Buying Property in Istanbul and Obtaining Permanent Residence in Turkey

EVIM Istanbul Real Estate, with over 300 reference projects, is a leading authority on purchasing property in Istanbul. Our expertise lies in obtaining permanent residence in Turkey through property investment in Istanbul. Among the methods for obtaining permanent residence in Turkey, one can invest in real estate, provided the purchase complies with the specified regulations and conditions outlined below.

Perhaps the first and most important point to consider when buying property in Turkey is that foreign nationals are not permitted to purchase real estate in rural areas, villages, or near military zones. Foreigners are only authorized to buy apartments and plots of land designated by the Turkish government. By purchasing property, the primary applicant, along with their family members (spouse and children), can receive permanent residence in Turkey without any restrictions.

Recent Changes to Property Purchase Laws in Istanbul and Permanent Residency

In recent years, Turkey has made significant changes to its property purchase and residency laws, designed to improve foreign investment management and maintain balance in the Turkish real estate market. Here are the most important changes:

1. Increase in Minimum Investment for Residency
   The minimum investment amount for obtaining property residency in Turkey has increased from $75,000 to $200,000. This change took effect on October 16, 2023, and applies nationwide.
2. Conditions for Turkish Citizenship
   To obtain Turkish citizenship through property purchase, a minimum investment of $400,000 is required. This amount must be paid in cash, and the property must be purchased from a Turkish citizen. Additionally, the property cannot be located in military or security zones.
3. Geographical Restrictions
   Purchased properties cannot be located in border or security-sensitive areas. This restriction is applied due to the country’s security concerns.
4. Land Area Limitations
   Foreign buyers can purchase up to 30 hectares of land in Turkey. This law was established to better monitor foreign land purchases.
5. Family Residency
   With the purchase of property valued at $200,000 or more, the applicant can obtain residency for their spouse and children under 18. Some sources suggest that this benefit may extend to children aged 18 to 23 who are unmarried and still in education, although this has not been officially confirmed.
6. Requirement for Construction on Purchased Land
   If foreign buyers purchase land for construction, they must complete the construction within two years and prevent the land from being left unused.

Important Notes:

• The property deed must be in the name of a single individual; joint ownership deeds are not accepted for residency.
• The purchased property must be residential and habitable; properties under construction or pre-sale are not eligible.
• For citizenship, the property must be held for at least three years and cannot be sold during this period.

These recent changes indicate Turkey’s interest in attracting higher foreign investments. It is recommended to consult with legal and real estate experts before making any decisions.

Cost of Living in Turkey

The cost of living in Turkey for Iranians can vary based on the city, personal lifestyle, and types of expenses (such as rent, food, transportation, etc.). Here is an estimated breakdown of monthly living costs:

1. Housing Rent
   In major cities like Istanbul, Ankara, or Izmir, rent for a one-bedroom apartment in the city center can range from 10,000 to 15,000 TRY per month. In suburban areas, the cost typically drops to 5,000 to 8,000 TRY.
2. Food and Groceries
   The monthly food cost for one person is approximately 3,000 to 5,000 TRY, depending on eating habits and daily purchases. Shopping from supermarkets and cooking at home can reduce costs.
3. Transportation
   Public transport in Turkey is relatively affordable. A single trip ticket costs between 5 and 7 TRY, and the monthly transportation pass ranges from 400 to 600 TRY.
4. Healthcare and Insurance
   State health insurance (SGK) for foreigners costs around 900 to 1,000 TRY per month. Private healthcare costs vary depending on the type of service.
5. Leisure and Other Expenses
   Entertainment costs (such as dining out, cinema, and sports) average around 1,000 to 2,000 TRY per month.

In total, the average monthly living cost for one person ranges from 15,000 to 25,000 TRY, depending on the city, lifestyle, and personal habits. For Iranians, due to currency conversion rates and lower costs compared to other European countries, the living costs may be relatively cheaper.

Buying Property in Istanbul for Permanent Residence

Foreign nationals purchasing property in Istanbul worth at least $400,000 can apply for Turkish residency for themselves and their family. By buying property, you are making a profitable investment in a secure environment while securing a new future for your family.

