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Buying property and living in Turkey.

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Brisa01

Hello all,

Just joined the expat club as looking to move to Turkey.  Lived for 15 years abroad and now looking to start a new chapter. 

Would appreciate any info in general about buying a property and living out there.

Many thanks.

ODAN

Hi brisa,

Same thoughts I lived abroad for 12 years and moved back to my home country. Looking forward to move to turkey as I miss my expat life hope we can find good information. I heard of touristic resident visa which is for 1 year. Once you land in Turkey you can apply with that. You must have a rental contract and bank account with required amount. If someone can share here how much a couple required to get a touristic resident visa?
I am thinking once I get the long term touristic visa I will Visit all the big cities and If I love it I will buy a small apartment and next year can apply on the basis of having own property.

Kindly share your thoughts

Brisa01

Thank you Oden.  Hoping someone will be able to tell us!  Seems like a good way to do things.  Good luck to you.  Regards Brisa

infoaboutTurkey

that someone just arrived:) @brisa1 @odan

You can actually make your application online for visa.

For purchasing a house, I think you should come and rent a place before buying a place a here. Because it might not suit your taste and world view.

In general kadıköy moda levent taksim etiler nişantaşı considered more liberal rest is more conservative

GuestPoster100

Hi! would like to move to Istanbul Belykduzu area ! i was already there for a visit and I liked it.Thinking to buy an apartment there. Anything I should know before buying in that area?
Are they really going to build that big  valley?
Thanks for any kind of infos.
Really appreciated

Harry Crumble

Yep. Turkey came also into my interest. I thought about something
like rental business and in the free trade zones import of moto bikes trucks trailers and vehicles. Maybe a tool shop too.
All taxations about this are of my interest. ty

OSafa

Hi everyone!

I lived in many countries and I enjoy change. I would like to move to Turkey some day but it is not possible now. So, for now I want to buy an apartment but don't have alot of money like some of the foreigners investing in Turkey. I know a retired couple who bought in Dushmealti which was where Inwas planning to buy since yeaterday.

Now thinking about my reasons to buy. I need a rental income and they don't.

My questions: what do you think of Dushmealti, Antalya? How about Istanbul or Ankara? Rental wise and investment as well as living there.

GuestPoster100

@Brisa01 Ä° am in Alanya! ***

Moderated by Cheryl 2 years ago
Reason : No advertising on the forum please
We invite you to read the forum code of conduct
cdw057
@Health.and.Beauty.Doc I will not contact anybody with WhatApp on the Forum (apart from the fact that I am too old to learn). You say doubling in 1 or 2 years, is that in TRY (which is not so difficult I would think or EUR). Please be specific. (Doubling TRY in 2 years might actually be a disadvantage)

What I see on the property market happening is that prices not skyrocketing as presented at all. Personally I am already resident (Ikamet) and looking for another property, I expect a soft landing in Alanya until autum and I will wait until than before actually buying. Erdogan will do what he can to soften the increase and the cap on rent-increase will definitely put some pressure on prices of existing sales as well.

Just my view and I have no rush to invest.

By the way not a PM and putting your number here, good chance your message will be deleted.
GuestPoster100
@cdw057 No it's not deleted. Doesn't matter. I have much work I just want help bit. Good luck!

And yes, i meant EUR because we wait around 20 million worldwide foreigner/refugees more within some year.

Only doubled rentals also in EUR/DOLLAR within 1 year! These are easy facts, soon here are no apartments to buy more.
cdw057
@Health.and.Beauty.Doc I bought our penthouse in September last year, if doubling you can make a profit, we are happy to sell double, please let if you are interested. EUR 190 K , 189 m2 (including largely covered terraces), Mahmutlar Casa Bianca.

In Hungary it took us 7 years to double the price, perhaps better in Turkey, but that is fine.

Even if selling for 80 % profit I think we would be happy. No intention to leave Turkey at this stage, we love it here, but if a very very quick profit in EURO , please.

