As you know, in recent years, the property market in Turkey by foreigners has become a lucrative market. The influx of large numbers of immigrants and investors from all over the world to Turkey, the recent sharp inflation, the seizure of many jobs by foreigners, as well as the countless sales of real estate in this country to foreigners have led the Turkish government to tighten new rules and adopt the laws of residence and citizenship in this country. In this article, we will thoroughly review the new rules for obtaining residency by purchasing property in Turkey.
What changes have been made to the residence laws with the purchase of property in Turkey?
According to the new laws related to obtaining residence by purchasing property, foreign nationals who wish to obtain a residence by purchasing property must purchase property with the amounts set in large and small cities in order to be included in finding residence in this country. In large cities, the property must have an expert value of more than $ 75,000. In small towns, the amount is set at $ 50,000.
Terms of residence with the purchase of the property.
In addition to changing the amount to receive residency, your property and payment from the bank must also be subject to certain conditions. In this section, we have fully listed 5 conditions for receiving residence on the property:
- The purchase price is $ 75,000 in large cities and $ 50,000 in small cities
- The property purchased must not be commercial and must be residential
- The purchased property must have housing
- Property prices must be given and checked by an expert
- Your deposit amount from the bank must match the price stated on the document and the property must be purchased in cash.
Important points about this
Of course, it is worth mentioning that this law is for buying property in Turkey after June 2022, and those who have bought a property and received residence before this date are not included in this law and can extend their stay according to the previous procedure.
For those who have bought a property in the past and the price of the property on their document is lower than the amount mentioned. If they have received residency in the past, they can extend their residency according to the previous procedure. But if you have not yet received residence on the property. First, they have to inspect their property, and according to the property expertise, you can apply for residency. If the property certificate is below the amount mentioned, you will not be granted residence in Turkey.
If you have any questions about obtaining residency by buying property in Turkey and any advice on immigration and buying property in Turkey, contact our experienced and professional consultants through communication channels. We will be by your side throughout your migration to Turkey and will guide you properly.
