Is it true that there will be a ban on selling property to foreigners in Turkey?
The issue of suspending for some time the sale of property to foreigners in Turkey has been discussed for quite some time. This idea has its supporters and opponents. Opponents fear the loss of a significant part of income for Turkey, as well as possible negative consequences for the segment of elite property. Supporters argue that a large number of foreign buyers only raises property prices, and the local population is no longer able to afford to buy a home at such a low exchange rate of the Turkish lira. Owning your own flat at the current level of prices and wages has become an unattainable dream for Turkish citizens.
However, at the moment there is no official decision to completely ban the sale of property to foreigners. In 2022, many neighbourhoods were closed to registration of foreigners in order to balance the demographic composition. This trend may continue this year, but a complete ban on sales is not yet expected.
According to recent changes in legislation, property in Turkey can be bought by citizens of 183 countries, among them all CIS countries. However, there are some restrictions. For example, citizens of Azerbaijan have no right to buy property in the city of Igdir, and citizens of Iraq - in the provinces adjacent to Iraq. In the provinces of Hatay, Gaziantep and Kilis, property is not sold to foreigners at all, regardless of the country on the passport. If you have any questions about the restrictions for your country, we recommend consulting our lawyers.
Foreign individuals can purchase land plots in Turkey on condition that they submit an investment project for 2 years and realise it within the specified period. For foreign companies the same conditions of land plot acquisition apply.
It is also worth noting that Turkish companies in which the share of foreign founders exceeds 51% can buy property in Turkey, provided that the purpose of this property is related to the main field of activity specified in the charter of the company. Otherwise, there are no restrictions.
In some coastal provinces, the status of "security zones" has been established. The purchase of property in these areas requires the permission of the Ministry of Defence of the Republic of Turkey, but obtaining this permission is usually not difficult as it is dealt with by the specialists accompanying the purchase.
If you need assistance in supporting you in obtaining Turkish citizenship through property investments, you can contact our lawyers. We will organise:
- collection and execution of documents;
- assistance in selecting a property;
- opening an account for the purchase of property;
- verification of all documents for the property;
- support of the purchase transaction;
- submission of documents for obtaining a Turkish passport.
For a detailed free consultation on your specific case, please contact us.