F.A.Q.

Frequently Asked Questions

We are answering the most frequently asked questions about real estate investment in Turkey. In this section, we cover pre-during-after purchase related questions. You can even find answers to the most tricky questions. First, select one of the frequently asked questions below to learn more about buying, selling, and renting real estate. Then also, begin to think about important things to consider when diving into your real estate search.

ABOUT TURKEY

Turkish people speak Turkish language, which is also the official language.

Turkish population is predominantly Muslim. There also Christian, Jewish and other minorities living in Turkey. People can peacefully practice their religion in Turkey, which is a secular state.

Turkey is a giant peninsula with waterfronts to Mediterranean Sea and Black Sea. Turkey is connecting Asia with Europe and has territory in both continents. It has a central location at the heart of three continents Asia, Europe and Africa. Istanbul is the hub of Turkish Airlines, which makes it very easy to fly in and out of Turkey.

Turkey is a giant peninsula with waterfronts to Mediterranean Sea and Black Sea. Turkey is connecting Asia with Europe and has territory in both continents. It has a central location at the heart of three continents Asia, Europe and Africa. Istanbul is the hub of Turkish Airlines, which makes it very easy to fly in and out of Turkey.

You can enjoy all four seasons in Turkey, as climate is mostly temperate. The climate along the Mediterranean shoreline calls for a swimsuit in the summertime. As you go inland across Anatolia, the climate gets drier.

Turkish currency is Turkish Lira (TL), which is convertible. You can easily convert your currencies in Turkey. There is a floating exchange rate system, which means exchange rates are determined by free market.

It might be possible to shop with USD, Euro and Sterling in touristic summer resorts like Bodrum, Fethiye, Kuşadaşı and so on. But you will need to convert in other places. More, shopping with TL might be on your favor as most shops and restaurants use an exchange rate worse than market level.

Turkish population is 82 million in 2021.

There is free enterprise in Turkey with its regulatory institutions similar to European countries.

Turkey is member of UN and NATO respectively since 1945 and 1952. Turkey is also a member of EU Customs Union and negotiating its accession to EU.

Notable ancient civilizations that settled in modern Turkish landscape include Hittites, Romans, Byzantines and Ottomans. There are other civilizations, whose legacy have crossed Turkish lands and helped shape modern Turkish culture. Among them are the well-chronicled Trojans and Lydians who invented first coin. In addition, Phrygians with a golden touch of its King Midas ruled in Anatolia. Turkey has a unique heritage and geography at the crossroads of civilizations. If you are an archeologist or a historian, you can spend a lifetime studying in Turkey.

State governance method is converted from Prime Ministry System into Presidential System since 2018. However, constitution is still in effect and the parliament is operational as the lawmaker. There is rule of law in Turkey and rule of law protects your civil and property rights.

Byzantines do not differ from Romans at all. The word Byzantine Empire is only coined late after Romans demise by European historians in 16th century. In fact, Eastern Romans never called themselves as Byzantine Empire. Instead they introduced themselves as perfectly Romans.

Monoliths of Göbeklitepe was erected around 10.000BC. Discovery of Göbeklitepe essentially rewrites historical eras. It upends the order of human history suggesting that humans could erect large temples even before known farming settlements. Humans were able erect huge temples even 6000 years before the famous Stonehenge. This discovery is still a hot topic in history, archeology and anthropology.

The origin of modern day Santa Claus is in southwest Turkey. Church of St Nicholas was in ancient Roman City Myra, which still stands today in Turkish coastal town Demre.

House of Mother Mary’s House is near Ephesus Ancient Site in western Turkey.

On UNESCO World Heritage List, there are 16 Cultural Heritage Sites in Turkey. There are also 2 Mixed Heritage Sites, and 85 more sites on tentative UNESCO List. Number of archeological sites in Turkey easily dwarf other Mediterranean countries.

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PRE-PURHCHASE

Nationals almost every country can buy a house in Turkey. For example, EU nationals and most countries across seven continents can buy property in Turkey. However, reciprocity rule in international relations suggest that countries should make mutual agreements to allow cross-country property sales. If you have a specific question about a particular country, please contact us. We will be pleased answer your specific questions.

You can buy a Turkish house starting from as little as $50.000. In addition, more expensive and upscale options may cost you millions. Turkey has a developed real estate market to offer many property options at almost all price ranges.

EU countries and neighboring countries usually prefer Turkish real estate the most. Among these countries, Iran, Iraq, England, Germany, Russia and Saudi Arabia stand out the most since 2015. Turkish Statistics Institute updates foreign estate sales public data every month.

Turkish real estate market historically provides high returns per OECD and IMF data. Besides, Turkish construction companies develop a wide range of alternatives to meet buyer’s needs. On the other hand, you will qualify Turkish Citizenship by property investment. For more information please check our blog about Why buy a house in Turkey.

Two major categories of foreign real estate demand are the demand in major cities and demand in coastal touristic towns. According to the Statistics Institute of Turkey, Istanbul draws the highest international property demand. Antalya, an internationally recognized tourist destination, ranks second in generating foreign real estate demand. There are numerous locations that all have their distinct advantages. For more information please check our blog about Best locations to buy property in Turkey.

PURHCHASE

Additional Costs of Buying are Legal Fees (Stamp Fee %4 + Processing Fee) and Other Costs (Solicitor Fee + Realtor Costs + Miscellaneous Costs) which may add up to 8-10% of the total property value.

Your realtor will arrange physical or virtual tours to show you the properties. Turkey has a very developed real estate sector with multiple options. Trying to see every available property in big cities is a tiring process. Therefore, your realtor will also help you narrow your property search. Your trusted realtor will help you find your dream house that will fit you most.

