Real estate investment in Turkey

Frequently asked questions

• Can foreigners buy property in Turkey?

  

  Yes, if the buyer belongs to a country that Turkey has cleared for property acquisition.

  There are additional limitations, depending on the buyer’s nationality. For example, Russian and Ukrainian citizens can’t buy property on the Black Sea coast of Turkey. Citizens of Armenia, Syria. North Korea. Nigeria, Cuba, or Yemen can not buy property in Turkey at all.

  Foreign buyers can own no more than 25,000 square meters of property in Turkey. The Council of Ministers can increase the area up to 30. Properties in Security Zones and Military Forbidden Zones can’t be purchased.

  Turkey’s requirements for foreigners’ property ownership are detailed in Article 35 of the Land Registry Law No 2644.

• Is Turkey good for real estate?

  

  Yes. Turkish real estate objects are growing in price by 10—25% annually. At the same time, the average cost of housing in Turkey is lower than in other European Union countries — €699 per 1 m².

  Foreigners can get a residence permit or citizenship for investing in Turkish real estate. For a residence permit, they need to buy property worth:

  • from $50,000 — in small cities or towns;

  • from $75,000 — in megacities, such as Istanbul or Antalya.

  Turkey citizenship is issued by investment in one or more real estate objects totalling $400,000 or more. One limitation: investors choose an object that other investors did not buy to participate in the citizenship program.

• How much does an average house cost in Turkey?

  

  The average cost of residential real estate in Turkey is €699 per 1 m². Housing prices depend on the region.

  In large cities and on the Aegean coast, housing is 2—3 times more expensive. The cost of 1 m² varies from $300 to $2,500 depending on the property type and location. The cities with the highest real estate prices are Istanbul, Bodrum and Alanya.

• Are property prices in Turkey falling?

  

  No. Demand for residential properties in Turkey is growing every year, and so does pricing.

  Real estate in Turkey showed a 641,35% increase in value since 2010 and a 110% increase in value since 2021. This is the strongest dynamic in the Eurostat House Price Index.

  According to the Central Bank of the Republic of Turkey, real estate increased in price by 41,1% in 2022 compared to 2021. New housing was up by 24,2% in price, and secondary housing was up by 34,6%.

• Is now the time to buy property in Turkey?

  

  Investors looking to make a profitable real estate purchase should consider the current Turkish market. Real estate demand is on the rise: in the first six months of 2022, there were 726,398 sales contracts.

  This is 31,4% more than in the same period in 2021. Property prices are rising annually: since 2010, real estate in Turkey increased in value by 641%. Thus, Turkey ranks first in the Eurostat House Price Index in terms of price dynamics.

  The Turkish government also offers mortgage rates of up to 1%. Thanks to them, buying real estate will be cheaper.

  Buying real estate in Turkey for at least $400 000 is a chance to obtain Turkey citizenship. Investors can buy residential or commercial properties, plots of land, or real estate project shares. After three years of ownership, it is allowed to sell the property.