The steps to buy a property in Turkey are the most important and prominent issue for those who seek to own a property in the Republic of Turkey and obtain all the privileges provided by this ownership, whether it is to obtain Turkish property residency or citizenship. Therefore, we at Istanbul Experts have decided to review everything related to this topic through this article.
First – What are the motives for buying a property in Turkey?
There are several motives for buying a property in Turkey, which are:
The great Turkish economic power
Buying a property in Turkey is a safe way to protect your money from inflation, as you are investing in a country that has proven its economic strength to the world despite crises. Its economy is supported in all sectors, especially the constantly developing real estate sector.
Strong infrastructure
The buildings and residential complexes in Turkey shine with their strong infrastructure. The Turkish cities and provinces have been blessed by beautiful nature, a moderate climate, and a rich history dating back hundreds of years.
Government support and investment incentives
The investment incentives and privileges provided by the Turkish government to foreigners have increased the demand for real estate ownership, in addition to the government’s support for the real estate sector in particular.
Obtaining real estate residency
Did you know that buying a property in Turkey gives you the opportunity to obtain a renewable Turkish residence permit for one year? This means that you can legally reside in Turkey.
Obtaining Turkish citizenship
Depending on the nature of the property, its price, and the purchasing procedures, you may be eligible to obtain Turkish citizenship, obtain a Turkish passport, and enjoy the rights of Turkish citizenship.
Now, let’s go through the steps of buying a property in Turkey.
Second – Steps to buy a property in Turkey
According to the amendments that have been made to the Turkish nationality law, which came into effect on 1/1/2023, buying a property in Turkey is done through the following steps:
Buying a property for $400,000
To obtain Turkish citizenship through real estate ownership, the value of the property you purchase must be at least 400,000 US dollars, and you can purchase several properties with the same amount, but according to the conditions announced in the amendments to the Turkish Citizenship Law for 2023.
Transfer the value of the property to the Central Bank of Turkey
The value of the property you intend to purchase must not be less than $400,000 in order to obtain Turkish citizenship through real estate ownership. You can buy several properties for the same amount, but according to the conditions announced in the amendments to the Turkish Citizenship Law for 2023.
Submitting the currency conversion report via e-mail to the Land Registry Directorate
According to the recent amendments to the citizenship law, which came into effect at the beginning of January 2023, the document for the transfer of foreign currency is sent to the Land Registry Directorate through registered email.
Submitting a request to the Land Registry Directorate
One of the most important steps in buying property in Turkey is submitting an application to the Turkish Land Registry Department, which includes the property valuation document that is sent to the Ministry of Environment and Urbanization for approval that the property unit owned by the applicant is suitable for Turkish citizenship.
After verifying that the property is valued at no less than $400,000 USD, the Ministry of Environment and Urbanization send an official request to the Land Registry Department to suspend the sale of the property for a period of 3 years.
Obtaining Turkish citizenship
The final step would be submitting the citizenship file to the General Directorate of Population and Citizenship Affairs to verify that it meets the conditions for Turkish citizenship through property ownership. Based on that, the approval for granting Turkish citizenship to the foreign investor who purchased the property is issued.
In conclusion
Here we come to the end of this article, in which we talked about the steps to buy a property in Turkey and the motivations that increase your desire for property ownership in the Turkish Republic.
At Istanbul Experts, we guide you toward the best investment opportunities and real estate offers that fit your aspirations.
We are delighted to offer our services to you, so please contact us now!
Edited by: Istanbul Experts©
Sources: Turk Press + Turkish Land Regestry Directorate
