Buy Home in Türkiye: Step-by-Step Guide

Buying property in Türkiye offers international buyers unique lifestyle and investment opportunities, while also opening doors to Türkiye citizenship by investment or Türkiye residency by investment. This guide walks you through the steps, legal requirements, and benefits of purchasing a home in Türkiye.

1. Why Buy Property in Türkiye?

Türkiye’s real estate market is increasingly attractive to international buyers, offering strategic location, affordable prices, and diverse property types, from coastal villas to city apartments. Foreign investors can also benefit from Türkiye’s citizenship by investment program or obtain residency through property ownership.

Key benefits include:

• Residency and Citizenship: With an investment of $400,000 or more, buyers can qualify for Turkish citizenship by investment. Alternatively, purchasing property worth at least $200,000 can qualify for Türkiye residency by investment.
• High Rental Yields: Türkiye’s tourism economy provides opportunities for high rental yields, particularly in cities like Istanbul and Antalya.
• Strategic Location: Türkiye’s geographical position as a gateway between Europe and Asia adds investment value.

2. Required Documents

To buy a home in Türkiye, you will need:

• Passport: A valid passport for identification.
• Turkish Tax Number (Vergi Numarası): Obtainable from local tax offices, required for transactions.
• Proof of Address: A utility bill or other official document from your home country for opening a Turkish bank account.
• Appraisal Report (Ekspertiz Raporu): This ensures the property’s market value matches the purchase price, mandatory for foreign buyers.
• DASK Insurance (Compulsory Earthquake Insurance): Required before transferring the title deed.

3. Step-by-Step Process

Step 1: Find a Certified Real Estate Agent

It’s essential to work with a licensed and verified real estate agent. For details on verifying an agency, refer to this Northpick blog post.

Step 2: Reserve the Property

Once you have selected a property, a reservation deposit is typically required to secure it.

Step 3: Conduct Legal Due Diligence

Ensure your agent conducts due diligence, verifying that the property is free of debts, mortgages, or legal disputes.

Step 4: Signing the Purchase Agreement

Once legal checks are complete, sign the purchase agreement. The agreement details the price, payment schedule, and transfer deadlines. Have your lawyer review the document.

Step 5: Obtain a Turkish Tax Number and Open a Bank Account

You will need a Turkish bank account for transferring funds. A passport, tax number, and proof of address are required to open the account.

Step 6: Make Payments and Obtain a Foreign Exchange Document (DAB)

Payments must be made in Turkish Lira through a Turkish bank. Ensure you get a Foreign Exchange Document (DAB) from your bank, confirming the legal conversion of foreign currency to Turkish Lira.

Step 7: Transfer the Title Deed (Tapu)

The final step is the transfer of the title deed (Tapu) at the Land Registry Office, making you the legal owner.

4. Legal and Tax Considerations

Ownership Restrictions

Foreigners can purchase freehold properties in most parts of Türkiye, though certain areas, such as military zones, may have restrictions.

Taxes and Fees

• Title Deed Tax (Tapu Harcı): 4% of the declared property value.
• DASK Insurance: Compulsory earthquake insurance before the title deed transfer.
• Appraisal Fee: Typically ranges from $200-$300.

5. Benefits of Buying Property in Türkiye

Türkiye Citizenship by Investment

Investing $400,000 or more in Turkish real estate makes you eligible to apply for Türkiye citizenship by investment. This program extends to the buyer’s spouse and children under 18.

For official details, visit the Türkiye citizenship by investment program page.

Türkiye Residency by Investment

Purchasing property valued at $200,000 qualifies you for Türkiye residency by investment. Residency is renewable as long as you retain ownership, and after five years, you may be eligible for Turkish citizenship.

High Return on Investment

Türkiye’s growing tourism sector and reasonable property prices provide high rental yields, especially in popular destinations such as Istanbul, Antalya, and Bodrum.

Conclusion

By following this guide and working with licensed professionals, you can easily navigate the process of buying a home in Türkiye. Whether your goal is to gain Türkiye residency by investment or secure Türkiye citizenship by investment, investing in Turkish real estate offers both financial returns and lifestyle benefits.

For more information on verifying real estate agencies, refer to this Northpick blog post.