Navigating the New Rules: A Guide to Buying Property in Türkiye
Türkiye has long been a popular destination for property investment, attracting both local and international buyers. In recent times, the Turkish government has implemented several changes and introduced new regulations to streamline the property buying process and ensure a transparent and secure environment for investors. If you’re considering purchasing property in Türkiye, it’s crucial to be aware of these new rules to make informed decisions. In this blog post, we’ll explore the key changes and guidelines that potential buyers need to know.
- Citizenship by Investment Program: One of the noteworthy developments in Türkiye is the Citizenship by Investment Program. Investors who meet specific criteria, such as making a significant real estate investment, have the opportunity to obtain Turkish citizenship. This initiative aims to boost foreign investment and stimulate the real estate market in the country.
- Title Deed Regulations: The Turkish government has introduced measures to simplify and expedite the title deed process. Electronic title deeds, also known as e-Tapu, have been implemented to reduce paperwork and streamline transactions. This digital system facilitates a faster and more efficient transfer of property ownership.
- Military Clearance Process: Historically, property transactions in Türkiye required military clearance, a process that could cause delays. However, recent changes have relaxed these requirements for certain areas, making it easier for buyers to acquire property without undergoing the lengthy military approval process. It’s essential to check the specific regulations for the region in which you plan to invest.
- Valuation Reports: To ensure fair and accurate property valuations, the government has mandated the use of official valuation reports. These reports are prepared by certified experts and provide an objective assessment of a property’s market value. Buyers and sellers alike benefit from this standardized valuation process, contributing to a more transparent real estate market.
- Real Estate Agents and Consultancy Services: The Turkish government has implemented regulations to enhance professionalism and transparency in the real estate sector. Real estate agents and consultants are now required to be licensed by the government. This move aims to protect both buyers and sellers, ensuring that they receive reliable and accurate information throughout the property transaction process.
- Foreign Exchange Regulations: Türkiye has specific regulations regarding the use of foreign currency in property transactions. Buyers are required to use Turkish lira for property transactions within the country. Understanding and complying with these foreign exchange regulations are essential to avoid any legal complications.
General rules for buying property in Türkiye
First, it is better to know more about the general rules of buying real estate in Turkey.
These rules are:
- The properties intended for purchase should not be located in military and security areas of Turkey
- Foreigners can buy up to 30 hectares of real estate in this country
- By purchasing a property worth 200,000 dollars, the buyer is granted a two-year residence permit, which you can renew every year as long as he owns the property, and after that, you enter the process of obtaining permanent residence.
- By purchasing a property worth at least 400,000 dollars, you can apply for Turkish citizenship
- Foreigners are allowed to buy up to 10% of real estate in any city or region in Turkey
- If land is purchased with the purpose of building a property, the construction process must be completed within two years at most
- Contracts and agreements between the parties must be concluded in the official consulting offices of Turkey
- Foreign buyers must be citizens of countries that are allowed to buy property in Turkey.
- If you intend to buy a property with the aim of obtaining permanent residence and Turkish citizenship, you must buy the property from a Turkish person.
Navigating the property market in Türkiye has become more straightforward with the implementation of these new rules and regulations. Whether you are a local or international buyer, staying informed about the latest developments is crucial for a smooth and secure property transaction. By understanding the Citizenship by Investment Program, digital title deed processes, relaxed military clearance in certain areas, standardized valuation reports, licensed real estate professionals, and foreign exchange regulations, you can confidently explore the diverse real estate opportunities that Türkiye has to offer.