Nationalities prohibited from owning real estate in Turkey

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Nationalities prohibited from owning real estate in Turkey

The most prominent nationalities whose holders are prohibited by Turkish law from the right to own property on Turkish lands

Nationalities prohibited from owning real estate in Turkey
05th November 2022
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Although there are a lot of facilities that encourage foreigners to buy real estate in Turkey under the decision issued in 2012 AD, which abolished the law of reciprocity and thus became possible for various foreigners from all countries of the world to buy in it, but there are five nationalities that were not covered by the decision and they are Syria, Armenia, Cuba, Greek Cyprus and North Korea.

In this article, you will learn about the reasons why they were banned from buying and some other important aspects regarding the Turkish real estate sector will be highlighted.

 

 Preventing some nationalities from owning real estate in Turkey

1 - The Turkish government has put in place laws that prevent some nationalities from buying real estate in Turkey. The main reason for preventing Cypriot citizens from owning real estate in Turkey is the (Turkish-Greek dispute over Cyprus).

2 - Of these Syrian nationalities, and the reason for this is that Syria was going through crises and that the Turkish government does not want to allow people fleeing the conflict to buy real estate in it and another reason is that the Syrian government owes money to the Turkish government, and the Turkish government does not want to allow the Syrians to buy real estate in Turkey even The debt is paid off.

Regarding preventing Syrians from buying real estate in Turkey, it should be noted that this is also due to old agreements and disputes dating back to the period of the French occupation of Syria.

3- North Koreans are not allowed to buy real estate in Turkey due to UN sanctions against this country.

4 - The Turkish government does not recognize the Greek Cypriot government, and therefore prohibits the Greek Cypriots from owning real estate on Turkish lands. This policy is applied due to the historical differences between Turkey and Greece.

5 - The Turkish state prevents Armenians from owning property in Turkey due to wars and conflicts between the two countries.

6 - The main reasons that prevent holders of Syrian citizenship from buying real estate in Turkey are due to the security and military situation that the country witnessed recently. However, if the situation in Syria improves, it is possible that Syrian citizens will be able to buy real estate in Turkey in the future. .

 

 

Can nationalities prohibited from buying real estate in Turkey buy in the future?

There are certain countries whose citizens are currently prohibited from buying real estate in Turkey. However, this may change in the future. There are no fixed rules and laws, and there are always changes and new laws issued by the government. If you hold one of those nationalities that we talked about earlier and want to obtain Turkish citizenship, keep track of the latest government approvals.

 

Reasons to encourage foreigners to buy real estate in Turkey

- Turkey has achieved strong economic growth in recent years, averaging around 7% annually which has made it an attractive destination for foreign investors looking to get a good return on their investment.

- Despite the strong economic growth, real estate prices in Turkey are still relatively low compared to other developed countries and this makes it an affordable place to buy real estate, especially for foreigners who may not be familiar with the local market.

- There is a wide range of properties available in Turkey, from small apartments to large villas, and this means that there is something to suit every budget and every need.

- The Climate is Perfect Turkey has a Mediterranean climate, which means it has mild winters and warm summers and this makes it a popular destination for those looking to escape the cold winters of Europe or North America.

- More than half of the population is under the age of 30, which means there is a potentially large workforce that can drive future economic growth.

- As the economy grows, more people move into the middle class. This growing middle class will have an increased demand for real estate, which will lead to higher prices.

- Over the past few years, there has been a trend of people moving from rural areas to cities and this urbanization is expected to continue, which means that there will be an increasing demand for real estate in cities.

- There is a wide range of property types available in Turkey, from affordable apartments to luxury villas, and there is something to suit every budget.

- The cost of living in Turkey is relatively low compared to other countries in Western Europe or North America.

 

Documents required to buy real estate in Turkey

There are some documents that you will need to submit in order to buy real estate in Turkey and these include:

- A copy of your passport.

- A copy of the Turkish residence permit (if applicable).

- Your tax number, which can be obtained from the nearest tax department.

- A bank statement or letter from your bank confirming your ability to transfer the purchase price to Turkey.

- The contract of sale.

- Extracting the real estate appraisal document that determines the real value of the property.

 

Steps of the procedures for buying real estate in Turkey

If you want to buy real estate in Turkey, there are many steps that you must take:

- The first step is to search for a good real estate agent in Turkey and you can find many of them online, you should ask for recommendations as well and ask about clients they have dealt with.

- Your agent will help you narrow your search to properties that fit your budget and needs and once you have found some properties that you like, the next step is to apply for the property.

- After that, you have to pay a down payment which is usually 30% of the total price.

- The contract will be in Turkish, but it must be translated into your own language in order for you to understand what you are signing.

- Choosing the right location for your new property There are many factors to consider, such as the city or town you want to live in and the type of property you are looking for.

- You must be in good financial standing before you start the process of buying property in Turkey and this means having a clear idea of ​​how much you can afford, as well as being aware of any potential obstacles that might stand in your way (such as not being able to get a mortgage).

 

Learn more details and laws related to the real estate sector in Turkey by visiting our website.

 

 

Related articles :
The guide of real estate investment in Turkey 2022
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How to obtain a Turkish passport?
The journey of looking for apartments for sale in Istanbul
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How to obtain Turkish citizenship by real estate investment?
Steps to buying an apartment in Istanbul
Tourist Residency and Real Estate Residency in Turkey
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#Binaa_investment    #real_estate   #Turkish_citizenship
#Istanbul_apartments    #real_estate_investment

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