Foreigners are increasingly investing in Turkish real estate, particularly in vibrant cities like Istanbul. However, buying property in Turkey as a foreigner requires understanding local legal procedures and potential pitfalls.
Can Foreigners Buy Property in Istanbul?
Yes, foreigners can buy property in Istanbul, subject to certain national and regional restrictions. Citizens of most countries are allowed to purchase real estate, including residential and commercial properties.
Steps to Buying Property in Istanbul
- Step 1 – Find a Property: Work with a trusted agent or law firm to find a legally verified property.
- Step 2 – Legal Due Diligence: Have a lawyer check the title deed, zoning status, and construction permits.
- Step 3 – Obtain a Tax Number: You must get a Turkish tax ID from the local tax office.
- Step 4 – Open a Bank Account: Required to transfer purchase funds and complete the transaction.
- Step 5 – Sales Agreement & Deposit: A reservation agreement is usually signed with a deposit.
- Step 6 – Title Deed Transfer: Finalize the sale at the Land Registry Office with your lawyer present.
Legal Tips for Foreign Buyers
- Never pay without legal review of the contract.
- Ensure the property is free of debts and mortgages.
- Verify if the property qualifies for Turkish citizenship by investment (minimum $400,000).
Why Work With a Lawyer When Buying Property?
A local lawyer ensures your rights are protected, paperwork is accurate, and property risks are minimized. The lawyer also facilitates translation and notarization procedures if needed.
Conclusion: Secure Your Investment
Istanbul offers excellent real estate opportunities for foreign buyers, but legal support is critical. For expert advice and representation during your property transaction, contact our experienced Turkish real estate lawyers today.
Read our previous article: Best Lawyer in Turkey – Who Should You Work With?