Rules for buying property in Turkey in 2023

When buying real estate in Turkey, most foreigners plan to get a second citizenship or residence permit. In this article, we will analyze the advantages and directly the process of buying apartments and houses in the mentioned country. In our review we have used current information on the legislation.

General rules for buying real estate in Turkey

In 2022, new amendments to the regulation on the application of the Turkish Citizenship Law were adopted. A new code and regulation was provided which describes the available methods for foreigners to purchase real estate. It came into force in 2023 and should be taken into account.

Legislative updates in 2023

In many respects, the procedure for buying real estate in Turkey for foreigners has not changed, but there are some subtleties. First, in order to obtain a residence permit or citizenship will require the correct selection of an apartment or house. It should be noted that the assessment of property in the mentioned country for foreigners is formed not on the contract of sale, but on the appraised value.

The process of buying real estate in Turkey

Initially, you will need to sign a sales contract at the Cadastre and Tapu Office. If you buy property at the primary market, you must initially sign a notarized contract with the developer. As soon as the property is paid for and all procedures are completed, you can expect a residence permit. If citizenship is not so important to you, you can refuse to notarize the contract.

The step-by-step instructions include the following items:

• Selecting a property and opening a bank account in Turkey;
• Obtaining an appraisal of the property and preparing the required documents;
• Availability of a notary translator;
• Obtaining a technical specification to connect to the utility networks;
• Applying for citizenship or residence permit.
• Required documents for buying real estate
• The list of required documents for buying real estate includes a passport, two pieces of 3 by 4 photos, proof of residence in the country of origin, a local tax code, and a bank account in any bank in Turkey.
• Necessary documents for obtaining the right of ownership
• The list of required documents includes the buyer's passport and its copy, TIN, property valuation report, and two photographs.

Average real estate prices in Turkey

Prices for apartments and houses in Turkey largely depend on the chosen city and individual needs. On average, the cost is in the range of 50 - 75 thousand dollars.

Conclusion

Changes in the legislation of Turkey, concerning the acquisition of real estate by foreigners, have not changed so much. However, it is necessary to familiarize yourself with the general rules in order not to make any mistakes.