Legal Restrictions on Property Ownership by Foreign Nationals in Turkey
Foreign nationals are generally allowed to own property in Turkey, with some restrictions. Foreigners can only purchase a maximum of 30 hectares of land, and the property must not be located within military zones. Additionally, the sale and transfer of property to a foreign national must be approved by the relevant government authorities.
Average Property Prices in Turkey
The average property price in Turkey varies depending on the region, but prices in Istanbul, Turkey’s largest city, tend to be higher than in other areas. In Istanbul, the average price of an apartment is around 1 million Turkish lira (approximately $120,000), while prices in other areas can be as low as 500,000 Turkish lira (approximately $60,000). Prices also vary depending on the location, age, and condition of the property.
Popular Locations for Buying Property in Turkey
Istanbul remains one of the most popular locations for foreign property buyers in Turkey, due to its strong economy and high demand for housing. The city’s central location and growing infrastructure make it a prime investment location. Other popular locations for buying property in Turkey include the coastal regions of Antalya and Bodrum, as well as the Aegean region, which is known for its historical sites and natural beauty.
Upcoming Areas in Turkey
There are several upcoming areas in Turkey that are attracting attention from property investors, including the city of Bursa and the region of Marmara. Bursa is a rapidly growing city with a strong economy and a growing demand for housing, while Marmara is known for its natural beauty and proximity to Istanbul.
New Trends in the Property Market in Turkey
The property market in Turkey is growing rapidly, with a strong demand for both residential and commercial properties. There is a growing trend towards luxury properties, including high-end apartments and villas, as well as a growing demand for eco-friendly and sustainable properties. Additionally, there is a growing demand for properties with sea views and access to the coast, particularly in the coastal regions of Antalya and Bodrum.
Is Buying Property a Good Investment in Turkey?
Yes, buying property in Turkey can be a good investment, particularly in cities like Istanbul, where the demand for housing is high and the economy is strong. However, like any investment, it is important to carefully research the market and seek professional advice before making a purchase.
Common Property Types in Turkey
The most common property types in Turkey include apartments, villas, and townhouses. Apartments are the most popular choice for foreign buyers, particularly in cities like Istanbul, due to their lower price point and convenient location. Villas are popular in the coastal regions, particularly in Antalya and Bodrum, due to their proximity to the sea and their spacious design. Townhouses are popular in the Aegean region, due to their traditional design and proximity to historical sites.
Typical House Buying Procedure in Turkey
Finding a Property:
The first step in buying a property in Turkey is to find a property that you are interested in purchasing. You can use a real estate agent to help you find a property that meets your needs, or you can search for properties on your own.
Surveys and Inspections:
Once you have found a property, it is recommended that you have a survey or inspection carried out to assess the condition of the property. This will help you determine if there are any issues with the property that may need to be addressed before you purchase it.
Making an Offer:
If you are interested in purchasing a property, you will need to make an offer to the seller. This is usually done through your real estate agent, who will negotiate with the seller on your behalf.
In Turkey, a notary is required to complete the purchase of a property. The notary will verify that the property is legally available for sale and that the transfer of ownership is properly documented.
The final step in buying a property in Turkey is to exchange contracts with the seller. This is usually done through the notary, who will ensure that all of the necessary paperwork is in order.
To find a reputable lawyer in Turkey when buying a property, you can ask for recommendations from friends, family, or other expats. You can also check online reviews or ask for recommendations from your real estate agent. Lawyers in Turkey typically charge between TL1,000 and TL3,000 for their services. They do not need to be a member of a particular professional organization.
Pitfalls and Problems
There are several problems expats often encounter when buying a property in Turkey. These include:
-Lack of understanding of the legal system
-Difficulty navigating the bureaucracy
-Hidden costs and fees
Purchasing Property Through a Company
It is possible to purchase property through a company in Turkey, but it is not necessary. This option may be desirable for some people as it provides additional legal protection and can make the property purchasing process easier.