Summary of the Real Estate Laws and Regulations in Turkey in 2024
The real estate laws and regulations in Turkey govern the sale, purchase, rent, and mortgage of real estate in Turkey. These laws and regulations include the following:
- Real Estate Ownership Law: This law regulates real estate ownership in Turkey, including the conditions for owning real estate, the types of real estate, and the rights and obligations of owners.
- Real Estate Registration Law: This law regulates the registration of real estate in Turkey, including the procedures for registering real estate, the types of real estate registrations, and the powers of the Real Estate Registry Office.
- Building Law: This law regulates construction activities in Turkey, including the conditions for construction, the types of construction, and the procedures for obtaining the necessary permits for construction.
- Real Estate Taxes Law: This law regulates the taxes imposed on real estate in Turkey, the types of real estate taxes, and the procedures for paying real estate taxes.
New Changes in the Real Estate Laws and Regulations in 2024
In 2024, the Turkish government issued a number of changes to the real estate laws and regulations, which aim to facilitate the procedures for the sale, purchase, rent, and mortgage of real estate in Turkey. Some of the most important changes are as follows:
- The registration fees were reduced by 50%.
- The procedures for obtaining the necessary permits for construction were simplified.
- The exemption period from real estate taxes for foreign investors was extended from 5 years to 10 years.
Procedures Required to Buy Real Estate in Turkey
The procedures required to buy real estate in Turkey vary depending on the nationality of the buyer. For Turkish citizens, the procedures required are as follows:
- Submit a request to register the property to the Real Estate Registry Office.
- Pay the applicable fees.
- Submit the required documents, such as a Turkish ID card, a sales contract, and a valuation report from the municipality.
For foreign investors, the procedures required are as follows:
- Submit a request to register the property to the Real Estate Registry Office.
- Pay the applicable fees.
- Submit the required documents, such as a translated passport, and a valuation report from the municipality.
Conditions Required to Own Real Estate in Turkey
- Turkish citizens:
- Must be at least 18 years old.
- Must have a Turkish ID card.
- Must not be a citizen of a country that is at war with Turkey.
- Foreign investors:
- Must be at least 18 years old.
- Must have a valid passport from a country that is not at war with Turkey.
- Must not be a citizen of a country that is prohibited from owning real estate in Turkey.
- Must not be a member of a terrorist organization.
Taxes Imposed on Real Estate in Turkey
The Turkish government imposes a number of taxes on real estate in Turkey, which are as follows:
- Value-added tax: This tax is imposed on all real estate sold in Turkey, and it is currently 18%.
- Property tax: This tax is imposed on all real estate owned in Turkey, and it is currently 0.2% of the value of the property.
- Transfer tax: This is a one-time tax paid when buying or selling a property. It is currently 4% of the value of the property.
How to Get Turkish Citizenship by Buying Real Estate
A foreign investor can obtain Turkish citizenship by buying real estate in Turkey worth at least US$400,000. The property must remain in the name of the investor for at least 3 years.
Conclusion
The Turkish government is working to facilitate the procedures for the sale, purchase, rent, and mortgage of real estate in Turkey. The changes that the Turkish government has made to the real estate laws and regulations in 2024 have contributed to achieving this goal.
