At the last years, Turkey started to take the interest of foreign investors. In the period of last two years, foreign investors have purchased real estate worth 67 Billion TL in order to obtain Turkish citizenship. In addition, more than 15.000 lands were sold to foreign investors. As it is known, the limit value of the practice of acquiring the right to citizenship in exchange for the purchase of real estate was reduced from 1 million USD to 250,000 USD in 2018, and thus, an intense increase in foreign demand was encountered. According to the latest data from the Turkish nationals wishing to be foreign investors from Turkey since October 2020 worth 67 billion TL held their home purchases.
Although there has been a contraction in 2020 due to the Covid-19 pandemic, housing sales to foreigners continue to increase gradually. Despite the pandemic, the foreigners continued to purchase residence in Turkey during this period. According to the latest information received from the General Directorate of Land Registry and Cadastre, across Turkey so far, more than 15.000 foreign investors to land and land, while more than 213 thousand seems that completion of the sale of housing.
Foreigners’ Interest Continue
Recently, when foreign entries and exits were prohibited or limited due to the pandemic, it was observed that there was a great decrease in real estate sales to foreigners. Naturally, it can be said that housing purchases by foreign investors remained at a lower level than in 2019. In reality, there is a high demand, but less investment has been made due to the epidemic measures. So far, 15 thousand 814 units and lands sold to foreigners in Turkey (land, fields, vineyards, orchards, etc.), 213 thousand 308 units in the residential (households, shops, offices, etc.). Again, according to the information obtained from the same sources, it is seen that foreign investors prefer to buy real estate mostly from the cities of Istanbul and Antalya. The most land purchases from Turkey, while German citizens, the citizens of Iran appear to make more housing purchases. German investors prefer to invest in real estate for profit while they are Iranian investors if they want to live in Turkey as Turkish citizens.
What Do Foreigners Pay Attention To When Buying Housing?
Foreign investors must first examine the region they will invest in very well. Especially in a developing region in terms of transportation and location, residences in a developing region will gain high profits in the future. it is considered as the most important factor.
On the other hand, the earthquake reality must be taken into account, so the earthquake resistance of the house must be questioned. In this context, residences that will undergo urban transformation always offer high investment returns. Residences in regions with short depreciation periods stand out as the most suitable for investment.
What are the Conditions in House Sales to Foreigners?
There are some conditions in housing sales to foreign investors. They are located inside by foreigners in respect of the reciprocity principle to acquire immovable property in Turkey has been removed some time ago. Thus, foreigners from many countries of the world are given the right to acquire immovable property in Turkey. The changes made to the most important reason is because of the great interest shown by foreign investors in the real estate sector in Turkey to gain istenmesidir.b this regard, the President is determined by foreign countries citizens could acquire immovable property in Turkey under certain conditions. Further information about these countries can be obtained from the Land Registry and Cadastre General Directorate of Turkey Embassy or Consulate.
Foreigners can buy any immovable property (residence, office, land, farm) subject to the relevant legal restrictions. Foreigners who buy immovable property such as vacant land, farm or field must submit the construction projects they will build on this property to the relevant Ministry within 2 years. Otherwise, these immovable properties are subject to liquidation provisions. According to current Turkish laws and regulations, the transfer of ownership of the immovable properties is only possible with an official deed and registry signed before the Land Registry Directorates. It is also possible to sign a pre-agreement before the notary. However, before applying to the notary public, it is not possible to take ownership of the immovable property by entering into force of the preliminary agreement.