How to Buy A Property in Turkey As A Foreigner?
Foreigners can buy land and property in Turkey if the properties are in the towns (if the property is within that municipality or district) but not in the villages or rural areas and outside the military zones.
First, the buyer must apply for the local Land Registry to obtain a title deed for a property where the property is located. After the necessary research and controls, the title deed is transferred by the Land Registry Directorate. During the transaction, proof or documents regarding the transfer of the entire purchase price must be submitted to the Land Registry Directorate.
Also, one percent tax (i.e. tax) for both buyer and seller is due and collected at the time of the transaction (note: this is now 1.5%). For private buildings, there is an annual property tax collected by municipalities (i.e. local governments) at a rate of 0.3 percent. Newly built properties are exempt from annual property tax for five years. All properties are subject to revaluation every five years for tax purposes.
The acquired property can be resold or leased, and the proceeds transferred outside Turkey. Different regulations apply when a property is purchased for business purposes.
What Should You Consider When Buying A House in Turkey?
You should consider your budget, your needs (rental income, vacation home, etc.), and the lifestyle you desire. For example, houses in Kalkan or Bodrum will be more expensive than houses in Kuşadası, as they have evolved to accommodate the wealthier in recent years. If you want to buy an apartment or make a profit in a metropolis, Istanbul, Ankara, or Izmir should be your first choices. If you want sun, sand, and sea for most of the year, Fethiye or Alanya can make you very happy.
How to Find Best Places for Real Estate Investment?
One thing to watch out for is that real estate agents post many properties listed on their sites. You can use this opportunity to connect with the real estate market and research agencies to contact. Before committing to an agent, you should be certain concerning they are reputable, certified, and licensed to operate the business. The easiest way to check this is to search for them online, find their website and office address, and read the reviews.
Once you've become confined that they're reliable, you should clarify what you're looking for, what budget you're working with, and what features you'd most want in a home. On the other hand, the agent can even show you your unlisted dream home.
Check out our blog post to learn about How to Find the Best Property for Investment in Turkey? and get detailed information.
What Are the Best Places to Buy Property in Turkey?
Foreigners, whether for investment purposes or looking for a house, prefer the following five cities to buy real estate in Turkey:
Holding the title of Turkey's most populous city, Istanbul has become the city most preferred by foreign investors, especially in recent years. Istanbul, a business, financial, and tourism center, attracts foreigners of all nationalities with its modern city life, attractive social environment, and rich culture. In 2020, Istanbul ranked first with more than 19 thousand residences in housing sales to foreigners.
Antalya, the second most visited city in Turkey by foreigners, attracts foreigners with its warm weather, immigrant popularity, and calm and peaceful lifestyle. Antalya, famous for being the most preferred destination for foreigners for over 50 years, is a multicultural and diverse city. The most popular regions among foreign investors in Antalya are Alanya, Kalkan, Side, and Belek.
Ankara, Turkey's capital and second-largest city, is a cosmopolitan hub for all government institutions and businesses. From modern apartments to spacious homes, Ankara is the most popular choice in the heart of Central Anatolia. The city is the best option for foreign investors who plan to rent their property instead of living.
Bursa attracts foreigners from all nationalities with its economic appearance, accessibility, and stylish lifestyle. Being located in Uludag and having beaches close to the Marmara Sea makes Bursa a favorite of tourists. The city has long been popular among foreign investors, especially with its ostentatious houses and grand villas.
Mersin, located on the Mediterranean side of the country, is another city preferred by foreigners. Despite being less known and more affordable, Mersin continues to offer the Mediterranean lifestyle to foreigners. With its warm weather, small city life, and easy transportation, Mersin resembles a small European city in the heart of the Mediterranean.