Turkish law has allowed foreigners to own real estate in Turkey since 2012, with exceptions for some countries due to political circumstances or in view of Turkey’s “reciprocity policy”. As an investor, you should know the Real Estate Ownership Law 2022 and have there been any amendments to it?
Real Estate Ownership Law 2022
Turkey is the most fertile land in the region for those wishing to own real estate,
It provides, through its infrastructure based on technology and modern tools,
the best ideal conditions for those wishing to open investment projects for themselves in the country in various existing and available fields.
Therefore, Turkey provides an ideal environment for investors by establishing a new and modern concept that guarantees foreigners the profitable returns that they aspired to achieve from the beginning,
Through innovative and thoughtful ways to make changes to Turkish law to suit the conditions of investors in order to encourage them to own real estate.
Here are some laws you should know if you want to buy a property in Turkey.
Real Estate Ownership Law 2022:
Perhaps many do not know about the real estate ownership law,
except that it allowed foreigners to buy real estate in Turkey,
Without knowing that there are certain restrictions and conditions that the foreigner cannot violate.
It is clear that the most important laws amended in recent years related to the real estate aspect in Turkey
were the law of real estate ownership and obtaining Turkish citizenship.
Turkish law has allowed those who own real estate in Turkey worth one million dollars to obtain Turkish citizenship,
Before the law was amended in 2018 to make the the amount from million to $250,000,
A foreigner can now apply for Turkish citizenship based on his ownership of real estate worth $250,000 in Turkey.
With the issuance of this decision, the government accompanied it with another decision, which is the Real Estate Appraisal Law,
So that the investor wishing to obtain Turkish citizenship must issue a real estate valuation document by one of the state’s private institutions.
Before the law is circulated to every foreigner who wants to buy real estate in Turkey, as a kind of financial guarantee for his treatment to prevent him from be victim of fraud.
One of the unknown laws is that a foreigner cannot own more than 30 hectares.
Permission must also be obtained from the Department of the Armed Forces if the property is located near military establishments.
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