey, by the sea, in a warm climate with 300 sunny days a year, continues to increase.
The real estate agency Tolerance provides insight into how to buy an apartment in Turkey and make the investment worthwhile.
What properties are available for foreigners in Turkey?
For real estate buyers with foreign citizenship, there are some restrictions.
These pertain to the area of land plots (maximum - 30 hectares) and their subsequent use, and certain locations.
Thus, citizens of Russia and Ukraine, like other foreigners, aren't allowed to buy property in military zones.
Otherwise, there are no prohibitions: foreigners can purchase villas, apartments, land plots, hotels, office spaces and other real estate and own them outright.
What rights do foreign property owners have?
Buying property in Turkey gives the right to apply for a residency permit (when the property value starts from 50-75 thousand dollars depending upon the region), and also the right to acquire Turkish citizenship via a simplified procedure for the owner and his/her family members (spouse and minor children) when the purchase price is from 400 thousand dollars. Not long ago, the minimum limit was 250 thousand dollars.
What obligations do foreign property owners have?
If you decide to buy property in Turkey, it's important to know not only about the rights, but also about the obligations.
Thus, apartment owners, regardless of their citizenship, are obligated to pay not only utilities, but also aidat, or maintenance fee.
The amount of aidat depends on the infrastructure of the complex, which includes pool cleaning, site cleanup, greening, security, video surveillance, etc.
The aidat fee is split among all property owners in the complex, so even if you aren't living in the apartment, you'll still need to pay for the upkeep.
How to effectively look for an apartment in Turkey
The search for property to purchase in Turkey should start with a market study and a choice of region.
For Russian-speaking foreigners and Europeans, the most popular places to buy a flat in Turkey are the southern resorts on the Mediterranean Sea.
We recommend monitoring offers on our website - there you will find flats from developers and private sellers in Alanya, Mersin, Istanbul, Antalya, Kemer, Bodrum and other cities.
We keep track of the relevance of the ads, ready to find suitable price options for you. The cost of properties is indicated in euros, knowing the exchange rate, you can easily calculate the cost of a flat in Turkey in roubles or any other currency.
On the website, you can read our clients' reviews, who share personal experience of acquiring real estate, study useful recommendations for organizing relocation and much more.
For those who have planned to buy property in Turkey, we offer to use the "Inspection tour" service.
It does not obligate you to buy and allows you to view several flat options in one visit. And if after this tour you decide to buy the liked property, we will compensate your travel costs.
How to look for a realtor in Turkey?
Sale of real estate in Turkey is conducted through intermediaries - realtors in almost 100% of cases.
For sellers, it's a chance to avoid the hassle associated with placing ads, showing the flat.
For buyers - it's a guarantee of the legal purity of the transaction, assistance in overcoming bureaucratic hurdles, simplification of communication with various departments.
To buy a house in Turkey problem-free, the realtor must be carefully chosen.
The agency you turn to should have a licence, registration with the tax authority and the chamber of commerce and industry.
The more information about the realtor you can find on the internet, the better.
Buying property in Turkey: step by step
So, you've calculated how much a flat in Turkey costs in roubles, decided it suits you, and chosen a reliable realtor.
What's next? We explain the transaction process step by step.
- Signing the Sale-Purchase Contract. The seller and the buyer confirm their intentions in writing. They agree on a contract that specifies all aspects of the transaction: the price of the flat, terms and methods of payment, rights and obligations of the parties. The contract is drawn up in two languages: Turkish and the buyer's language.
- Paying the Deposit. This typically occurs at the contract signing stage. The deposit amount is determined during negotiations and is typically 5-20% of the flat's value in Turkey. Note: If one of the parties decides to terminate the deal, the deposit either remains with the seller or is returned to the buyer at double the initial amount — this too is stipulated in the contract.
- Preparing Other Documents. A foreigner wishing to purchase property in Turkey will need to obtain a TIN, preferably open a bank account for transactions with the seller. To open an account, you will need a foreign passport, TIN, and any document confirming your address.
- Notarised Passport Translation (required for the transaction), and obtaining a power of attorney if the purchasing will be made via a representative.
