Information

Read More

New Legislation Approved, Foreigners Can Buy Property in Turkey

New Legislation Approved, Foreigners Can Buy Property in Turkey

The president of Turkey approved the new legislation that regulates foreigners’ property buying process in Turkey. With the approval, reciprocity restrictions are no longer valid.

183 of 193 UN member countries’ citizens are eligible to buy property in Turkey. Citizens of the countries below are subjected to some restrictions:

  • Citizens of Armenia, North Korea and Syria are prohibited to buy any property in Turkey.
  • Border neighbor countries are not allowed to buy in border cities. Azerbaijan (Nahcivan), Bulgaria, Iran, Iraq, Greece are Georgia will not be allowed to buy property in their border cities.
  • Greek citizens are prohibited to buy property in all shore cities, the border city of Edirne and Istanbul (total of 28 cities). Greek citizens who have Turkish descent are exempted from any restrictions.
  • The countries need approval of Turkish Domestic Affairs Ministry are: China, Palestine, Sheysells, India, Iran and Iraq.
  • For Iran citizens to be eligible, there must be no UN sanctions imposed on the person.
  • Citizens of Iraq must get permission from both Domestic Affairs and Foreign Affairs Ministries.

The countries that are eligible to buy property in Turkey :

Afghanistan
Andorra
Angola
Antigua & Barbuda
Albania
Algeria
Argentina
Australia
Austria
Azerbaijan
Bahamas
Bahrain
Bangladesh
Barbados
Belarus
Belgium
Belize
Benin
Bolivia
Bosnia Herzegovina
Botswana
Brasil
Brunei
Bulgaria
Burkina Faso
Burundi
Djibouti
Cambodia
Cameroon
Canada
Central African Republic
Chile
Colombia
Comoros
Congo
Croatia
Czech Republic
Denmark
East Timor
Dominica
Dominican Republic
Equatorial Guinea
Ecuador
El Salvador
England
Estonia
Ethiopia
Egypt
Morocco
Fiji
Philippines
Palestine
Finland
France
Gabon
Gambia
Gana
Germany
Greece
Guinea
Guinea Bissau
Grenada
Guatemala
Guyana
Georgia
India
Iraq
Honduras
Indonesia
Iran
Ireland
Israel
Italy
Island
Jamaica
Japan
Jordan
Montenegro
Kazakhstan
Kenya
Kyrgyzstan
Kiribati
Kuwait
Ivory Coast
Laos
Lesotho
Lithuania
Liberia
Libya
Lebanon
Latvia
Liechtenstein
Luxembourg
Turkish Republic of North Cyprus
Kosovo
Republic of Korea
Hungary
Madagascar
Macedonia
Malawi
Malaysia
Mali
Malta
Marshall Islands
Mauritius
Mexico
Micronesia
Mongolia
Monaco
Moldavia
Mauritania
Myanmar
Mozambique
Namibia
Nauru
Netherlands
Niger
Nigeria
Norway
Nicaragua
Oman
Pakistan
Palau
Panama
Papua New Guinea
Peru
People’s Republic of China
Paraguay
Poland
Portugal
Romania
Ruanda
Russian Federation
Qatar
Samoa
San Marino
Sao Tome and Principe
South Africa
Saudi Arabia
Senegal
Serbia
Seychelles
Sierra Leone
Singapore
Slovenia
Slovakia
Solomon Islands
Somalia
South Africa
South Sudan
Spain
Sweden
Switzerland
Sri Lanka
Saint Kitts and Nevis
Saint Vincent and the Grenadines
Sudan
Suriname
Swaziland
Tajikistan
Tanzania
Thailand
Togo
Tonga
Trinidad and Tobago
Tunisia
Tuvalu
Turkmenistan
Uganda
Ukraine
United Arab Emirates
Uruguay
USA
Uzbekistan
Vanuatu
Venezuela
Vietnam
Yemen
New Zealand
Zambia
Zimbabwe

Value of real estates in Istanbul are constantly rising and after eliminating restrictions to foreigners, the prices will continue to rise. Many countries’ citizens were not able to buy property in Turkey due to reciprocity restrictions and after the new legislation, almost all countries are eligible to make investment in Turkey. Especially, Istanbul real estate market will benefit from the new environment. Many foreigners are looking to own a property in Istanbul and Turkey’s western and southern belt in their retirement times. Also, growing Turkish economy is attracting foreigners to make investment in Istanbul real estate.

August 2012