Turkey Raises Property Value Threshold for Residency to $200,000
Turkey’s Property Residency Value Gets an Update: What You Need to Know
If you've been eyeing Turkey as your next property investment destination, there's a pivotal update you shouldn't miss. The Turkish government has rolled out some changes that directly affect foreign real estate investors.
Then vs. Now:
Previously, if you were seeking a residency through property investment in one of Turkey's bustling urban centers, a property valued at $75,000 or more would do the trick. For smaller towns, the threshold stood at $50,000. Fast-forward to now, and that entry bar has been raised. You'll need to show a property purchase of at least $200,000.
The Fine Print:
Here’s where attention to detail matters. Under the new guidelines, the property's deed (known as the 'Tapu' in Turkish) must clearly state this $200,000 value. If the deed value is in Turkish Lira, it should be equivalent to the required amount in dollars as of the property’s registration date.
Already Own Property in Turkey?
For those who made their move before this change was announced, breathe easy. Your investment stands firm, and these changes won't backtrack to affect you.
What About Smaller Towns?
The jury's still out on this one. It’s unclear whether this $200,000 baseline will blanket all of Turkey or if a discounted rate might still apply in smaller towns.
In Conclusion:
Turkey's real estate game is evolving, signaling a drive to attract premium investors. Whether you're a seasoned property mogul or a first-timer looking to make a mark, staying informed is key. Keep an eye out for more insights and updates on the Turkish property landscape right here.
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Buying Property in Turkey! Is This the Right Time or a Risky Investment to Avoid?
The real estate market in Turkey is currently facing numerous challenges, starting with an economy impacted by a massive earthquake that hit the country last year, alongside high inflation. This has led to interest rates being raised to a record high of 50%, resulting in a near-total halt of the real estate sector. Additionally, recent legal changes, such as raising the minimum investment for Turkish citizenship to $400,000 and for real estate residency to $200,000, have caused a decline in the number of foreign investors.
To answer the question: is now the right time to buy property in Turkey, or not? We need to analyse two aspects: the internal Turkish situation and the regional and global outlook.
Groundbreaking Reforms to Simplify Lease Procedures in Turkey
The Turkish Ministry of Treasury and Finance has announced its readiness to introduce a new law requiring rental contracts to be signed electronically through the e-Government portal, "e-Devlet." This initiative aims to simplify and expedite the rental process between property owners and tenants, with implementation expected in the near future. Licensed real estate agents will also be able to use this system by the end of the year.
The electronic lease contract system will be introduced in two phases: in the first phase, property owners and tenants will be able to complete rental agreements directly through the "e-Devlet" portal, where the owner creates the contract, and the tenant approves it electronically. The second phase will enable licensed real estate agents to prepare contracts and send them to both the owner and tenant for approval through the portal.
Minister of Treasury and Finance, Mehmet Şimşek, stated that these reforms represent "fundamental changes aimed at reducing bureaucracy, saving citizens time and effort, and facilitating access to property valuation information across Turkey."
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