FAQ Property investment in Turkey 2024
FAQ
Turkey has many reputable real estate companies, including prominent names such as
To purchase property in Turkey, a foreign buyer must provide a valid passport, obtain a Turkish tax number, and open a local bank account to transfer funds. It is also recommended to appoint a specialized lawyer to ensure all legal procedures are correctly followed and to verify the title deed.
Yes, foreigners can obtain a short-term residence permit known as
Buying property in Turkey offers many benefits, such as the possibility of obtaining a residence permit, applying for Turkish citizenship if the property's value exceeds $250,000, gaining a profitable investment return due to annual property value increases, and enjoying the advanced infrastructure in cities like Istanbul.
The taxes imposed when buying property in Istanbul include the property transfer fee, which is approximately 4% of the property value, as well as the annual property tax, ranging from 0.1% to 0.2% of the property value. It is advisable to consult a lawyer or real estate advisor to understand all the additional costs associated with the purchase process.
1. Determine the type of property and the suitable area for purchase. 2. Collaborate with a trusted real estate agent to choose available properties. 3. Verify the title deed and hire a lawyer to ensure the legality of the procedures. 4. Transfer the payment and register the property in the buyer's name at the Land Registry Office. 5. Apply for a real estate residence permit or Turkish citizenship if the property's value exceeds $400,000.
Real estate in Istanbul is considered a good investment, as property values increase significantly each year. Investors can achieve annual rental returns of 5-7%, with potential for higher returns in tourist areas or locations close to public amenities. The investment return on real estate in Turkey in 2024 is promising.
To buy a residential property, it is recommended to first visit Istanbul to evaluate the area and search for apartments for sale with a real estate agent. You can set your purchase budget, choose the right apartment, and then complete the legal procedures through the real estate agent and lawyer to ensure transparency and clarity. The D-511 complex in Kocaeli is an example.
A real estate agent is a vital element in the property buying process, as they provide professional guidance, are familiar with the details of the local market, and facilitate administrative and legal procedures. This saves investors time and effort and increases the guarantees of a successful purchase. Read also: Why should you buy property in Turkey through an agent?
Turkish property citizenship is the citizenship that can be obtained by purchasing a property worth at least $400,000 USD, with the condition of not selling the property for three years. Turkish citizenship is granted to the buyer and their immediate family members.
Green view properties can be found in areas such as Bahçeşehir, Beylikdüzü, and Beykoz. These areas offer apartments for sale in Istanbul surrounded by green spaces and provide a comfortable environment for families.
Yes, buying an apartment in Turkey is a good option, whether for investment or residential purposes, especially in Istanbul, which offers modern apartments, good investment returns, and options for obtaining citizenship or residency, making it an ideal destination for foreign investors.
Buying an off-plan property can provide a profitable investment opportunity, as the prices are usually lower compared to ready-to-move-in properties. The property's value can increase once the construction is completed, allowing the investor to benefit from the price difference.
The requirements for buying property in Turkey apply to Arabs just like other nationalities. They can fully purchase and register properties in their name, enjoying full ownership rights similar to Turkish citizens. They are also eligible to benefit from real estate citizenship and residency programs.
