If you are asking can foreigners buy a house in Turkey, the answer is yes. Out of all nationalities globally, only five cannot buy property: Syrians, North Koreans, Cubans, Nigerians, and Armenians. In fact, since 2013, when Turkey dropped their reciprocal causes for foreigners buying property, the country has soared in popularity with many investors, expats and those who want to buy a holiday home.
Every year, foreigners from all over the globe buy roughly 50,000 properties. So, if you are thinking of buying property in Turkey, let’s look at what you need, how to start a property search, and the best places where foreigners buy homes.
The first thing you need to do is sort out finances out to know your house budget. Don’t forget to factor in the extra costs of buying property like notary, solicitors, taxes and land registry fees. When anybody buys a house with us, we always give a payment plan before signing contracts of what needs to be paid and when.
If you need finances for your property purchase, it is wise not to use Turkish banks. They offer mortgages for foreigners buying property, but the high-interest rates put people off. Also, find a foreign exchange company. You will pay for your property in Turkish lira, so you need one offering reasonable exchange rates and low transfer fees.
The two other things you need to buy property are a Turkish bank account, which we help you open. Suitable choices often used by foreign property owners include HSBC, Garanti, Akbank and Halk bank. You also need a Turkish tax number, and we will take you to the tax office in the district where you plan to buy a home and help obtain one. Both processes are easy and quickly done.
Start your property search by browsing our portfolio of apartments and villas for sale in many areas of Turkey. Each listing talks about the price, location, and home features. There are also photos or artists impressions in the case of off-plan properties. Just use the contact details to find out more information via email or telephone or arrange a viewing. If you don’t already know where to buy property in Turkey, the following places lead for foreign house sales.
Istanbul: This is the number one destination for property investors. The reason is mass development on the European side offers excellent potential for capital growth. In addition, large lifestyle residences with communal facilities like swimming pools also provide long term interest-free payment plans.
Antalya: Heading over to the Mediterranean coast, the Antalya region is the top destination for holiday homeowners and expats living in Turkey all year round. Antalya offers that typical beachside ambience and stunning views, alongside an ideal Mediterranean climate of hot summers and mild winters. The Belek district of Antalya is also Turkey’s golfing capital.
Fethiye: Further along the Mediterranean coast, the Fethiye region consists of places like Calis beach, Hisaronu, Ovacik, Uzumlu and the town centre. Homebuyers will be pleased with the excellent prices of property for sale in Fethiye. In addition, homeowners can also tap into some of Turkey’s most beautiful natural sites, including the Blue Lagoon, Oludeniz beach, and Butterfly Valley.
Bodrum Peninsula: Consisting of small, coastal towns, the Bodrum peninsula is slightly more upmarket than other places. For example, it is not unusual to see a celebrity or Saudi Royal wandering around Yalikavak Town. For overseas property buyers, the peninsula also has an airport; hence getting home is quickly done.
Once you choose the home, you want to buy, that is where we step in. We guide you through every step but start by arranging contracts. Homebuyers don’t have to use a solicitor in Turkey, but we always recommend one. Once contracts are drawn up, we get them notarised and start the title deeds application and the home valuation report if it needs one. If all finances and paperwork are in place, the process can be completed in as little as a week. You can then put your key in the door!
If you don’t plan to live in Turkey, you need to make arrangements to run your property. We get the utilities put into your name, and from your Turkish bank account, you can pay most household bills online. We strongly suggest asking a friend or employing a company to be a key holder. In addition, they will check the property frequently in case of damage.
Moving to Turkey: If you want to buy property to move to Turkey and live here all year round, this article will be of use. Discussing reasons to make a move, working, renting, and much more, it is your starter guide to being an expat in Turkey.
We are Spot Blue international real estate agent. We have helped hundreds of foreigners become Turkish homeowners. We hope we have answered the question of can foreigners buy a house in Turkey. But if you still have questions, call us today and speak with a local agent. In addition, our blog about Turkey discussing many more topics about buying Turkish property, living in Turkey, and the many destinations that await house buyers.