As I understand the maximum I would pay (probably far less) is 35% on the gains, the TAPU says a far less value, so selling price minus TAPU times 35% (MAXIMUM, with good agent far far less).

Please double our price and we are more than happy to consider.

If you want to make a big profit give good tax treatment and you can get if for 80% on purchasing price.

I doubt you will come back, but if you say is true (fine). Of course you can say we have overpaid, that is fine. No hurry we like it here, but a general statement of doubling is tricky.

Perhaps people will come to you on the forum asking how to double investment (in EUR)




cdw057
If a fact, please make an offer (but the argument will be that we overpaid I am sure and therefore doubling is not applicable).
cdw057
@Health.and.Beauty.Doc Good news for you, if you can sell our property for double within 6 months from now  I can give you 5%, the official real estate agent will be mine. Just a commission for delivering a client. Good for you, good for me, but I do not believe a word. Fact is not a fact.

These presentations are not realistic, and honestly I hope more people will try to get you on the doubling challenge (in EUR). Personally I hope you are swamped with calls asking for capital you present as a FACT.




cdw057

@Health.and.Beauty.Doc I did not got a reply on the FACT you presented?

jisaso8296
@Brisa01

Hello. we could help you move to Turkey with the complete immigration process and help you get a citizenship in Turkey. We are a real estate agency, with the help of housing we'd help you settle in Turkey, if you'd be interested.  Contact our Instagram @turksquire

A complete assistance to you from us. We would be pleased to work with you. Thank you
raregems11
@Brisa01
Hello Barisa,

My name is James from California. I recently moved to Alanya and bought an apartment. I intend to live here. It’s a little overwhelming and confusing to read the requirements for obtaining a Residence Permit and buying property. But the good news is that you can buy property here and obtain Residence Permit.

Once you buy a property, you can then obtain a Residence Permit usually good for 2 years which needs to be extended at the end of 2 years. If you choose to rent and obtain long term visa, you are required to provide a copy of your lease, utility bills, and your landlord will need to go to the Notary to certify you are the tenant.

Remember if you buy a property worth over $250K, you can apply for Turkish Citizenship if you like.

Now there are a few steps that you need to follow. However, if you plan on buying a property, your real estate agent can help and usually has contacts for arranging all of them for you.

However, if you choose to rent first and then buy a property, there are agents that work with the Turkish Immigration and can help you obtain your visa by paying a fee between $200-$350.  They are called Ikamet ( Residency) in Turkey.  They will tell you exactly what you need. I can explain to you the steps but it can be pretty lengthy.

Hope this was helpful. Good luck.
James
cdw057
@raregems11 Hello James, good post and conceptually correct, indeed typically the real estate agent should assist (in my view even arrange) residency permit. Recently however as I understand the validity has shortened to only 6 months rather than 2 years, me and my wife were just in time so we had 2 years, but things are more painful. Apart from the measures that not more than 20% foreigners should reside in a district and also capping the rent increase annually are not very encouraging. I do not know how this will be transposed (apparently 1st July for implementation).
For Turkish nationality as I understand the level has increased to USD 400 K

Bottom line real estate agent should help out, could potentially be in a contract as a condition (?)



raregems11
@cdw057

Thank you. I was told that if I don’t buy a property, I can obtain a 6 month visa at a time. I am not sure if this is  the new law and  applicable to American citizens only.  However, since I bought an apartment, I am being issued a 2 year visa.

