In recent years, buying an apartment in Turkey has become an attractive investment for foreigners, combining excellent financial returns with the opportunity to obtain Turkish citizenship through property ownership.
This step-by-step guide to buying an apartment in Turkey for foreigners provides a detailed overview of the process, from initial research to the transfer of property ownership in Turkey.
We will clearly cover the procedures for buying an apartment in Turkey, highlighting property purchase fees in Turkey, the requirements and conditions for foreigners buying apartments in Turkey, and practical tips for buying property in Turkey to ensure a smooth and secure process.
Whether you are considering buying an apartment in Istanbul for foreigners, looking to buy a ready-to-move-in apartment in Turkey, or purchasing a new property in Turkey, this article will provide you with all the information you need.
Steps to Buying an Apartment in Turkey for Foreigners
Determining Your Budget and the Type of Property Required
Start by determining your budget for buying an apartment in Turkey as a foreigner, based on your financial situation. Keep in mind that the average price per square meter in Istanbul ranges from $1,500 to $3,500, while in cities like Antalya and Alanya, it may be lower, around $1,000 to $2,000.
Decide whether you are looking to buy a new property in Turkey from developers or a ready-to-move-in apartment in Turkey for immediate occupancy.
Finding a Licensed Real Estate Agent
To ensure a safe transaction, rely on Mbany Real Estate or licensed real estate platforms like Mbany Real Estate. An authorized agent will provide you with reliable offers and assist you with the procedures for verifying the title deed in Turkey.
Visiting the Property and Inspecting the Location
Visit the property in person or save time with virtual tours supported by 360° videos. Verify that the actual area matches the plans, the quality of the finishes, and the surrounding infrastructure, such as roads, schools, and hospitals.
Legal Conditions for Foreign Ownership in Turkey
Conditions for Foreigners Buying an Apartment in Turkey
Turkey allows most nationalities to purchase property, provided that the total area does not exceed 30 hectares in specific regions, excluding military zones and forests. Ensure you attach a certified copy of your passport, officially translated.
Obtaining a Turkish Tax Identification Number
Before proceeding with the procedures for buying an apartment in Turkey, you must obtain a Tax Identification Number (Vergi Kimlik Numarası) from the Turkish Tax Office, which is required for opening a bank account and transferring funds legally.
Official Procedures for Buying an Apartment in Turkey
Opening a Bank Account in Turkey for Foreigners
Go to any local bank such as İş Bank or Ziraat Bank with your passport, tax identification number, and (optionally) proof of residency to open an account that facilitates money transfers and installment payments.
Obtaining a Real Estate Appraisal in Turkey
According to government requirements, a real estate appraisal in Turkey must be conducted by a certified appraiser to ensure a fair market value.
Signing a Power of Attorney (If Necessary)
If you cannot be present in person, you can grant a formal power of attorney to a legal representative with a certified translation and notarization from the Turkish Consulate.
Transfer of Property Ownership in Turkey
After paying the down payment, go to the "Land Registry Directorate" (Tapu ve Kadastro) in the presence of an official translator, and pay the property purchase fees in Turkey (4% title deed tax) to complete the transfer of property ownership in Turkey.
Fees and Costs When Buying an Apartment in Turkey
- Title Deed Tax: 4% of the property value.
- Value Added Tax (VAT): 1%–18% for new properties, depending on the type of project.
- Agent and Attorney Fees: 2%–3% of the sale price.
- Real Estate Appraisal Fees in Turkey: 300–600 Turkish Lira.
- Registration and Administration Fees: Approximately 300–500 Lira.
- Annual Property Tax: 0.2%–0.6% of the assessed value.
Payment and Installment Options for Foreigners
Buying an Apartment in Turkey in Installments for Foreigners
Most developers offer installment plans for foreigners buying apartments in Turkey with zero interest, a down payment starting from 20%–30%, and the remaining amount paid over 12–36 months.
Mortgage Financing for Foreign Residents
If you are a legal resident, you can obtain a mortgage in Turkey with an interest rate ranging from 8%–12% per year, with a down payment of at least 40% of the property value.
Important Tips Before Buying Property in Turkey
- Verify the title deed in Turkey carefully and ensure that the property is free of any debts or liens.
- Use Mbany Real Estate or a licensed agent to ensure the validity of the procedures.
- Visit the new property and read the licensing documents (İmar Durumu).
- Review development plans around the property, such as transportation and road projects.
- Study the return on investment if the goal is real estate investment in Turkey for foreigners, and calculate the average annual rent and occupancy rates of properties in the area.
Turkish Citizenship Through Property Purchase
Foreigners can apply for Turkish citizenship by purchasing a property worth at least $400,000 USD, with the condition that the property is not sold for three years.
After completing the procedures for buying an apartment in Turkey and registering the transfer of ownership, the application documents are submitted to the Turkish Ministry of Interior.
Frequently Asked Questions About the Step-by-Step Guide to Buying an Apartment in Turkey for Foreigners
1. What are the conditions for foreigners buying an apartment in Turkey?
Most nationalities are allowed to purchase properties up to 30 hectares, with the requirement to obtain a tax identification number and a license from local authorities.
2. How long does it take to transfer property ownership in Turkey?
It usually takes from one week to ten business days from signing the contract to receiving the title deed.
3. Can I obtain Turkish citizenship by buying a property in installments?
Yes, provided that the full value of the property ($400,000 or higher) is owned without selling for 3 years, even if it is being paid in installments.
4. What are the additional costs after buying an apartment in Turkey for foreigners?
These include annual property tax and fees for services and routine maintenance.
5. Is investing in Istanbul apartments better than in other cities?
Istanbul has a strong residential and commercial market, but tourist cities like Antalya and Ankara offer competitive rental yields and cheaper prices.
Conclusion: Your Legal Journey Starts Here
With this step-by-step guide to buying an apartment in Turkey for foreigners, you are now informed about the steps and procedures for buying an apartment in Turkey in detail, including the conditions, fees, and costs.
Use this guide as a reliable reference, and work with Mbany Real Estate or licensed agents to ensure a successful and secure property purchase experience in Turkey for foreigners.
Whether you intend to invest in real estate in Turkey as a foreigner or are looking for a permanent residence, good planning and adherence to legal procedures are the keys to success.
01-04-2024 
