Real Estate purchase and prices for Iraqis in Turkey 2023

Real Estate purchase and prices for Iraqis in Turkey 2023

In an earlier article, we explored Turkish-Iraqi relations and their outlook for 2024, as well as the various types of Iraqi investments in Turkey, including the extent of real estate investments by Iraqi citizens in the country. Today, let's delve deeper into property ownership and real estate prices in Istanbul.

To go back and read the previous article, you can click on the following link.

Table of Contents

- Property Prices: Apartments, Villas, and Land in Turkey

- Buying Steps

Property Prices in Turkey in Iraqi Dinar

Foreigners seeking lucrative and secure investment projects are increasingly focusing on property ownership in Istanbul, Turkey.

Properties in Istanbul come in various types, ranging from investment apartments and residential buildings to villas and standalone houses.

Apartments for sale in Istanbul, Turkey, are competitively priced when compared to villas and other types of properties in the city. They come in various styles and diverse options about space and the number of rooms.

Following residential properties are commercial properties, including commercial shops and offices.

Regarding prices, these properties in Turkey, especially in Istanbul, begin at $1200 per square meter, roughly equal to 1,572,000 Iraqi Dinars.

These prices vary depending on the city and its position within the Turkish state. Istanbul, being the capital of tourism and the economy of Turkey, tends to have relatively higher prices compared to other cities.

Within the same city, prices vary based on the region where the property is located. Factors to consider include the availability of infrastructure, proximity to lively social areas with restaurants and shopping centers, as well as landmarks. The stage of the property, whether under construction or ready, also influences prices.

apartment prices in Turkey are generally lower compared to similar properties in European countries.

Apartment prices in Turkey, Istanbul, in Iraqi Dinar, start from 157,241,000 Iraqi Dinars, which is equal to $120,000. This price increases based on the property specifications.

Land is considered the best investment in Turkey, providing consistent profit rates over the years. The diversity of land types, including construction and agricultural, contributes to its popularity. The location of the land is crucial, especially if it's near major investment projects like the new Istanbul Canal or the new Istanbul Airport.

Apartment (1 Bedroom) in Istanbul
- Price (USD): $120,000
- Price (Iraqi Dinar): 157,241,000
Apartment (3 Bedrooms) in Istanbul
- Price (USD): $150,000
- Price (Iraqi Dinar): 196,292,400
Villa (3 Bedrooms) in Antalya
- Price (USD): $300,000
- Price (Iraqi Dinar): 392,584,800
Land (1 Dunam) in Trabzon
- Starting from $10,000
- Starting from 13,000,000 Iraqi Dinar

Explore Great Investment Opportunities in Turkey

Today, you may discover fantastic investment opportunities in farms for sale in Mersin, Turkey, or in a farm for sale in Trabzon, Turkey, among other Turkish provinces. The wonderful climate in these regions encourages cultivation, with Mersin featuring vast green spaces near industrial and natural lakes. Meanwhile, Trabzon, located on the Black Sea coast with its mountainous terrain and waterfalls, offers lands for sale in Turkey by the sea, boasting a moderate climate.

These lands can be leased to farmers for profit or utilized for residential and commercial projects. The Turkish government's focus on agricultural lands, controlling their prices, and safeguarding them from the black market manipulation have spurred investment in lands without fear of market manipulation. Additionally, the unique rights and guarantees offered in Turkey, along with the thriving sector of Turkish crop exports, make it an unparalleled investment destination.

Types of Properties Sought by Iraqi Buyers:

- Apartments for sale in Istanbul
- Government-backed properties
- Properties with special installment plans
- Villas for sale in Istanbul
- Properties for sale in Başakşehir

Investors from Iraq are continuously searching for these types of properties, finding value in the secure and diverse real estate market that Turkey offers.

مشاريع مؤمنة من الحكومة التركية

Also, check out some of the projects secured by the Turkish government

Steps for Purchase

Firstly, let's understand the conditions set by Turkish law for allowing Iraqis and other foreign nationals to own properties in Turkey:

The law prohibits owning Turkish properties near military barracks or strategic security sites within a 400-meter radius.
It's not allowed for properties within a municipality or area to exceed 10% of its total area, and they shouldn't be more than 300 hectares in other regions combined.

Additionally, the law allows Iraqis to own all types of Turkish properties, whether for residence, real estate investment, or even to obtain Turkish citizenship. This includes residential, commercial, industrial, tourist, and even agricultural properties.

Taxation on Turkish Property Purchase:

When it comes to taxes on purchasing Turkish property, here's a breakdown:

4% Property Transfer Tax: Paid by the buyer, and it can be shared with the seller. Some construction companies cover this as part of their incentive policy to attract buyers.
1% of the Property Price: Paid as the fee for certifying the property purchase contract in Turkey, settled with the Turkish notary.
1% Value Added Tax (VAT): Applies to properties under 150 square meters at a rate of 8% for properties exceeding this size. For commercial properties, the VAT is 20%.

Lastly, there's the Value Added Tax (VAT), and Iraqis can qualify for exemptions under certain conditions specified by Turkish law.

The Turkish law includes other property-related taxes, such as profit tax, annual property tax, and monthly taxes. It's worth noting that the procedures for calculating and paying taxes are the same for Turkish citizens and foreign nationals. There are no additional property taxes for foreigners compared to Turkish citizens.

The proper purchase steps include providing a set of property-specific and personal documents to ensure obtaining property ownership in a legitimate and legal manner. These documents can be summarized as follows:

Do you want to read more about taxes in Turkey? Click here...

Property Purchase Contract

Property Valuation Report (Valid for 3 months from the date of issuance)

Foreign Currency Sale Receipt to the Central Bank

Receipt for transferring the property value in Turkish Lira to the seller's account

Tax Identification Number for the buyer

Valid Passport with a translated and notarized copy in Turkish

Proof of nationality, along with two passport-sized photos

Turkish residence permit (if available)

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"The Future of Real Estate Investment in Turkey 2023. Click here..."

Experience your best investment journey with Damas Group!

At Damas Group, we offer comprehensive real estate consultations, assisting you in finding the most suitable and lucrative properties. Our dedicated advisors guide you through property viewings, ensuring you witness them firsthand. Don't worry; in our group, we present you with the finest investment opportunities.

With Damas Group, we balance the equation for you – the best quality at the most competitive prices. We support you in real estate marketing and development in Turkey. We handle every step of the property purchase process from start to finish, and we can also manage properties and provide post-sale services. Moreover, we assist clients in applying for Turkish citizenship.

Damas Real Estate Group

Contact us at Damas Real Estate Group to explore the best offers and options available, whether in Yalova or beyond. Feel free to kickstart your real estate investment journey in the Turkish property sector right away. The prices are favorable, the offers are diverse, and the future is promising.

FAQ

Being away from strategic and security locations, not exceeding 10% of the province or region's total area, and not exceeding a total of 300 hectares.

The tax calculation and payment procedures do not differ for foreigners, whether Iraqi or Qatari, and they are treated similarly to Turkish citizens.

The project aims to connect the southern port of Iraq to the border in Turkey through a railway network.

The trade value between Turkey and Iraq in 2023 was 20 billion dollars.

4% property transfer tax and 1% title deed registration fee.