Turkey has been witnessing an explosion in sales of real estate to foreigners. The most important factor for the boom is the change made in 2012 regarding Reciprocity Law for which foreign buyers can own Turkish property. This recently amended regulation lifted the reciprocity requirement for real estate sales and stated in which regions of Turkey and under what conditions citizens of 183 countries may purchase property.
The new law allows foreign buyers to own residential property, plots of land and office throughout Turkey up to 30 hectares per person. There is no limitation for foreign owned companies in Turkey; the corporates are allowed to purchase as much property as wished. However, in the event of a purchase of plotted or unplotted land, approval must be obtained from the relevant ministry within two years of blueprints being drawn up for buildings to be constructed.
With the latest change at Reciprocity Law, citizens of Syria, Armenia and North Korea can no longer buy property in Turkey. Furthermore, the countries such as Iran, Iraq, Georgia and Bulgaria, can no longer acquire real estate in the provinces bordering those countries. Real estate sales cannot be to Greek citizens in 26 coastal provinces, including Istanbul. However, property sales to Greeks are permitted in inland regions.
129 countries granted purchase of property without any condition, include such as United States, Germany, Argentina, the United Arab Emirates, Bahrain, Belgium, Brazil, Brunei, the Dominican Republic, France, Finland, South Korea, the Netherlands, Ireland, Sweden, Britain, Spain, Italy, Japan, Canada, Kuwait, Qatar, Luxembourg, Lebanon, Saudi Arabia, Morocco, Saint Vincent and the Grenadines, Turkmenistan, Tuvalu and Oman. In 2012, the previous ?single residence? requirement was lifted for Israeli citizens. Citizens of 16 countries, including China, the Philippines, India and Iraq, are required to obtain special permission from the Ministry of the Interior. Iraqi citizens also need to provide a certificate of conformity from the Ministry of Foreign Affairs.
Additional Info ; There is no difference between a Turkish citizen and foreign person in regards to the documents required for the title deed transfer process. However, please note that if the buyer is unable to speak Turkish, a certified Turkish translator is required during the deed transfer.
The new law allows foreign buyers to own residential property, plots of land and office throughout Turkey up to 30 hectares per person. There is no limitation for foreign owned companies in Turkey; the corporates are allowed to purchase as much property as wished. However, in the event of a purchase of plotted or unplotted land, approval must be obtained from the relevant ministry within two years of blueprints being drawn up for buildings to be constructed.
With the latest change at Reciprocity Law, citizens of Syria, Armenia and North Korea can no longer buy property in Turkey. Furthermore, the countries such as Iran, Iraq, Georgia and Bulgaria, can no longer acquire real estate in the provinces bordering those countries. Real estate sales cannot be to Greek citizens in 26 coastal provinces, including Istanbul. However, property sales to Greeks are permitted in inland regions.
129 countries granted purchase of property without any condition, include such as United States, Germany, Argentina, the United Arab Emirates, Bahrain, Belgium, Brazil, Brunei, the Dominican Republic, France, Finland, South Korea, the Netherlands, Ireland, Sweden, Britain, Spain, Italy, Japan, Canada, Kuwait, Qatar, Luxembourg, Lebanon, Saudi Arabia, Morocco, Saint Vincent and the Grenadines, Turkmenistan, Tuvalu and Oman. In 2012, the previous ?single residence? requirement was lifted for Israeli citizens. Citizens of 16 countries, including China, the Philippines, India and Iraq, are required to obtain special permission from the Ministry of the Interior. Iraqi citizens also need to provide a certificate of conformity from the Ministry of Foreign Affairs.
Additional Info ; There is no difference between a Turkish citizen and foreign person in regards to the documents required for the title deed transfer process. However, please note that if the buyer is unable to speak Turkish, a certified Turkish translator is required during the deed transfer.
So it may work out for me, but I already sold my properties there a few years ago when the market was high, it was a good moment to sell, and I focused myself on other countries.