In a world full of changes and developments, Turkey remains one of the leading destinations for investors and residents and in the context of a renewed commitment to achieving excellence and stimulating investment, there are new and exciting updates regarding obtaining real estate residency in Turkey and these updates represent new opportunities and strategic directions aimed at facilitating access to this charming country and benefiting from its beauty and opportunities and we will give you a comprehensive overview of the new updates and how they will impact individuals seeking real estate residency in Turkey
A glimpse of new updates regarding obtaining real estate residency:
According to official sources from the Turkish Immigration Presidency, an important new decision has been issued that affects the policy regarding real estate residence in Turkey and this new decision, which was announced on October 16, 2023, imposes new requirements on individuals wishing to obtain real estate residency.
Regarding the most important of these requirements, people must note that the minimum price required for the property purchased to obtain real estate residency must be at least 200,000 US dollars, based on the official exchange rate of the Central Bank of Turkey and it should be noted that this new decision no longer depends on the real estate evaluation as it was previously, but now only the price recorded in the real estate title deed document must be adhered to.
Notes on purchasing a property for the purpose of real estate residency in Turkey:
- Before purchasing a property in Turkey, it is preferable to ensure the existence of the title deed for the property and verify its legality with the help of property title deed experts.
- If you plan to buy a property under construction in Turkey, it is best to check the credibility of the companies involved in the project.
- The total area of real estate that a foreign investor can own in Turkey must not exceed more than 30 hectares.
- Verify that there are no mortgages on the property, and this can be verified through the Land Registry Department.
- If the property is in an administrative area, you must ensure that the area of the property does not exceed 10% of the area of the administrative area.
- If you plan to buy a property with the aim of obtaining Turkish citizenship, you must pay an initial amount of no less than 400,000 US dollars or pay the full value estimated at 400,000 US dollars.
- If you are considering buying an apartment in Turkey in installments, you must check the contract duration and the value of the sustainable payments. It is also important to know the length of time required to make payments in full to ensure your deal goes smoothly.
Procedures for obtaining real estate residency in Turkey:
- Before purchasing a property in Turkey with a value of no less than 200 thousand US dollars, you must obtain its title deed.
- After purchasing, you must book an appointment to obtain a real estate residence permit and specify the type of residence permit (owning a property in Turkey).
- Fees related to real estate residence must be paid.
- After that, you must attend the scheduled interview at the Immigration Department building and submit the necessary documents as mentioned previously.
- If the residence permit is approved, the residence card will be sent via the Turkish Postal Service (PTT).
Benefits of obtaining real estate residency in Turkey:
- Real estate residency gives you the freedom to reside in Turkey for the duration of the permit’s validity.
- You can benefit from the healthcare services available to residents of Turkey.
- Your children can get free or low-cost education in public schools.
- Real estate residence permit holders are authorized to work legally in Turkey.
- You can buy a property in Turkey and invest it to generate additional income or increase its value over time.
- Traveling to and from Turkey is easy without the need for a visa.
- Your rights to buy and own real estate in Turkey are reserved.
- You can rent out your property to increase your income.
- Investing in real estate in Turkey can increase its value over time.
- You can roam freely in most cities and regions in Turkey.
- Turkey is distinguished by its picturesque natural environment, including beaches, mountains, and historical cities.
- Turkey is rich in historical and cultural heritage, enabling you to explore diverse cultures.
- You can shop in traditional markets and modern malls.
- English is spoken by many in Turkey, which facilitates communication.
- Türkiye hosts many international companies, providing job opportunities.
- You can buy luxury property in coastal resorts or city centers.
- Turkey provides high-quality healthcare at a low cost compared to other countries.
- Turkey is one of the safest countries in the world.
- Turkey has a moderate climate and sunny days throughout the year.
- Turkey is home to many historical sites and tourist attractions.
- Turkey is a popular tourism destination thanks to its stunning scenery and unique landmarks.
- Turkey hosts many contemporary cultural and artistic events.
- Turkey has beautiful landscapes like Cappadocia.
- Turkey is characterized by an advanced and efficient public transportation system.
- Turkey hosts many social and sporting events.
- Turkey has international airports that provide access to most of the world's destinations.
- Turkey is characterized by good infrastructure and high-quality services.
In conclusion, the updates regarding the procedures for obtaining real estate residency in Turkey clearly appear as an important step towards enhancing the reception of individuals wishing to settle and invest in this beautiful country and by raising the minimum asking property price and simplifying procedures, Turkey presents new and exciting opportunities for investors and those eager to take advantage of the accommodation advantages of this unique destination.
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Whether you are looking for a promising investment future or want to enjoy Turkey's beauty and rich culture, this modernization combines work and enjoyment of quality of life and if you are thinking about moving to Turkey or investing in a property there, these changes make things easier and more attractive than ever before.
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