They say once you travel to the most beautiful aides of Turkey, you will never want to go back. There are lots of dreamy homes in Turkey. There are lots of well-built and affordable luxury homes in the country. Besides that, the country has a favourable economy.
Turkish tourist and commercial opportunities continue to attract more visitors and foreigners to the country. This is why many people travel to the country and prefer to stay back. Many foreigners follow their plans and invest, retire, or relocate to the country.
The country provides massive real estate investment opportunities. The country has fine weather, beautiful beaches, amazing resorts, and exquisite dishes. However, one of the most attractive features of the country is reduced property prices.
Are foreigners eligible to purchase properties in Turkey?
To own or invest in Turkish property, you need not be a citizen of the country. You should be familiar with the buying property in Turkey guide for foreigners.
This guide will show you that buying property in the country does not give you the automatic power to live in the country. If you are a foreigner, you will still have to apply for your resident permit or your visa.
Buying property in Turkey guide for foreigners: A few restrictions
Why there are different positive accounts about the possibility for foreigners to buy a property in Turkey, it is good to know that there are some restrictions. This allows you to plan your property search in the country accordingly. These exemptions are:
Citizens of foreign countries are not allowed to buy any property that is bigger than 30 hectares in the country.
It is forbidden to rent or buy properties located around military and forbidden zones.
Buying property in Turkey as a foreigner: How safe is this?
It is relatively easier to buy property in your home country than to buy one abroad. This is partly because of an unfamiliar and strange legal system.
When it comes to foreigners buying properties in the country, it can be quite a hassle. There are stories and talks of many foreign investors who were scammed and defrauded by shady characters.
While this has seemed to scare off potential investors and buyers, this is a common problem with many property markets. However, the government of Turkey is taking stiffer measures to protect the interests of foreigners looking to invest in properties in the country.
Since the intervention of the government started many years ago, incidents of real estate scams and frauds have reduced drastically.
While this seems to be the norm these days, potential property buyers and investors are encouraged to protect themselves when buying property in the country.
Turkish citizenship: Can I become a citizen of Turkey after buying any property?
Turkey is a country that has a favourable economical ecosystem. The government is also doing all it can to further boost this economy.
Turkey is the 13th best economy in the world and they have been able to get to this point largely due to the input of foreigners through investments and labour.
So, the country is doing all it can to attract foreign investors to its shores. Turkey has a visa scheme known as a ‘Golden Visa’ scheme.
This is a visa program that is used to grant Turkish citizenship to visitors and foreigners who meet the minimum requirements for investment in the country.
One of these requirements is to invest in property or real estate. So many foreigners have become Turkish citizens by buying a certain amount of property or investing in real estate.
Currently, the minimum amount needed to invest in a property and become a citizen of Turkey is $250,000. This can be in US dollars or an equivalent amount in any other currency. When you buy the house, you will be given a permanent residence card.
This card enables you to instantly apply for your Turkish citizenship. Most people usually wait from 3 to 6 months to get their Turkish passports.