Buying property in Canada as a foreigner
Read our comprehensive UK guide to buying property in Canada as a foreigner, including average prices, fees, taxes and where to start house hunting.
Dreaming of a holiday home in Turkey? Whether you’re planning to relocate, retire or invest, Turkey could be a golden opportunity. This huge country boasts glorious weather and a choice of buzzing cities and beautiful coastal resorts. But one of the biggest draws has to be its low property prices.
In this guide, we’ll run through everything you need to know about buying property in Turkey as a foreigner. We’ll cover everything from how much it costs to buy property in Bodrum, to getting yourself a Turkish ‘Golden Visa’ so you can retire in sun-soaked Fethiye.
But let’s start with a quick look at the state of the property market in Turkey.
The Turkish property market has experienced huge price rises over the last year or so, rising by 30% in early 2021¹. This means it's a sellers market, but the good news for buyers is that there’s been a recent boom in housing development and regeneration projects² - which could lead to increased housing stock on the market.
There’s been a surge in demand for Turkish properties by foreign buyers over the last few years. This dipped due to the Covid-19 pandemic¹, but the property market has been sustained by local demand and a drop in interest rates².
You don’t need to be a Turkish citizen or resident to buy property in Turkey³. However, buying a home in Turkey doesn’t automatically grant the right to live there - foreigners may still need to apply for a visa or resident permit.
There are also a few restrictions foreign buyers need to know about before starting their property search in Turkey³:
Buying property abroad will always feel riskier than at home, partly because you’ll need to get used to unfamiliar legal processes.
Turkey’s property market hasn’t always had such a good reputation among foreign buyers. Reading of occasional horror stories of scams, fraud and other problems has scared off some potential buyers in the past.
But the reassuring news is that following an increase in foreign investment, the Turkish government has tightened controls to protect buyers and prevent real estate fraud⁴.
You should still take steps to protect yourself though, including:
Like some other countries, Turkey has a ‘Golden Visa’ scheme which grants citizenship to foreigners when they make a minimum investment.
There are a few ways you can obtain citizenship by investment in Turkey, including starting a business or depositing a certain sum in a Turkish bank.
But you can also buy property in Turkey and get citizenship, provided you spend at least $400,000⁵ (or the equivalent in other currencies). As soon as you’ve bought your home, you’ll get a permanent residence card and can apply for Turkish citizenship right away. You could receive your Turkish passport in as little as 3-6 months⁵.
Now we come to the important part - how much will a property in Turkey cost you? It largely depends on what you’re buying and where, although generally property prices in Turkey are much cheaper than the UK.
For example, the average price per square metre to buy a city centre apartment in Turkey is just £781 GBP. In the UK, it’s much more at £4,247 GBP⁶.
Location | Price per sq.m - apartment in city centre⁷ | Price per sq.m - apartment outside city centre⁷ | Average price for 100 sq. m property⁸ |
---|---|---|---|
Istanbul | €1459 | €818 | €63,205 |
Bursa | €1230 | €1122 | €41,150 |
Izmir | €899 | €584 | €47,700 |
Ankara | €808 | €566 | €19,021⁹ |
Antalya | €782 | €446 | €35,019 |
Turkey has a wealth of sun-drenched coastal resorts, pretty countryside spots and lively cities to choose from. Your perfect location to buy property depends on what you’re looking for - a holiday home, retirement pad or city centre bolthole.
Let’s run through just a few of the most popular cities and resorts in Turkey among foreign buyers.
If you’re not yet living in Turkey and are unfamiliar with the market, it could be a good idea to use an estate agent. An English-speaking agent is recommended, as they can help you navigate the process and understand all the important details.
You should always do your research before choosing your estate agent, looking into their credentials and qualifications. In Turkey, estate agents are now required by law to have a certificate from the Vocational Qualification Authority¹¹.
To find a trusted property agent, start by narrowing down your search area - so you can choose an agent operating in that area.
You can also start your property search yourself, using one of Turkey’s biggest real estate websites:¹²
Here are just a few things to look out for when buying property in Turkey:
Turkey’s architecture¹⁴ reflects the country’s character as a fascinating mix of East and West. This means you’ll find everything from magnificent Ottoman townhouses to modern, European-style coastal villas.
Property styles vary from region to region, with more timber-built houses in the north, while homes in the west and south tend to be made of stone.
Apartments are the most common property type in Turkish cities, and the most popular option for foreign buyers. But it all depends what you’re looking for, your budget and where you’re buying.
Turkey brought in new laws in 2019 requiring all foreign nationals buying or selling property in the country to get an expert surveyors’ report¹⁵. You’ll need to find a certified surveyor, who will produce a report on the condition of the property.
This is not only necessary for the land registry to approve the transaction, but it can also help you assess the condition of the property before buying.
Let’s run through the process of buying a home in Turkey¹⁶:
Here are some of the key legal details you need to know about before buying property in Turkey, which your solicitor should handle for you:
If you need a mortgage to finance your Turkish property purchase, there are a few options available. Turkish banks do offer mortgages to foreign applicants¹⁸.
Typically, lenders will offer a 70% loan-to-value (LTV) to foreign applicants, and some have a minimum loan size of around €67,500. One thing to watch out for is lenders who insist on carrying out their own property valuation, as this can come in around 10-15% below market price¹⁸.
Here’s a quick look at the process of getting a mortgage in Turkey¹⁸:
Costs can vary between the different regions of Turkey, but here’s a rough idea of the main taxes and fees involved¹⁰:
If you’re buying your Turkish property while abroad, you’ll need to find a safe, cost-effective way to transfer money across borders. Whether you’re paying a deposit or your solicitor’s fees, the last thing you want is to lose money to poor exchange rates and high bank fees.
Wise offers the ideal solution for international property buyers. Open a Wise multi-currency account and you can send money from the UK to Turkey for small fees and the mid-market exchange rate.
Sending money overseas with Wise is quick, secure and could be significantly cheaper compared to using your bank.
Sources used for this article:
Sources checked on 14-04-2022.
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