You may be right about the minimum investment to obtain Turkish citizenship. Things are changing fast around here)  Regards.
cdw057
@raregems11 Loads of unclarity indeed, bottom line Erdogan tries to achieve a few things
1. Limiting inflation, so far in any case he has been effective in keeping TRY relatively stable (even if decreasing in value)
2. Also limited to 1, limit the number of foreigners (too many upset Turkish people, no problem for Westerners though , but law has to be consitent.
3, The fact that 25% rent increase is implemented is really worrying me (can property owners in the future even be forced to rent out against decreased crises)
4. Also the 20% rule of foreigners in the district (protecting own (which is fine and understandable)

I really do not have clue how things work out
Still I think Erdogan like Orban is a clever man and he will not put (I think)serious dangeour the tourist business and building business. (Still normal Turkish people benefit, but also suffer from expats)
avvuralgokhan
@raregems11
Dear raregems,
Obtaining citizenship through real estate investment is now at 400000 dollars.
Obtaining a residence permit for short stay is a valid excuse too. So it's easily acceptable for state.
avvuralgokhan
@cdw057
Restricted areas are actually published on a regular basis. If you try to reside in one of those it would be hard really.
polaky
By all reckoning it would appear that buying property in turkey at the moment would be a bad idea, due to the war and fear of marshal law, many are looking at an alternative residence, and by doing so have created a tsunami of buyers eager to pay whatever it takes, thereby inflating prices 10 fold, when everything settles there will be a lot of people who will lose their pants, if not the shirts off their backs.
cdw057
@avvuralgokhan I already reside and have my Ikamet until end of 2023, nobody however wants to commit on safety of buying an additional property (being Ikamet holder). I have no hurry, but curious how things will develop.


cdw057

@avvuralgokhan Please note citizenship can also have some drawbacks, to me it means changing nationality and some countries might consider pension rights. I have NO intention to change my nationality and I would urge others to assess consequences with your home countries (could be some if you are a real expat). Be careful in changing nationality I have to say

cdw057

@avvuralgokhan Even if might not agree with what you intending to do, you approach is soft and very accepatable, good so far.

avvuralgokhan
@polaky
I can understand where your are coming from but the prices are excuseable for supply is really short and many elements used in such operations are priced with dollars however it's competitive for many remote workers and many areas are still not planned so even though prices seemingly high i wouldn't say its unfair.
Many cities especially Ä°zmir are clean, neat, well organized and cheaper for any european.
Investment planners are always in it for the long haul especially when it comes to the real estate.
cdw057
@avvuralgokhan Feedbacks are reasonable so far, but could you give some view on the taxes post I made? Just your views, no advice.Also what is very important is to have a view on the property market I think in many areas where limitation of foreigners are. We have 2 real estate agents looking for us, they sound surprised, but they really should not be.
I made an additional post.

Really I think on this forum people should give their view, real estate agents of course they have their business to manage and like you have to find a very thin balance, but promoting yourself can also be by this forum, not only selling.
I try to keep myself informed a bit, but confirming answers or views are difficult to view.

For AVVU. a question, perhaps even commercial interesting. (I DO NOT KNOW IF I WAS TO BE INTERESTED). I have worked in Netherlands, UK, Luxembourg and Hungary.
I had national insurance everywhere, I even have a tiny pension from Netherlands as per 60 of EUR 100 pm. The really questions are with 65.
I doubt you would have so complicated clients, I would think though that your revenues would be to initiated from complicated clients. What is wrong for simple clients from abroad to give some generic directions.
People like me (I will not ask) need advice on CGT, DTT, offset, closing companies, pensions to be received (in the future).
Please follow normal business lines, please pay your taxes and create business through PM's.
NOT drawing in people for basic things. An advisor should be there for interesting cases.

Again please refer to my basic post on taxes.


cdw057

@cdw057 Considering by the way, I think property prices will go down quite a bit (for Erdogan good, and perhaps also for the economy (difficult). For those who tell me it will go up only (I am VERY sceptical)

