The answer is yes, British citizens can buy property or land in Turkey. Turkey first opened their doors to foreigners buying there in 2003 and there was a boom in property sales across many of the tourist resorts. Thousands bought the ultimate dream holiday home at what was considered at that time ridiculous inexpensive prices and today they are still very affordable.
Unlike its European neighbours, Turkey’s property prices give excellent value for money offering luxurious living at a minimal cost. You can buy a luxury apartment for a fraction of the cost you would pay in the likes of Spain and the cost of living is much cheaper too. The current exchange rate in Turkey is over 5.2 TL to the Pound, making your money stretch a long way, obviously, this can fluctuate but in recent months the exchange rate has been high and it’s still climbing.
At today’s prices, you can buy a two-bedroom apartment on a complex with sea views and all the facilities you need including a communal pool, gym, bar, and 24-hour security for around £16,000 less than it cost to buy a new caravan. The complex maintenance fees are also considerably less than yearly costs to house a caravan on a site.
Owning a home in Turkey
Owning a property in Turkey whether it is a holiday home or a permanent residence property is a good solid investment. Land can also be bought by a British citizen although the total size of land cannot exceed more than 30 hectares for each foreigner to purchase. If you wanted to buy a piece of land to build your own villa on for example plot sizes do not usually exceed more than 750sqm although you could buy multiple plots next to each other as long as you do not go over 30 hectares.
Buying a Turkish property
Buying a Turkish property is an easy process although it is recommended to use a reputable agent who carries out Due Diligence on properties and a solicitor. You will receive your Tapu which is the Title Deeds in your name and land in Turkey is Freehold, the electric and water utilities will also be put into your name. Council tax is around 0.1% of the price of your property and is paid yearly at the local council office called the Belediye.
Over the years the Government has added more countries to their list of who can buy property or land in Turkey. A few countries do not have the same freedom to buy as British citizens; some countries have restrictions or need special permission to where they buy. British citizens do not need to have any special permission to invest in Turkish property or land.
The Turkish economy
The Turkish economy is thriving and whilst the resorts along the Aegean and Mediterranean Coastlines have always been popular with holiday home hunters (especially the Brits) it’s now the likes of Istanbul which is the hot spot for property investment. This bustling city is a firm favourite for those who want a city pad in a vibrant city and although Istanbul is no longer the capital of Turkey (that crown now goes to Ankara) it still rivals the capital cities such as Paris, Rome and London for tourists and city property buyers.
However, the prices in Istanbul are affordable it’s fast becoming the place to buy along with Bursa and Yalova. Bursa is just an hour away from Istanbul and Yalova is around 90 minutes making both areas ideal for getting away from city life and heading to more lush green surroundings. To summarise British citizens can buy in Turkey with only land restrictions.