The price of real estate residence in Turkey 2023

Real estate residency in Turkey has become a pivotal topic for many people looking for investment opportunities and a new life in this beautiful and diverse country and in light of the constant changes and updates in real estate residency laws in Turkey, it is important to take a look at its price, so continue reading to find out more details.

An overview of real estate residence in Turkey

Real estate residency in Turkey represents an opportunity for foreigners to live and invest in this beautiful country, as it is a special residence permit granted by the Turkish government to foreign owners of real estate in Turkey and this means that foreign investors can take advantage of the benefits of residency without having to search for continuous entry visas.

What is the price of real estate residence in Turkey?

If you want to obtain real estate residency in Turkey, you can do so by owning a residential property and this residency is usually valid for one year and is renewable and previously, the value of the property eligible for real estate residency changed based on the size of the city. In major cities such as Istanbul, Bursa, and Ankara, the value of the property was required to be higher than $75,000, as in smaller cities, it was sufficient for the property value to be higher than $50,000.

However, this condition was amended on October 16, 2023, so that the condition for obtaining real estate residency is to purchase a property in Turkey worth 200,000 US dollars and this change reflects ongoing efforts to encourage real estate investment in Turkey and facilitate procedures for foreign investors.

Advantages of obtaining real estate residency in Turkey

1. Real estate residency gives you the right to reside in Turkey for one year, renewable.
2. You can work in Turkey legally during your stay.
3. You can enter and leave Turkey without needing an entry visa.
4. You can buy a property in Turkey as a foreign owner.
5. You can leave your real estate property to your heirs.
6. You can rent out your property and get extra income.
7. You can obtain short-term entry visas for family visit or tourism.
8. Your real estate residency can be easily renewed.
9. You can benefit from investing in real estate in Turkey.
10. The procedures for obtaining real estate residency are simplified and convenient.
11. You can benefit from the healthcare system in Turkey.
12. You can register in schools and universities as a resident.
13. Residents can obtain residency for their spouses.
14. You have legal protection as a resident.
15. You can engage in self-employment and establish your own company.
16. You can open bank accounts in Turkish banks.
17. You can invest in Turkish financial markets.
18. Real estate residency provides protection for your real estate assets.
19. You can access government services like any Turkish citizen.
20. You can buy real estate with foreign currencies.
21. You can get financial guidance from professionals.
22. Residence renewal procedures are simple and easy.
23. Turkey enjoys economic stability.
24. After a period of residence, you can apply for Turkish citizenship.
25. Enjoy the beautiful landscapes of Turkey.
26. You can easily travel to many neighboring countries.

What are the steps to obtain real estate residency in Turkey?

1. Buying a property in Türkiye worth no less than 200,000 US dollars.
2. Obtain the title deed for the property you purchased.
3. Book an appointment at the local Immigration Directorate to submit a real estate residency application.
4. Pay real estate residency fees, which change based on nationality.
5. Attend the interview at the local Immigration Department building on the scheduled booking date.
6. Submit the required documents and documents, which include all documents mentioned in the regulations.
7. After your residence application is approved, your residence card will be sent to you via Turkish Post (PTT).

Notes when submitting a real estate residency application in Turkey

1. Check that there is a title deed to the property before purchasing it, as it is preferable to consult experts to verify the property’s title deed and its legality.
2. Check the credibility of construction companies if you are considering buying a registered property in Turkey.
3. The area of ​​real estate owned by a foreign investor in Turkey must not exceed 30 hectares.
4. Verify that there are no mortgages on the property, and this matter can be verified in the Land Registry Department.
5. If the property is in an administrative area, the area of ​​the property must not exceed 10% of the area of ​​the administrative area.
6. If you want to obtain Turkish citizenship by purchasing a property, you must pay the first payment of at least 400,000 US dollars or pay the full value.

Documents required when obtaining real estate residency in Turkey

1. A passport valid for at least six months, translated into Turkish and certified.
2. Title deed of the property in Turkey that was purchased and upon whose purchase residence will be granted (property tapu).
3. A real estate evaluation issued by a company officially recognized in the Land Registry Directorate.
4. Special earthquake insurance for real estate in Turkey through DASK.
5. A family statement for the family of the property owner in Turkey, which must be translated into Turkish and certified by the Turkish embassy in your country of origin.
6. Health insurance for every member of the property owner's family.

In conclusion, the price of real estate residence in Turkey shows that this beautiful and diverse country continues to attract investors and individuals looking for stability and economic opportunities and with its unique investment and cultural advantages, Turkey is an ideal destination for living and real estate investment in the Turkish real estate sector and whether you are looking for an opportunity to buy a home in its charming areas or want to benefit from real estate residency, Turkish citizenship, and Turkish passportprograms, Turkey offers multiple options to suit diverse needs.