To buy or invest in a property in turkey, you don’t need to be a resident or Turkish citizen. Turkey opened its door for foreign real estate investors in 2013 by lifting off the many restrictions on foreign investors and buyers. Nationals from more than 129 countries are now eligible to purchase property under the new landmark law which was passed by the parliament in May 2013.
In the past decade, the property market developed significantly as the holiday home owners and foreign investors worldwide made their way to Turkey. Today, Turkey is one of the most prominent markets among the Mediterranean countries. The relaxation of property laws made it possible for many foreigners to buy house in Turkey and make it their second home. Since 2013, there has also been an influx of real estate investors who enjoyed great returns on their investments in commercial properties. New government laws also made it possible for thousands to avail the golden opportunity of getting Turkish citizenship through investment in property. All these efforts were made by the Turkish government to develop the real estate market in Turkey.
Today, not only is Turkey an attractive market for foreign investors but also for those who wish to relocate to this beautiful country. Boasting of a great living standard and low cost of living coupled with efficient healthcare system, it’s also becoming the first choice for many retirees. So, whether you’re an investor or someone looking for a peaceful country with great prospects to relocate or retire to, investing in Turkish real estate makes it possible for you.
However, before you start your property search, there are a few restrictions that you should know as a foreign buyer and investor. Foreigners cannot buy more 300,000 sqm and the property must be located in an area where there’s a municipality. Property must also not be located in a military zone.
The lifting of the previously placed strict restrictions opened the property market for the foreign nationals but with varying conditions. For instance, nationals from Jordan, East Timor, Fiji and Israel cannot invest in property but are allowed to make real estate investments. While nationals from countries like the USA, Germany, United Kingdom, Australia, Saudi Arabia, Peru and many others can acquire property in Turkey unconditionally. Few countries whose nationals aren’t eligible to make property investment are Syria, North Korea, Armenia and Cuba.
If you’re interested in buying property in turkey or want to avail the Golden visa opportunity to get Turkish citizenship, get in touch with us and let us help you find out under what conditions you are eligible. With our team of expert immigration lawyers and real estate agents, we can also assist and guide you to make a property investment in Turkey with great returns.
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