By Justin Mays:
The government allows most foreign nationals to buy real estate in Turkey without reservation and has streamlined the process to be user-friendly. Unfortunately, there are some exceptions. Not allowed to buy property in Turkey are citizens from Taiwan, Syria and Armenia among others. An exception to this rule applies if a passport holder of one of these countries establishes their own company.
Nationals who can buy from Turkey
Citizens of some nations like China, India, Iran, Iraq, and Palestine must obtain permission from the Interior Ministry before buying but it is not a major hurdle, in fact, Iranians and Iraqis rank in the top five in the list of nationalities that buy the most real estate in Turkey. Afghans, Albanians, Egyptians, Latvians, and Moroccans are not allowed to buy agricultural land. All other passport holders can purchase property in Turkey with little to no limitations. Some of the few other legal restrictions against foreigners buying in Turkey are the Military Prohibited and Security Areas Act, which states that there are restrictions on buying property adjacent to military zones and there is a limit to the amount of land one can buy-generally the rule is that buyers can own up to 30 hectares of property, and the land must not constitute more than 10% of a town’s total land area.
Overseas customers have been taking advantage of buying Turkish real estate in record-breaking numbers in the past year. Istanbul is the most popular city to buy in, last year there were 26,469 units sold to foreign buyers in the city. Antalya was a distant second with 12,384 units and Ankara with 3,672. You do not need to have legal residency before buying property, you will be entitled to residency once you own a property, and if you purchase property worth $450,000 USD or over you will be eligible for Turkish citizenship after three years of keeping the real estate.
Turkey makes it easy for foreign investors to buy real estate, the system is efficient, and once you choose your property, the process moves much faster than in many other countries. Our real estate and legal specialists at Prime Property Turkey are experts in all things related to purchasing Turkish property and are here to assist our clients throughout the process.