Buying real estate in Turkey in 2023: rules and features

The cost of real estate on the Turkish market continues to rise, but despite this, purchasing housing in this country remains justified and profitable. What do you need to know about buying property in Turkey in 2023? How to buy real estate safely and profitably?

Payment options

There are 3 main solutions. We will consider each in detail.

1. Payment of the entire amount at the time of conclusion of the transaction. The advantages and disadvantages are obvious. By paying 100% of the cost, you become the full owner of the property immediately, there is no talk of further deferred payments. The only significant drawback is that not everyone has the entire amount at the right time.
   
   
2. Installment plan. You can only buy housing in installments during the construction phase. As a rule, when drawing up such an agreement, 30-40% of the initial payment of the principal amount under the agreement is made and the remaining payments are divided according to the schedule for the entire period of construction of the facility, usually from 1 year to 2.5 years. But here you need to understand that you won’t be able to move into the apartment immediately after completing the installment plan until construction is completed

What documents will be required

When purchasing real estate in Turkey in 2023, a foreigner, as before, requires a minimum of documents. A foreign passport will be sufficient. Next, you will need to obtain a Turkish TIN and open an account in a Turkish bank. All this is done very simply; in Turkey there is no bureaucracy in the real estate sector. To make the transaction quick, simple and safe, contact our company for help.

Features of obtaining a residence permit and citizenship

As in previous years, in 2023 the purchase of real estate in Turkey is the basis for obtaining a residence permit not only for the buyer, but also for his relatives (husband/wife, children under 18 years of age). Obtaining a residence permit entails a lot of new opportunities: living in the country without restrictions, placing children in kindergartens and schools.

What has changed during the year

First of all, sales volumes increased. During the past year, 2022, the sales threshold exceeded 3 million objects, which became an absolute record. The cost of housing has also changed significantly; prices for real estate in both the primary and secondary markets have increased significantly; for some properties the price has increased by 100-200%. The cost of not only purchasing, but also renting has increased; growth rates vary, but in many cases they have reached 100% compared to the cost of purchasing and renting similar properties last year.

Cost Predictions

The average cost of housing in Turkey last year was $200,000 and there is every reason to believe that this figure will continue to grow in 2023. The increase in value continues due to 2 main factors:

1. Offers on the real estate market are significantly limited. Increased demand has significantly limited buyers' choice, and the remaining properties have quite expectedly become more expensive.
2. The cost of building materials and services in the construction market, which quite expectedly entailed the cost of the final product.

If you are planning to purchase housing in Turkey, then it is unlikely that you should postpone the implementation of this decision for a long time. There are simply no objective reasons for real estate prices in Turkey to stop rising, much less begin to decline.

How to buy a home profitably, quickly and safely

The real estate market in Turkey, as in any other country, has special, unique specifics, which will not be easy to understand without knowledge of the language, highly specialized knowledge and experience in this area. To avoid becoming a victim of scammers and make a truly profitable deal, contact our company for help.

We will help you find housing to buy or rent, according to your preferences and budget. We will provide professional assistance in resolving bureaucratic issues professionally and quickly. Need some advice? Contact us and get it completely free right now.