What are the expectations for the real estate market in Turkey?

Most real estate experts predict that property prices in Istanbul will continue to rise over the next five years due to the following reasons:
The overall good condition of the Turkish economy.
The increasing number of tourists visiting Turkey annually.
The continuous rise in property purchases by foreigners in Turkey.
Advancements in construction technologies, making new buildings cheaper and faster to construct.
The growing demand from the younger population, which necessitates more housing solutions and contributes to the general increase in real estate prices.​​​​​​​

Is the foreign owner of the property in Turkey entitled to inherit?

Yes, according to Turkish law, foreigners who are allowed to own property in Turkey can also inherit the property and other assets after death. There are no obstacles for foreigners to inherit their properties and transfer ownership to their relatives in Turkey or abroad, following the necessary legal procedures and court decisions as per Turkish law. However, certain nationalities, such as Syrian, Armenian, Cypriot, Cuban, and North Korean, may not be eligible to own property in Turkey due to citizenship restrictions.

Transfer of ownership in Turkey depends on whether the property is bought fully in cash or through installments.

Reserve an appointment at the real estate registry office in the municipality where the property is located and submit all required documents.
Receive a transaction number via text message to pay the ownership tax, which is 4% of the apartment's price, to be divided equally between the seller and buyer.
Both parties (seller and buyer) visit the Real Estate Registry Directorate with a responsible employee and a sworn translator.
After verifying all information and ensuring there are no mortgages or attachments to the property, the ownership transfer process is signed, and the title deed is handed over in the name of the new property owner.
For Purchase Through Installments:

The title deed transfer does not occur directly until the full sales price is paid.
A sale contract is signed between the property owner company and the buyer, which can be certified by the Turkish notary to protect both parties' rights. Notarization fees vary based on the sale price and contract terms.
Upon completion of the installment payments, the ownership is formally transferred from the construction company to the buyer's name in the Land Registry Directorate as per the previously concluded contract.
It is essential to follow the legal procedures carefully to ensure a smooth and lawful transfer of ownership when buying real estate in Turkey.

Documents Required for Real Estate Ownership Transfer in Turkey:

Tax Number: Obtainable from any tax department in Turkey, the tax number contains personal information of the foreign citizen and is necessary for executing official transactions.

Real Estate Evaluation Report: Obtained from government-accredited real estate evaluation companies registered with the Land Registry Department, this report assesses the property's value.

Passport Copy: A certified and notarized copy of the buyer's passport, providing identification and personal details.

Personal Photos: Two recent (no more than 6 months old) passport-sized photos (4 * 6 cm) of the buyer.

These documents are essential for the smooth and legal transfer of real estate ownership in Turkey. It is crucial to ensure all the required paperwork is complete and accurate to facilitate the process. As regulations and requirements may vary, it's advisable to seek assistance from a reliable real estate agent or legal expert to guide through the ownership transfer procedure.

A Glance of the Real Estate Ownership Law for Foreigners in Turkey:

As per Article 35 of the Land Registration Law No. 2644, enacted on May 18, 2012, and in accordance with Law No. 6302, the requirement for reciprocity in the right to own property by foreigners on Turkish lands has been abolished.

Foreigners can own and invest in any type of real estate in Turkey, including residential, commercial, land, and farm properties. However, there are legal limits to foreign ownership:

Maximum Area Limit: Foreign citizens can possess a maximum of 30 hectares of immovable property across the country.

Regional Area Limit: The total area of real estate owned by foreign citizens should not exceed 10% of the administrative region's area.

Restrictions near Military Areas: Foreigners are not entitled to own or rent real estate in military zones or areas near them, unless they apply for military approval, a process that typically takes 45 days.

Foreign investors and buyers can explore various real estate opportunities in Turkey while adhering to these legal provisions to ensure a smooth and compliant property ownership experience. It is advisable to seek professional guidance and support to understand and comply with the regulations and requirements governing real estate ownership by foreigners in Turkey.

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