What are the advantages of buying a property in Turkey?

When you compare Turkey with other world leading countries, it still stands out as more advantageous to other countries. First, the Turkish government is constantly presenting incentives to attract more foreign direct investment (FDI) particularly with the introduction of the Turkish Citizenship through Investment program, through which you can apply and acquire the Turkish citizenship on buying a property worth of at least 250 thousand dollars in value. Furthermore, it is easy to get a residence permit in Turkey and there are many job opportunities open to everyone.

Do I as a Foreigner have to pay extra taxes to the government?

No, being a foreigner does not incur on you any extra fees. Foreigners are treated the same as Turkish citizens in Turkey as they pay the same amount of fees.

What do I have to do to reserve a property?

The reservation of a property allows you to book the property under your name for a certain period of time (usually it is two weeks) with the same value you negotiated for, it also helps you in preventing other people to buy the same property you reserved until you buy it or cancel the reservation.

Can I retrieve back the money I paid for reservation?

In cases of cancelling the reservation, All the money that you have paid will be retrieved to you as long as you did not exceed the reservation duration (which usually does not exceed the duration of two weeks.).

What are the returns on investment in Turkey?

The return of investment in the center of Istanbul are lower in comparison with other regions of the city, it ranges between 4-5%. But in the new and developing areas of the city the return on investment increases up to 7-8%. In addition, you get higher returns on investment when you buy a property during the initial stages of construction as the return on rent increases, not to mention that the value of your property when increase as well with the development of the project and it can go up to 15-25% per year. When you take all these factors into consideration, you can easily get 100% return on your investment within just few years in Turkey.

Do I as a foreigner have the chance to open a bank account in Turkey, and what are the requirements to open one?

As a foreigner, it is quite easy to open a bank account in Turkey. All you must do first is to get a Tax number from the Tax office. After you acquire the Tax number, you can go to the bank with the following documents: 1) a document outlining your current residence address (it can be an electricity or gas bill, or a document from the bank from your country of residence). 2) your passport. 3) the Tax number you recently got.

How can I get the residence permit?

You may initially apply for a short-term tourist residency for 90 days. Then, once you get the title deed, this automatically grant you a one-year residence permit. You may apply for a residence permit through the official website of the Migration Office.

How can I get the Turkish citizenship?

Once you acquire the title deed of your property which is worth 250 thousand dollars, you can directly submit your documents to the investment office at the Chamber of Commerce and following a period of 3-6 months you will get the citizenship for your husband/wife and your children below 18. One thing to mention is that to be eligible to apply for Turkish citizenship, the payments must be done through bank transactions and under your name. Buying a property through an installment plan does not qualify you for the application for citizenship.

What are the maintenance fees?

The fees change from one project to the other. The more social facilities a project enjoys the higher the maintenance fees will be. However, in comparison with other cities around the world, like Dubai, the maintenance fees are very cheap in Istanbul. Normally, the monthly fees cost around 4-7 dollars per meter square, which varies from one project to the other depending on how many social facilities there are in the project.

When I buy a property will I own it for my entire life or for a period of time?

No matter from what nationality you are, once you buy a property in Turkey the entire ownership of the property will be yours permanently.


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