At Ikamet, we strive to provide expats with the resources necessary to facilitate their transition into Turkey’s rich cultural landscape; as the largest online resource for expats living in Turkey, you can trust our knowledge and expertise to guide you through the dynamic Turkish real estate market. Journey with us as we explore the new Turkish real estate regulations and provide insights into their potential impacts on expats, ensuring you remain well-equipped to navigate any challenges that may arise in your pursuit of Turkish property ownership or rental agreements.
Impact of New Property Valuation Rules on Residence by Investment
A significant legal change affecting expats and potential Turkish property buyers revolves around property valuation requirements for residence permits and citizenship applications. Previously, the minimum property value for securing a residence permit was $50,000, rising to $75,000 in metropolitan cities like Istanbul, Antalya, and Ankara. To qualify, property purchases had to occur between April 26, 2022, and October 16, 2023. Furthermore, all previous permits issued based on real estate investment are grandfathered prior to October 16th. This means that residency permit renewals will continue regardless of the investment you made in the past.
Starting from October 16, 2023, the new property valuation requirement for all cities across Turkey is a $200,000 market value. This applies to residence permits by investment applications. Meanwhile, the citizenship through real estate investment requires a $400,000 market value.
For residence by investment, the TAPU (title deed) listing price must be more than $200,000, and the Central Bank payment slip should reflect a value exceeding $200,000 as well. The value is $400,000 for citizenship by investment and follows the same principles as the TAPU and Central Bank valuation requirements. Under the new regulations, there is no need for a separate valuation report, simplifying the process for potential buyers.
To be eligible for Turkish citizenship based on a $200,000 property investment, you must remain in the country for an uninterrupted 5 years.