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