Property in Turkey with a residency permit
The demand for properties in Turkey for investment, personal use, or legal residency continues to rise. Thanks to favourable legislation, foreign buyers can acquire ownership of various types of real estate, including residential units, commercial spaces, and land.
The most popular locations for buying real estate in Turkey are:
- Istanbul: This city is one of the most sought-after destinations to buy real estate in Turkey. A significant number of foreigners participating in the citizenship by investment programme choose properties in Istanbul due to the city’s wide range of options that meet the programme’s criteria. Istanbul is a leading centre for tourism, education, business, and economy in the country.
- Antalya: Known for its beaches and resort atmosphere, Antalya is another popular destination. The local housing market attracts both buyers and renters, many of whom settle in the city permanently. Properties offering quick access to the coast are in particularly high demand.
- Bodrum: In addition to its beaches, Bodrum boasts numerous cultural attractions, such as the Castle of St. Peter and the Mausoleum at Halicarnassus. Its strategic location provides easy access to Greek islands and other nearby towns. Housing in the city centre is especially popular among tourists and expatriates.
Residence permit in Turkey by buying property
To obtain a residence permit in Turkey through real estate investment, a foreigner must invest at least USD 200,000 in one or more properties of any type. The process of securing a residence permit can take between 1–3 months. The benefits of investment-based residency include:
- The possibility to include family members in the application.
- Eligibility to apply for Turkish citizenship while retaining original citizenship.
- Access to the banking system.
- Access to the education and healthcare systems.
Foreigners may also obtain citizenship through investment. To do so, they must buy property in Turkey valued at a minimum of USD 400,000.
Investment real estate in Turkey
The investment appeal of apartments and houses in Turkey is supported by the following factors:
- Rapid Economic Growth: The country’s consistent economic growth has made it one of the most promising destinations for investment and business. The republic is a member of the G20, which represents 85% of the world’s gross national product and 75% of international trade. A stable political environment, NATO membership, and active counterterrorism efforts create secure conditions for capital investment.
- Incentives for Foreign Investors: The Turkish government is keen to attract foreign capital and has introduced various incentive programmes. These include tax benefits, allocation of land for investment in specific sectors, as well as the granting of residency and Turkey citizenship by investment in real estate.
- Developed Infrastructure: In recent years, the government has funded large infrastructure projects, with significant investments in the transportation system. The country now boasts modern highways and rail networks that facilitate quick travel between cities. Additionally, new hospitals, schools, kindergartens, parks, shopping centres, and other essential facilities are being constructed nationwide.
- Strong Tourism Industry: The republic attracts millions of tourists annually, with the number exceeding 56 million in 2023. This influx fuels high demand for properties located near well-maintained beaches, cultural attractions, and popular entertainment venues.
These factors have driven the rapid increase in property prices in Turkey. In May 2024, real estate prices rose by an average of 42% year-on-year. This trend appeals to investors interested in profiting from resale. To maximise capital appreciation, many investors purchase properties at the early stages of construction.
Houses and apartments in Turkey can also generate rental income. In Q2 2024, the average rental yield in the country reached 7.13% per annum, with properties in popular tourist locations offering yields exceeding 10%.
FAQ
Citizens of most countries are permitted to purchase properties in Turkey, with the exception of Syrians, Armenians, Cypriots, Cubans, the Taiwanese, North Koreans, and Eritreans. Foreigners can own land and residential and commercial properties, and can conduct transactions in both the primary and secondary markets.
However, foreigners are prohibited from investing in properties located near military installations and from owning land exceeding 30 hectares. Additionally, there are specific restrictions for nationals of certain countries; for instance, Russians are not permitted to buy real estate along the Black Sea coast.