However, this is not the only option. You can also obtain a three-year residence permit for yourself and your family by purchasing property in Turkey worth 650,000 TRY or more, with the option of extending your stay for another five years to eventually obtain permanent citizenship. It is important to note that during these five years, you are only allowed to live abroad for one year; otherwise, the law does not apply.

Foreign nationals purchasing property in Turkey can receive a residence permit as long as it is renewed periodically. They are also entitled to obtain permits for their families. This residence permit allows foreign children to attend school in Turkey. Foreigners with residence permits can find jobs more easily, and obtaining work permits through legal companies in Turkey is also simpler.

Can Renting Property in Istanbul Lead to Obtaining Turkish Residency?

As mentioned earlier, one of the main advantages of buying property in Istanbul is obtaining residency in Turkey. Renting property in Turkey can also result in obtaining Turkish residency. For those uncertain about buying property, renting allows them to obtain residency first. After purchasing or renting property, a one-year renewable temporary residence permit is granted, though this does not allow the right to work.

Documents Required for Buying Property in Istanbul

If you have the following documents, the process of purchasing property in Turkey will be smoother and more efficient:

• Passport
• Local tax code
• Bank account opened in a Turkish bank
• Proof of residence in your home country (such as an electricity bill)
• Two 4×6 photos

Best Neighborhoods to Buy Property in Istanbul

Istanbul is the fifth largest city in the world, with many neighborhoods and districts, constantly expanding and developing. Based on your budget and personal preferences, you can buy property in various areas. The following neighborhoods are among the best options:

• European Side: Arnavutköy, Avcılar, Beşiktaş, Bakırköy, Başakşehir, Bağcılar, Bayrampaşa, Beşiktaş, Büyükkçekmece, Çatalca, Esenler, Eyüp Sultan, Fatih, Gaziosmanpaşa, and more.
• Asian Side: Adalar, Atasehir, Beykoz, Cekmekoy, Kartal, Kadikoy, Maltepe, Pendik, Sancaktepe, Sultanbeyli, and more.

Affordable and Budget-Friendly Neighborhoods in Istanbul for Buying Property

If you have a limited budget for investing in property in Turkey and are considering Istanbul, don’t worry! With the city’s rapid expansion and the development of new neighborhoods, it is easy to find newly built apartments and residential complexes.

Esenyurt Neighborhood

Esenyurt is an excellent option for those seeking affordable housing in Istanbul, especially among Iranians. This densely populated district features many residential towers and complexes. While it was previously underdeveloped, significant improvements since 2022 have made it one of Istanbul’s fastest-growing areas. The average price for a 100-square-meter property ranges between $80,000 and $90,000.

Umraniye Neighborhood

Located on the Asian side of Istanbul, Umraniye is another budget-friendly option. This densely populated district is known for its modern infrastructure and expansive residential areas. As one of Istanbul’s largest neighborhoods, it has seen rapid development. In 2022, the average price for a 100-square-meter property was around $200,000.

Gaziosmanpasa Neighborhood

Gaziosmanpasa is one of Istanbul’s smallest and least populated districts, offering some of the most affordable property options. This tranquil area is conveniently located near the city center and has excellent access to public transportation. Many Iranian expatriates reside in Gaziosmanpasa. The average price for a 100-square-meter property is approximately $200,000.

Luxury and Expensive Neighborhoods in Istanbul

Istanbul’s rich history and modern infrastructure naturally create a wide range of property prices. Factors such as historical significance, building age, amenities, and proximity to public transportation significantly influence property costs.

Besiktas Neighborhood

Besiktas is one of the most prestigious and expensive areas in Istanbul. Despite its compact size, the district offers numerous amenities, including commercial centers, historical landmarks, tourist attractions, and universities. Its stunning views of the Bosphorus contribute to high property prices. The average price for a 100-square-meter property in Besiktas is approximately $400,000.

Sariyer Neighborhood

Located on the northern shores of the European side of Istanbul, Sariyer offers luxurious living with slightly lower property prices compared to Besiktas. With its modern amenities and breathtaking views of the Bosphorus, Sariyer is a prime location for luxury properties. The average price for a 100-square-meter property is around $400,000.

