Turkey (TR)
Turkey is a transcontinental nation straddling Europe and Asia across the Bosphorus Strait, uniting 85 million people under a rich civilisational heritage stretching from the ancient Hittites and Romans to the Byzantine Empire and Ottoman Empire.
Buying Property in Turkey
The full buying process, transaction costs, mortgage, and legal requirements.
Turkey has one of the world's most open real estate markets for foreign buyers — nationals of most countries can purchase property directly with no restrictions (with some exceptions for certain border/military zone regions). The property market has been a major driver of Turkey's economy and is the centrepiece of the citizenship-by-investment programme (USD 400,000 minimum purchase = immediate Turkish citizenship). Istanbul is the primary market for foreign buyers, followed by Antalya, Bodrum, Alanya, and Fethiye. Property prices are denominated in TRY but commonly priced and discussed in USD/EUR due to lira volatility. CRITICAL: always conduct thorough legal due diligence — title deed (tapu) checks, building earthquake compliance, and independent legal representation are essential. Turkey experienced significant property price inflation post-2020; the market is still active but more price-sensitive in 2025–2026.
Rent vs. Buy
Given Turkey's exceptional rent inflation (25–100%+ annual increases in Istanbul 2021–2023) and the citizenship-by-investment opportunity, many expats purchasing at the USD 400,000 threshold lean strongly toward buying. For those not seeking citizenship: the rent-vs-buy calculation is complicated by the TRY volatility, high transaction costs (approximately 4–5% on purchase), and the need to hold for 3 years minimum for citizenship. Rental yields in Istanbul are relatively low (gross 3–5%) but rental income in TRY has kept pace with inflation. For pure lifestyle expats without citizenship goals: renting is more flexible initially. For investors and citizenship seekers: buying is the clear financial and strategic choice.
Buying Process — Step by Step
Obtain VKN (Tax Number)
Day 1 — 15 minutesGet your Vergi Kimlik Numarası (VKN) from any Vergi Dairesi — takes 15 minutes, requires passport only. This is required for all property transactions.
Engage independent lawyer (avukat)
1–3 days to engageHire a Turkish lawyer independent of the agent and seller. The lawyer conducts title deed (tapu) due diligence, checks for mortgages (ipotek), court liens (haciz), tax debts (vergi borcu), and building permits (yapı ruhsatı). Critical for foreign buyers.
Sign preliminary agreement (ön sözleşme) and pay reservation fee
During negotiationAn ön sözleşme (preliminary contract) or compromis de vente equivalent is signed with a deposit (usually 10% of price). Can be at noter for added security. Agree price, terms, and payment schedule.
Obtain official property valuation (ekspertiz raporu)
3–7 daysFor citizenship-by-investment: licensed appraiser (lisanslı gayrimenkul değerleme şirketi) must produce an SPK-approved valuation report verifying the property meets the USD 400,000 threshold. Also important for any significant purchase.
Military clearance check (askerlik kaydı sorgulaması)
2–4 weeks (where applicable)Properties in certain zones (near military bases, border regions) require a military clearance (askeri izin) before foreign purchase. Your lawyer handles this check. Most urban Istanbul, coastal, and tourist properties are not in restricted zones.
Transfer funds and complete at Tapu Müdürlüğü
Day of completion — 2–4 hours at the registryBoth buyer and seller (or their attorneys via vekaletname — power of attorney) attend the Tapu Kadastro Müdürlüğü (Land Registry Office). The tapu (title deed) is signed. Purchase price must be transferred by bank transfer (not cash for legal purchases). Both parties sign the official transfer document.
Register at DASK
Immediately after completionObtain DASK (Doğal Afet Sigortaları Kurumu) mandatory earthquake insurance immediately after tapu transfer. Required for utility connections and recommended as legal minimum.
Transfer utilities to your name
1–2 weeksElectric, gas, and water accounts need to be transferred to new owner. Requires tapu copy, VKN, DASK insurance certificate.
