Real Estate in Turkey

Property prices by region of Turkey

Turkish properties grew by 41,1% in May 2022, according to the country’s Central Bank. The dynamics of real estate prices in Turkey outperform the European Union dynamics: the country ranks first in the Eurostat price index — the cost of Turkish housing has increased by 641% since 2010.

The cost per 1 m² of real estate varies from $300 to $2,500, depending on the real estate type and location. The cities with the highest average real estate prices per 1 m² are Istanbul ($1,800), Bodrum ($1,750), Alanya ($900), Izmir ($800), Antalya ($800) and Bursa ($700).

Property purchase procedure in Turkey

Buying Turkish real estate takes an average of two weeks. First, the investor chooses a property. If they participate in the citizenship program, they need to buy real estate that has not yet been used for a Turkish passport obtainment.

The parties enter into a preliminary agreement. The buyer makes an advance payment of $1,000—$5,000. Then they get a tax number in order to register the property. The parties conclude the main purchase and sale agreement: the remaining value of the property is paid.

The real estate is registered in the land registry and cadastre of the country where the buyer receives a TAPU, which is a certificate of ownership.

Property purchase taxes in Turkey

Buyers of real estate in Turkey pay:

• transfer tax — 4% of the transaction amount;
• VAT at the 1—18% rate — usually included in the price of the property;
• stamp duty in the 0,1 to 0,6% amount;
• state fee for issuing a TAPU: $45 is paid by citizens and residents of the country, and $130 is paid by non-residents.

When purchasing real estate under construction, buyers pay 1% for contract notarization. If a realtor is involved in the transaction, the buyer also pays its commission — 3% of the real estate’s value.

Residence permit and citizenship in Turkey by the purchase of a real estate

Turkey issues a residence permit to foreigners in exchange for purchasing real estate worth:

• at least $50,000 — in small cities of the country;
• at least $75,000 — in megacities, such as Istanbul or Antalya.

Foreigners receive Turkish citizenship by investing in one or more properties for a total amount of $400,000 or more.