Until 2003 foreigners could not buy property or land in Turkey, however once they could, there was a massive boom especially in property sales and land sales increased dramatically. Initially there were many countries that were exempt from investing in Turkey but over the past 15 years they have relaxed their restrictions and have granted buying permission to more countries who want to invest in Turkish property and real estate.
Prior to 2012 Turkey had a strict reciprocity law in place which restricted many nationals from buying property in Turkey unless a Turkish national could in return, buy a home in that respected country. In May 2012 a new law was introduced by the Turkish government which lifted a large amount of these restrictions and opened the Turkish property market to nationals of more than 130 different countries. However some rules still remain in place, such as real estate owned by a foreign national in a Turkish town cannot exceed 10% of the town’s land area and a foreign national cannot purchase more than 300,000sqm of land in Turkey without first acquiring approval from the ministry of interior.
1. These countries can now buy property in Turkey however restrictions are in place:
2. The following countries can now buy property in Turkey:
The United Arab Emirates
3. The following countries can by property but have restrictions on the type of property and land purchases:
Morocco, Egypt and Latvia – no agricultural land is permitted.
Afghanistan – no agricultural land is permitted and special permission is needed for other types of property.
Albania – can only buy residential property and commercial office space in Turkey, no other type of property in Turkey is permitted.
4. Nationals from the following nations need permission from the Turkish Ministry of Interior before they are allowed to buy:
5. The following nationals from these countries do not need any special permission to buy property, land or commercial investments in Turkey:
Argentina, Belgium, Belize, Benin, Bosnia and Herzegovina, Brazil, Bulgaria, Burkina Faso, Burundi, Canada, Chad, Colombia, Croatia, Dominican Republic, Estonia, Finland, France, Gabon, Gambia, Georgia, Germany, Guinea, Holland, Ireland, Italy, Kenya, Kosovo, Lebanon, Libya, Luxembourg, Mali, Moldova, Monaco, Namibia, Niger, Northern Cyprus, Norway, Pakistan, Peru, Poland, Portugal, Republic of Cote D’Ivoire, Romania, Serbia, South Africa, South Korea, Slovakia, Spain, Sweden, Switzerland, United Kingdom and United States of America.
6. Some areas in Turkey have restrictions for nationals of certain countries buying property in Turkey. Nevertheless, these nationals can still buy property in other regions of Turkey:
Russian and Ukrainian nationals cannot buy property along the Black Sea coast of Turkey.
Greek nationals are not permitted to purchase property on the Black Sea coast and some Aegean districts of Turkey.
If you are in doubt if you can purchase property or land in Turkey contact your own Embassy or the Turkish Embassy and they will inform you, check our website for updates.
Turkey property and real estate offers a superb investment whether it’s for business, a holiday home or permanent residence. In Turkey you get a lot for your money and this is why it’s often said that in Turkey you can buy a luxury property for a fraction of what a European property would set you back. Commercial property in Istanbul is very attractive as it’s the hub for business; this is why Istanbul is considered a hot spot for investment. Both Bursa and Yalova are also in demand as the locations are close to Istanbul; it goes without saying prices are slightly more affordable.
Areas such as Antalya, Bodrum, Fethiye and Kusadasi are considered the favourite spots for foreigners to invest in a holiday home. Here you can buy fabulous apartments, duplexes and villas on well looked after complexes with a whole range of facilities. Luxury villas are found in Bodrum, Kas and Kalkan and these are the locations to head to if your budget is high end, here you will find beautiful large villas set in their own grounds with a private swimming pool and landscaped gardens. Often the villa will have in indoor swimming pool and the outside pool will most likely be an infinity pool with picturesque, uninterrupted views of the Aegean or Mediterranean Sea.
Land sales are very popular with foreigners wanting to invest in agricultural land and farms or buying a plot or plots of land together to build a dream home.