Accountability and transparency will be your guide you to avoid fraud. There are proven safety measures such as vigilance, double checks, cross checks, random checks, physical inspections, personal visits, web search and neighborhood searches. In addition, professional help from your trusted realtor will help you keep your calm. It is wise to use all these measures considering both their costs and benefits. For more information please check our blog about Fraud and scam.

Awareness in your property search abroad will always help you save money. Hence, you need all the basic knowledge about the country and its real estate industry. Besides, it is essential to have financial wisdom about real and nominal returns on property investment. Additionally, there is always legal and technical details about real estate investment. Therefore, it is best to approach your realtor as both your advisor and your friend. When you exercise due care and receive invaluable help from your realtor, you can avoid rip offs. For more information please check our blog about profitability

Property ownership is transferred by registration in Official-Title-Deed-Journal. This registration is executed in the Title-Deed-Office. Your realtor will help you in the process. For more information please check our blog about Procedures to buy property in Turkey

TURKSH CITIZENSHIP

You can invest in all three types of immovable property as it is defined in Article 704 of Turkish Civil Code. Three types of immovable property aforementioned are land, independent easements, and houses/apartments/condos. For more info

In order to qualify Turkish Citizenship by investment, the total value of investment in property must be at least $250.000. This means that you can purchase multiple properties and the value of these multiple properties should add up to at least $250.000 to apply for Turkish Citizenship.

You are required to keep your Turkish property for at least 3 years. This 3-year no-sale restriction will be inscribed as a lien into Official-Title-Deed-Journal. However, this restriction applies only for foreign buyers who apply for Turkish Citizenship. If you are not going to apply for Turkish Citizenship you can always resell your properties in Turkey.

Turkish Citizenship by Investment Program does not require applicants to actually stay in Turkey. You can become a Turkish citizen even if you don’t stay a single day in properties you buy in Turkey.

Yes, Turkish Citizenship by Investment Program has options other than property investment. First option is to bring direct foreign investment, which amounts to $500.000 minimum. Secondly, providing employment to at least 50 employees is another option. Thirdly, bringing $500.000 minimum foreign investment and investing the money in certain financial instruments is yet another option. As you can see, Turkish property investment has a lower investment barrier to qualify Turkish Citizenship. Consequently, real estate investment is the most common pathway for foreigners who want to apply for Turkish Citizenship.

RELOCATION & SETTLEMENT

It is easier to adjust living in Turkey than it is to adjust many other countries. There are already many people from diverse countries who reside in Turkey permanently. It is common for retired people from Europe to buy a land in a town in Mediterranean shoreline and spend the rest of their days peacefully in Turkey. Turkish cuisine offers variety of options from Mediterranean and Middle East. Although the population is predominantly Muslim, Turkey is a secular state with minorities peacefully living among Muslim population. You can choose to live in Metropolitan Istanbul or a quiet neighborhood town along the Mediterranean shoreline. Adjustment to living in different parts of Turkey for foreign real estate investors has been easy with the help of your realtor and warm reception of Turkish people. Besides investors can choose to stay in complexes where all inhabitants are other foreign investors similar to them.

Hair salons for both males and females are very common in every neighborhood and getting a good haircut in your convenience should be very easy.

Bigger and smaller groceries very common in almost every town. A wide array of grocery items is available in most groceries. Grocery items you can find Istanbul and touristic towns may be more than smaller groceries. Number of average grocery items you find in Turkey may be slightly more or less than different countries. You can ask help from realtor if you need to compare Turkish groceries with your buying habits in your local grocery.

Dry cleaning stores are very common especially in big cities in Turkey. Laundry stores, however, are less common in smaller towns. Most households in Turkey feature a washing machine and laundries are only common in touristic towns. Your realtor will be pleased to help you buy a proper washing machine if your new house does not already feature one.

Cleaning and maid services in Turkey are mainly operated in two ways. First one is through individuals with good references who created a good reputation in cleaning and maid services. Second way is corporate way in which specialized companies offer these services. In either case your realtor will be pleased to help you find house cleaning and maid services you need.

Depending on your native language and nationality some people find it more or less easy to learn Turkish. However, learning Turkish is a lot easier than learning many other languages and there are language institutes offering Turkish classes. Learning basics of Turkish enough to get along should not be a problem if you are going to live in Turkey. If you don’t speak Turkish at all, you can still handle your business easily in Istanbul and coastal touristic cities where you can find people speaking basic English. Not speaking Turkish in smaller towns in mainland may pose some problems which is usually not a concern for foreign home buyers as they mostly prefer touristic coastline towns or big cities.

Once your basic utilities are set up, and you open a bank account in Turkey you can easily pay automatic payment orders for your utilities. If you have pets, you can entrust your pets to pet stores for its fee during your absence. Reliable pet stores and vets are very common to find. If you have indoor pot plants, you can always ask help from your realtor and entrust your keys to them for plant watering and regular house checks.

Automatic payment orders are very common in almost every bank. Once you open a bank account, you can order automatic payments from your savings accounts or credit cards.

You can entrust your pets to pet stores or pet hotels for its fee during your absence. Reliable pet stores and hotels and vets are very common to find.

Yes, you may have to pay rental revenue taxes. You will be taxed when you exceed a minimum rental revenue threshold. Besides there are deductible expenses to reach taxable income. Rental revenue tax returns in Turkey are simplified and available online now.

Individual capital gains in Turkey are taxed if the property is sold within 5 years. Your buying costs may also be adjusted for inflation. If you sell your property after 5 years, no taxes will be paid.

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