The appeal of purchasing real estate in Turkey has grown significantly over the years, attracting foreign investors from all around the world. With recent changes in legislation, the opportunity to own property in Turkey is now accessible to citizens of almost every country. However, it is important for foreign investors to understand the restrictions and regulations that govern real estate transactions in Turkey. In this article, we provide a comprehensive guide to help foreign investors navigate the process of buying real estate in Turkey.
Access for Foreign Investors
In 2012, Turkey made significant changes to its real estate laws, opening up the market to citizens of almost all countries. This removed the restrictions imposed by the ‘Reciprocity Law’ and allowed foreign investors from around the globe to purchase property in Turkey.
Restrictions on Property Size
When it comes to purchasing real estate in Turkey, foreign investors are subject to certain restrictions. The total area of the property to be purchased must not exceed 30 hectares, ensuring that large(r) scale land acquisitions are controlled.
Military Permission for Security Zones
Foreign investors who wish to buy property within the borders of a security zone must obtain permission from the military authorities. In these cases, the sale of the property to a foreign national is not allowed due to security concerns.
Limits on Property Ownership
According to Turkish law, foreign nationals have the right to purchase property up to a maximum of 10% of the total size of the administrative region where the property is located. This regulation aims to maintain a balance in property ownership and preserve the interests of the local community.
Transfer of Ownership
The transfer of ownership from the seller to the buyer must be conducted at the Land Registry Office of the relevant location, in the presence of authorised government officers. This ensures a transparent and legally valid transaction.
Mandatory Earthquake Insurance
Owners of real estate in Turkey are required by law to have earthquake insurance. If the property does not already have this insurance, the new owner must obtain an earthquake insurance policy to protect against potential risks.
Residence Restrictions
The Immigration Administration has imposed certain residence restrictions on foreign nationals in Turkey. Currently, 1169 neighborhoods in 58 provinces are closed to foreign residents, including 10 neighborhoods in Antalya. For detailed information on these restrictions, we kindly ask you to consult our experienced immigration attorneys.
Purchasing real estate in Turkey offers a wealth of opportunities for foreign investors. By understanding the regulations and restrictions outlined in this guide, you can navigate the process with confidence.
At Turkish Legal Office, our team of dedicated professionals specialises in assisting foreign investors with their real estate transactions in Turkey. We provide comprehensive legal support, ensuring compliance with all regulations and maximising the chances of a successful acquisition.
Contact us today to benefit from our expertise and embark on a seamless journey toward owning real estate in Turkey.
