QPerhaps one of the most important factors that make people think about real estate investment in Turkey is that Turkey forms a bridge between Asia and Europe, and that Turkey is one of the most beautiful countries to live or work because of several factors, the most important of which are the diversity of cultures and the integration of eastern and western society, as well as the rate of high real estate prices that are an indicator of profit In case of investment.
What are the types of real estate investment in Türkiye?
Commercial real estate investment:
It is the investment in commercial offices, or shops, for example, any types of property that are not intended for housing, and this investment is distinguished in the city of Istanbul in particular due to the fact that Istanbul is the tourist capital in Turkey, which is witnessing great development during the past years in the fields of projects, investment and work.
This type of real estate investment is recommended in Turkey if your financial situation is good and you only want to buy for the sake of citizenship, because in this type of purchase you can buy a rented property, meaning that you own the property and the monthly rental revenues return to you, which allows the property price to be returned to you within several years.
Residential real estate investment:
This type of investment is concerned with the types of property and real estate intended for housing purposes such as villas and houses, and it is available and recommended in all cities of Turkey and is witnessing great demand in Istanbul and nearby cities such as Izmir and Bursa …
What are the conditions for obtaining citizenship in the case of real estate investment in Turkey?
The real estate investment law in Türkiye grants citizenship according to specific conditions.
- Every foreigner whose real estate value registered in his name is 400,000 US dollars, as a minimum, is entitled to obtain Turkish citizenship.
- Legally, it does not matter what type of real estate he owns, whether lands, villas, apartments or shops, as long as the total price of his real estate duly registered with the Turkish official departments has reached (400) thousand US dollars.
- It also does not matter from a legal point of view if the real estate is in more than one state, as it is not required that all real estate be in the same state.
- In the event that the aim of buying the property is to obtain Turkish citizenship, the buyer must not sell the property for a period of 3 years, but he can rent it and benefit from it.
Reducing the minimum investor minimum from one million US dollars to (250) thousand dollars resulted in an increase in real estate investment during the year 2019, then the valuation was re-raised to become 400 thousand USD dollars in the year 2021.
What is real estate residence in Türkiye?
The Turkish government grants foreigners who invest in real estate in Turkey the right of real estate residence, in the event that the price of the property is more than 75 thousand dollars, ensuring all the rights of the foreign owner:
- The real estate residence permit holder has the right to enter Turkish territory without the need for an entry visa (Visa), and he has the right to leave the country at the time he finds appropriate, without fear of invalidating the residence throughout the time of owning the property.
- The foreign investor has the right to travel through the internal airports of the Republic of Turkey and through other means of transportation without referring to the authorities and without obtaining a travel permit.
- Real estate residence is granted to the husband / wife, and all their children under the age of 18.
- The investor can renew his residency in Türkiye as long as the property is registered in his name.
Real estate investment laws in Turkey guarantee investors full enjoyment of their rights as a foreigner legally residing in Turkish territory.
How is it possible to obtain Turkish citizenship if the property is purchased by installments?
If you want to buy a property by installments, you must pay attention to these matters:
1- Buying a property to obtain Turkish citizenship through installments (real estate investment in Turkey)
Here it should be noted that you will not be able to apply for Turkish citizenship until the amount of 400 thousand dollars is paid, which is the main condition that we talked about in the paragraph on the conditions for obtaining citizenship, and you can apply for citizenship when your payments reach the previously mentioned amount, regardless of The price of the property if it is greater than the amount.
2- Buying a property for housing by installments
In the event that you choose the issue of installments in most real estate and construction companies in Turkey, the apartment key will not be handed over to you until your payments reach 30% of the property price as a minimum, and the title deed or house contract will not be registered until the full price of the property is paid, but there will certainly be Payment receipts for the property to guarantee your right, and here it is preferable to deal through a bank or consult a legal person to guarantee the right of both parties.
Do real estate investment laws in Türkiye guarantee the right of inheritance to foreigners?
The real estate investment laws in Turkey also provided the foreigner’s right to own and invest in real estate within its territory, and also provided the right to bequeath, as the legal heirs have the right to transfer ownership of real estate duly registered in the (Tabu) after the death of its main owner.
Also, the heirs, after transferring ownership to them, have the right to obtain the privileges guaranteed to them by the real estate investment law in Turkey, and the issue of bequeathing to foreigners is among the most important priorities of the investor, to check on the fate of his property in the event of an emergency, and this interest is out of concern and out of the formation of a complete idea And sound about the details of the real estate investment laws in Turkey.
Who are the real heirs of the property in Türkiye?
The real estate estate in Turkey is distributed according to the Turkish real estate inheritance law and not according to the law of the country of the foreign owner of the property, but in the event that one of the legal heirs objects to the inheritance distribution within the Turkish law, he must submit an objection and also apply for the inheritance distribution according to the law of his country of origin and not according to the Turkish inheritance law
The inheritance inventory distribution law is approved after making sure that there is no officially certified will from one of the notary offices in Turkey.
To whom does the estate go if there are no heirs?
In the event that the owner of the foreign property does not have legal heirs alive, the Turkish government seizes the property and it becomes its property. Therefore, in this case, it is advised to write a will and have it certified by the notary, so that the person’s property will go to whomever he wants in the event of an emergency.
The most important advice about real estate investment in Türkiye
- Try to collect complete data about the property you want to invest in Istanbul or Türkiye in general.
- Be sure to invest in the vital areas of Istanbul that are witnessing intense investment activity in the future.
- Take the advice of specialists and experts in the field of real estate in Türkiye.
- Do not risk investing in Istanbul in a property that suffers from any problems.
- Try to buy the property near your work or university for the distance.
- Do not pay any amount before you verify the contract in full with all its details.
- Check the location of the property if it suits you socially or not.
Pay attention to these matters before starting real estate investment in Türkiye
- You must verify the eligibility of the seller or the person responsible for selling the property, in terms of having the right to carry out the sale process, before starting any procedures.
- Ensure that there is no other owner or buyer of the property.
- You must also verify well that the property you intend to invest is free of rights arising from mortgage, rent, or any other rights.
- You must visit the property’s website to ensure its validity and suitability for use, whether in housing, work, or the special purpose of purchasing it.
- Obtaining a copy of the property ownership contract to ensure that its previous owner did not transfer any form of ownership, as well as to ensure that there are no rights attached to it.
- Ensure that the area, specifications and information contained in the title deed correspond to the shape of the property on the ground.
The subject of real estate investment in Turkey or in Istanbul in particular is a successful project for several reasons, including obtaining Turkish citizenship, including real estate residence in the event of buying a residential property and not an investment, and in both cases it is explained financially and has many details.