- Obtaining a Foreign Currency Exchange Certificate. Recently, all foreign currency transactions by foreigners in real estate purchases have to go through the country's Central Bank, for which a Döviz Alım Belgesi (DAB) certificate is issued. Without this certificate, the deal cannot be concluded.
- Undergoing an Appraisal, which evaluates the worth of the property. It determines the market value of the flat and also provides other important information about the object being purchased. Usually, the buyer pays for the appraisal.
- The Final Settlement. To obtain property rights, the buyer must fully pay the seller. If the property in Turkey is purchased under a mortgage or through developer installments, a mortgage will be placed on it until full payment is made.
- Receipt of TAPU. This is the main document confirming the transfer of ownership rights from the seller to the buyer.
- Connection of Utility Services. The new property owner contacts electricity, water, and internet providers to sign contracts.
Remote Deals
Property purchase in Turkey in 2023 can be done remotely — for this, the buyer needs to issue a notary power of attorney to their representative, usually the role of a realtor.
The realtor will handle the entire procedure from beginning to end and will assist with obtaining a residence permit and citizenship.
Additional Costs When Buying Property in Turkey
In addition to the housing cost in Turkey, you will need to pay for a number of services related to the deal.
- Paying to the Cadastral Office. The exact amount depends on the region, averaging around $60-$70.
- Paying for a sworn translator. A translator with state accreditation is always present in transactions between a foreigner and a Turkish company or citizen.
- Expert property valuation. The price of an apartment in Turkey is determined by a special study and the cost of this service varies depending on the purpose of the valuation; for example, it will be higher if required for citizenship by investment.
- Property tax. When buying an apartment in Turkey, these costs fall on the buyer, accounting for 4% of the cadastral (not market) value.
- Purchasing earthquake insurance. Its cost depends on the year the building was built and the size of the apartment.
After obtaining a TAPU, one has to pay for connecting or re-registering utilities. In the latter case, the expenses will be lower than in a new building.
Regular expenses for property in Turkey for citizens of other countries include paying for utilities, dues, property tax - its value is from 0.3 to 0.4% of the amount stated in the TAPU. This tax is paid in two instalments annually. Getting home insurance, for example, against flooding by neighbours, would not go amiss.
Instalments and mortgages
Like the country's citizens, foreigners could previously get mortgage loans in Turkish banks.
To approve such a loan, the borrower had to show a stable income, the interest rate depended on the chosen bank, loan tenure.
The maximum term of a mortgage in Turkey is 10 years, the payment should not exceed 50% of the borrower's income, the minimum sum is €25,000, with no maximum limit.
However, with the introduction of mandatory currency sales to the state and obtaining a DAB certificate, for technical reasons, the issue of loans to foreign citizens for buying property in Turkey has effectively been suspended.
In Turkey, property sales often involve using the developer's instalment plan - this is a very convenient option for those who are simultaneously selling their apartment back home.
Initially, to confirm their intentions, the buyer pays 30-50% of the apartment price, and the final settlement is made after the building is brought into operation.
Payments can be made in instalments, the important thing is to stipulate the regularity of contributions in the contract and to make the final payment by the time the TAPU is obtained.
Are immigrants allowed to rent out their property?
Yes, homeowners, including foreign citizens, can rent out their property.
If you are not planning to live in the country on a permanent basis, it would be easier to do this through an agency - the estate agent will find tenants, ensure timely payment and compliance with the terms of the lease.
This option suits those who plan to live in the apartment during the summer and want to ensure that their property doesn't stand vacant for the rest of the year but instead generate income.
If the apartment is originally bought as an investment, renting it out will help recoup the incurred costs and open up a steady passive income.
When you buy a property specifically as an investment, renting it out can help you recover your initial outlay and eventually provide a stable passive income.
Purchasing property in Turkey - a fantastic opportunity to give yourself and your family the prospects of a safe and comfortable life. The estate agency, Tolerance, can help you find the perfect options for investment, permanent relocation, and citizenship.
We will be delighted to answer all your questions, please reach out to us on Whatsapp +90 (532) 158 42 44
If you want to profitably buy a flat in Turkey and enjoy life by the warm sea, contact our specialists who can quickly find the best options to fit your budget.
Subscribe to our YouTube channel and Instagram page to receive information straight from the professionals!
Additional communication channel with us: Telegram
The Tolerance Team | 20 years by your side