Transaction Costs
| Cost Item | Amount | Notes |
|---|---|---|
| Tapu Harcı (Title deed transfer tax) | 4% of official property value (2% buyer + 2% seller in theory — in practice often both paid by buyer) | Major upfront cost. Calculated on the higher of: declared sale price or official municipality valuation (rayiç bedel). Payable at time of tapu transfer. |
| KDV (VAT on new build properties) | 10% or 20% depending on property size and type | Applies to new build (sıfır konut) purchases from developer. Does not apply to resale properties (second-hand). |
| Legal fees (avukat) | 1–2% of purchase price or TRY 15,000–50,000 flat fee | Non-negotiable for safety. Includes title search, contract review, and representation at tapu. |
| Real estate agent commission | 2–3% (from buyer) typical in Turkey | Agent commission is negotiable — some agents charge both buyer and seller. |
| Ekspertiz raporu (valuation report) | TRY 3,000–8,000 | Required for citizenship-by-investment; recommended for any significant purchase. |
| Tapu dönüşüm / registration fees | TRY 500–2,000 | Administrative fees at Tapu Müdürlüğü. |
| DASK (mandatory earthquake insurance) | TRY 1,500–5,000/year | Mandatory ongoing annual cost. |
| Emlak Vergisi (property tax) | 0.1–0.3% of official property value per year (residential) | Annual property tax paid to municipality. 0.1% for residential buildings; 0.2% for commercial. 0.2–0.6% in major metropolitan areas (Istanbul, Ankara, Izmir — larger metropolitan municipalities apply double rates). |
The Notary — Mandatory for All Purchases
Turkey's Tapu Kadastro Müdürlüğü (Land Registry Directorate) directly handles property transfers — the role is more administrative than a civil law notary in Germany or France. Noters (notaries) in Turkey are used for: preliminary contracts (ön sözleşme), powers of attorney (vekaletname) for the tapu process, and authenticating signatures. The final tapu (title deed) transfer is done at the Tapu Müdürlüğü — both parties or their attorneys attend. Unlike France or Germany, there is no mandatory involvement of a specific independent notary for the final sale.
Mortgage
Turkish mortgages (konut kredisi) are available to foreigners with YKN and proof of income. Interest rates vary significantly with Turkish monetary policy — in 2024–2025, rates were very high (20–40%) due to TCMB tightening policy; check current rates at the time of purchase. Many foreign buyers pay cash (especially citizenship investment buyers who are typically cash investors).
25–40% deposit typically required for foreigners. Turkish nationals may access lower deposits for specific programmes.
Foreign buyers can obtain Turkish mortgages from Turkish banks but requirements are strict: YKN required, Turkish income or documented foreign income, 3–5 years minimum repayment track record. In practice, many foreign buyers — especially for citizenship investment — purchase in cash. USD/EUR-denominated mortgages: some Turkish banks offer foreign currency mortgages but these carry currency risk. Turkish law restricts some FX mortgage terms.
Land Registry
Tapu Kadastro Genel Müdürlüğü (TKGM — General Directorate of Land Registry and Cadastre). Property records searchable online via e-Devlet and the TKGM WebTapu system. When checking a property: search by address or parcel number for ownership, encumbrances (ipotek/haciz/şerh), and any annotations. For citizenship investment: the tapu must note the "3-year holding commitment" (3 yıl satış yasağı şerhi) for the citizenship process.
Taxes
Annual property tax (Emlak Vergisi): 0.1% of official value for residential (0.2% in metropolitan areas). Rental income tax: declared in annual income tax return — 15–40% depending on total income; first TRY 58,000 of annual rental income exempt (2026). Capital gains tax on sale: if property held less than 5 years, gain is added to income and taxed at normal income tax rates (15–40%). After 5 years of ownership: capital gains tax exempt. This makes Turkey attractive for long-term investors who hold for 5+ years.
New Build vs. Existing Property
New build (sıfır konut) from developers: potentially better quality (especially post-2018 earthquake code building standards), VAT applies (10–20%), developer guarantees. Risk: many Turkish developers have faced financial difficulties — check developer track record. Off-plan (plan aşamasında): cheaper entry price but construction risk. Existing (ikinci el — second-hand): no VAT, more price transparency, immediate availability. CRITICAL for any property: check the building's earthquake compliance year (2018 building code is the key upgrade). Pre-2000 buildings in Istanbul present significantly elevated seismic risk.
Selling Property
Selling process mirrors buying: engage Tapu Müdürlüğü, both parties attend or use vekaletname, pay applicable taxes (capital gains if held under 5 years), settle any outstanding Emlak Vergisi or debts. Agent commission typically from seller: 2–3%. Allow 1–3 months for a straightforward sale. Note: citizenship investment properties must be held 3 years minimum before sale — selling earlier voids the citizenship condition.
Useful Links
Property Buying
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