Feb 5, 2023

Real Estate Residence in Turkey 2024

With increasing interest in immigration and settling in other countries, real estate residence permit in Turkey has become an attractive option for many people looking for an investment environment and a stable life. Turkey has a long history and rich culture, and offers a diverse residential and economic environment that is open to investors and immigrants.

In this article, we will explore the advantages and benefits of real estate residence permit in Turkey, including the legal procedures and procedures required to obtain a residence permit, along with an analysis of the real estate market and the options available to investors and immigrants.

This article will highlight the necessary steps and important information that must be known for individuals who are considering investing in real estate in Turkey with the aim of obtaining permanent or temporary residency. We will also review the experiences and opinions of people who have moved and lived in Turkey and invested in real estate, to understand their experiences and guidance in this field.

By exploring the available options and understanding the requirements and benefits, we will provide readers with comprehensive and useful information that will help them make an informed decision about real estate residence permit in Turkey.

Definition of real estate residence permit in Turkey

Real estate residence permit can be defined as the residency through which foreigners are allowed to reside within Turkish territory. It is considered one of their rights and is given to them by the Immigration Department so that they can enter and leave Turkey due to having it and without the need for a visa. The condition for obtaining this residency is by purchasing a property worth $200,000 in any Turkish city. It can be said that real estate residence permit has now become classified as one of the strongest types of residency in Turkey, due to the guarantee of renewal every year for the property owner as well as for his family. The investor also has the right, 5 years later, of obtaining real estate residency, to apply for Turkish citizenship.

It is worth noting that before October 2023, real estate residence permit was granted to investors who purchased a property worth 75 thousand dollars in major cities such as: Istanbul, Ankara, Antalya, Izmir, and a value of 50 thousand dollars in smaller Turkish cities such as: Sivas, Adana, Konya and others. However, this decision has changed and been replaced by the new decision mentioned at the beginning of the paragraph.

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Documents required to obtain real estate residence permit

Applying for real estate residence permit requires possessing a passport valid for at least six months. This passport must be translated into Turkish. The foreign investor must present the title deed of the property in Turkey that he/she has purchased, by which the real estate residence permit will be given. He/she must provide earthquake insurance for the real estate in Turkey which also among the documents that must be provided to obtain real estate residence permit.

The papers also include a family statement belonging to the family of the foreign investor who has become the owner of the property in Turkey. This statement must be translated into Turkish and certified by the Turkish embassy in the foreign investor’s home country. Finally, the documents must contain health insurance that includes all members of the family. The owner of this property is in Turkey.

Eligible people for real estate residence permit

Not only foreign investors benefit from real estate residence permit when they buy a property in Turkey, but also their children who have not yet reached the age of eighteen are considered as well. They have the right to obtain real estate residence permit, to their partners. Yet Arab investors who have more than one wife are not allowed to grant residence permit to their second wives because the law in Turkey does not allow polygamy.

Steps to obtain real estate residence in Turkey:

Of course, this path begins with the investor purchasing a property in Turkey and obtaining a title deed for the property in order to present it as proof. After that, he/she must book an appointment in order to obtain residency and determine its type, i.e. real estate residence permit in Turkey, and then go to the interview appointment that will take place in the Immigration Department building and to submit the required papers in order to obtain real estate residence permit in Turkey. The fourth step includes paying real estate residence permit fees and finally, the residency card is sent via Turkish mail if the foreign investor is approved to grant real estate residence permit in Turkey.

Coast of real estate residence in Turkey:

Real estate residence permit fees are considered very simple compared to similar procedures in European countries, as they do not constitute any burden on the property owner and are limited to health insurance, which varies according to age group. In addition to other fees, such as the receipt that must be paid at the immigration department. Also, the cost of real estate residence permit in Turkey is related to the value of the property that was purchased, as it is equivalent to approximately 9.7% of the property price. If its price is 100 thousand liras, the number that must be paid as fees is 9,700 Turkish liras, for example, of course. We previously mentioned that the value of the property that qualifies for real estate residency has become $200,000.

Cost of real estate residence in Turkey:

Real estate residence permit in Turkey has a number of advantages that make it an attractive option for many people looking for stability and investment opportunities. One of the most important of these advantages is the ease of obtaining a residence permit through real estate investment and purchasing real estate in Turkey, as the Turkish government offers easy programs for foreign investors and facilitates and provides simple and quick procedures for obtaining permits.

In addition, the economic environment in Turkey is stable and the Turkish real estate market is active and diverse, ensuring multiple investment opportunities and good returns on investment in short periods of time. Turkey also has a reasonable cost of living compared to cities in countries that grant similar residency, such as Dubai. It also provides diverse services and high-quality public facilities, making it an ideal place to live and invest.

In light of the ongoing economic and developmental developments undertaken by the Turkish government, Turkey is witnessing an increase in demand for real estate, which enhances the value of real estate investments and ensures their stability in the long term. On the other hand, real estate residence permit in Turkey offers an opportunity to enjoy a different, even blended, lifestyle from all civilizations, and gain a diverse cultural and social experience, which makes it an attractive option for investors and immigrants alike.

To know more about real estate residency in Turkey, do not hesitate to contact us via WhatsApp. here. Our company's real estate consultant will respond to you immediately.

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