Bakirkoy and Atakoy Neighborhoods

Atakoy is part of the Bakirkoy district and offers luxurious properties at competitive prices compared to other upscale areas. With excellent amenities and a strategic location, Bakirkoy and Atakoy are ideal for property investment. The average price for a 100-square-meter property ranges between $200,000 and $300,000.

Luxury Properties in Istanbul

Luxury properties in Istanbul come in various forms, including upscale apartments, exclusive units in signature towers, and stunning villas in prime locations. Residential towns such as Bahcesehir offer diverse property types tailored to different preferences.

These properties are characterized by modern designs, prime locations, and comprehensive amenities, including 24/7 security, private pools, and recreational facilities. Notable projects include Tuscany Orizonte, which resembles the scenic Tuscan countryside, and Viaport Venezia, which evokes Venice with its picturesque canals. Waterfront villas along the Bosphorus also provide majestic living experiences.

Due to their unique features, luxury properties in Istanbul require a significant investment. Villas in the Bosphorus region average around $2.5 million, while exclusive residential units in luxury towers start at approximately $500,000.

Benefits of Hiring a Real Estate Consultant in Istanbul

If you’re planning to buy or sell property in Istanbul, working with a professional real estate consultant is highly recommended. These experts can help navigate the complexities of the property market.

Key advantages of hiring a real estate consultant:

• Expertise and Market Knowledge: Consultants provide valuable insights and identify the best deals.
• Neighborhood Selection: They help choose the most suitable area based on your preferences.
• Legal Compliance: Consultants ensure all legal requirements are met.
• Networking: They have access to a wide network of buyers and sellers.
• Post-Sale Support: Ongoing assistance ensures a smooth property transition.

Drawbacks of Buying Property in Istanbul

While purchasing property in Istanbul has many advantages, there are potential drawbacks to consider:

• High Purchase and Maintenance Costs: Property prices and maintenance expenses in popular areas can be expensive.
• Fraud Risks: Due to high demand, fraudulent activities are possible. Always verify the seller’s authenticity.
• Legal Challenges: Turkish property laws can be complex; consulting a legal expert is advisable.
• Language and Cultural Barriers: Learning Turkish and understanding local customs are essential.
• Economic Fluctuations: Political and economic instability can impact property values.

Tips for Minimizing Risks:

• Work with a Reliable Real Estate Agent: Ensure secure transactions and access to the best properties.
• Conduct Thorough Research: Visit the neighborhood and learn about its regulations.
• Hire a Legal Expert: Verify all property documents.
• Secure Property Insurance: Protect your investment.
• Plan for Maintenance Costs: Include maintenance expenses in your budget.

Benefits of Buying Property in Istanbul

• Turkish Residency: Investments of at least $400,000 in property can qualify for Turkish residency.
• Profitable Investment: Property prices in Istanbul have consistently risen, making it a lucrative option.
• Modern Infrastructure: Istanbul offers excellent infrastructure and vibrant urban living.
• Global Connectivity: The city serves as a major international hub.
• Tourist Attractions: Istanbul is rich in history and culture.
• Cultural Diversity: The city is home to people from various nationalities and backgrounds.

Buying Second-Hand Properties in Istanbul

Purchasing second-hand properties is an excellent way to reduce costs. These properties, often located in central neighborhoods, typically come at lower prices compared to new developments.

Second-hand properties are particularly popular among Iranian buyers. Neighborhoods like Taksim, Esenyurt, and Sisli are common choices. Additionally, second-hand villas with modern amenities are available in villa districts of Istanbul.

In recent years, installment plans and pre-sale offers have become available in European districts, providing flexible options for budget-conscious buyers.

Purchasing property is one of the easiest ways to gain Turkish residency. If your investment reaches $400,000, you become eligible for permanent residency. At Evim Istanbul, our consultants are ready to assist you every step of the way. Contact us today for personalized advice.

In conclusion, buying property in Istanbul can be a highly rewarding investment. However, careful consideration and professional guidance are essential for making informed decisions.