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Is it possible for foreigners to buy property in Turkey?

Of course, foreigners can buy property in Turkey. In addition, it is very profitable. One of the reasons is that various payments and tax charges in Turkey is much lower than in the EU. Property acquisition tax is 4% of the cadastral value, which is much less than its market price.

In Turkey there is a stable law, a small number of officials, so you are assured easy process of purchasing a property. What is more it is feasible to earn well on investing in Turkish real estate.

Specific Turkish law on acquisition of real estate by foreigners provides the sale of real estate for more than 180 countries (including citizens of the Russian Federation, Belarus, Georgia, Azerbaijan, Kazakhstan, Moldova, Tajikistan and Turkmenistan). The procedure itself takes five to ten days. Moreover, the actual process of buying property in Turkey will be exactly the same for all foreigners.

Now citizens of Russia can acquire vacant land per individual, which was impossible before. There are also restrictions on buying land, according to which foreign citizens are entitled to purchase residential or commercial real estate. However, the total area of the acquired property throughout Turkey should not exceed 30 hectares.

In addition, the mandatory procedure for obtaining a residence for the Russians buying real estate is canceled. Any property purchase in Turkey must be recorded in a special cadastral book. The buyer as the owner of the property is given a registration number.

Buying a property during construction is common in 80% of transactions carried out in Turkish property market. The advantage of such a purchase lies in the lower cost of purchased property, ability to pay in installments until the end of construction. Also, this way is convenient because the buyer, getting a house at the initial stage of construction, can choose the color of finishing materials and furniture for free. By the end of the construction cost of real estate, on average increases by 30%. In addition, foreigners, as well as Turkish citizens, can buy property in mortgages in Euros, US dollars and Russian rubles.

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