cdw057
@avvuralgokhan Interesting for AVVU, I doubt you can help though, I am in the process of closing my company in Hungary, but a real specialist or company could help.
Than again that might too be of a stretch and I have to deal with it myself (fine (or not))
avvuralgokhan
Well @cdw057
I have seen your post in which you ask about the property taxes, income taxes and macroeconomy of turkey.
I quite honestly know every answer to those questions and you might be right to seek those answers too.
But If I would think it would be plausable i would have done it long time ago anyways.
Since you worked in netherlands and i assume with dutch people, you should know that each profession has its own way of earning and building a life so hustle and bustle also should have reciprocal benefit.
If you guys want to make a quick buck you should try anything but real estate, like keep your money as cash and see it burning through in time anyways :)
Regards
Atty. Gökhan VURAL
cdw057
@avvuralgokhan Thanks for your comment, appreciated. However I expected a bit more than a comment that I have a bit of money and a bit of know-how, As a side not I an not here to make a quick buck (I am far from that (unfortunatlely perhapsm but I might return).
I just want concrete answers of specialistsm why you do not share (I give my views, you are the specialist, not me). Why do not share your views?

By the way I have no problem in burning my money, restaurants, cigarettes or even alcohol.

Even if I am Dutch. Give your concrete views (by the way after your last post I will definitely hire me as my tax advisor). Many posts and no real valuable input.
SHARE WHAT YOU KNOW for those in a simple situation, not those being (like me) in complicated.

CAN YOU PLEASE reply on the taxes post, really simple I think for a professional and not very confidential. A confirmation from an expert and professional would be good for many.

As a side note I will continue to chase those who want to try to take money from the forum. Just give valuable input is what I require.
Borraro
professional means that one engaged in a specified activity as main paid occupation rather than as a pastime, so if anyone is looking for an expert's opinion, it is better to be willing to pay for it.
it is okay to try making money from the forum, why not, you are not the ruler, not a chaser at all, who cares, who is counting?
cdw057
@Borraro Sorry I have to disagree, I have a lot of knowledge on European taxes and I was happy to share on the Hungary forum (same handle). A forum is to change views/experiences, NOT to promote companies (indirectly perhaps). I think quite fine and I can hire a specialist if needed, but not all are in a complicated situation and just want straight forward confirmations. (Not from me (I am not even Turkish), I have my views, clearly, but I have only exeperience in European tax (having said that taxes are in a way the same around the world))

Giving free information is good, and business at the back-end (possibly?)
cdw057
@avvuralgokhan I appreciate your replies, I am quite aware and there is quite a bit uproar and uncertainty, some of the ucertainty can be taken away easily and also confirmed in a way, but if somebody like you can take away the easy things it can already help (even if I have to say the message is not so nice, but people in real need with specialist assistance (there are always possibilities (even for Mahmutlar). I am in no need, but many people are, and giving view on how things are is good.
I have to say things look bleak for real estate agents and developers, but we have to deal with it (and for you I am sure there will be opportunities as well (not the normal ones, but others)

Still people come to the forum unprepared and they (I think) have a right to be informed on what is really going on.
Many things are unclear (very unclear), but I am sure over the next week there are many more reports. (Public anyhow)

Why not share and give good interpretation.
cdw057
@avvuralgokhan As mentioned in other posts I am sure, I have worked in Netherlands, UK, Luxembourg and Hungary (Turkey is for semi-retirement).
What I learnt is of course I can get my salary, but finding the tax-loopholes are the really gainers. I did not have a bad salary at all and I paid my taxes, but I tried to retrieve as well where possible.
A few things I was proud off.
1. Moving from Netherlands to the UK, a bonus it was taxed as normal with social security and income-tax,.... But because there was a clause in the bonus I should work for the same company next year I argued, this is not a bonus, but retention payment (net EUR 7500)
2 In the UK working abroad (at the time (not now) could be argued not subject to UK tax, but local (business trips in France, Luxembourg, Germany, Netherlands), savings at least EUR 25 K
3 180 rule , time your move (also applicable for Turkey I would think). Moving around and timing at least EUR 20 K (more I think, but ..)
4. Company cars in Hungary (very profitable for me)
5......

You can probably find some other practical items I think on the Hungary forum

What I can say is without tax-possibilities it was probably not possible for me to switch to Turkey (now with the same life-style).

Make your money with real advice, make EUR 2 K on an assignment, not on petty cash what people can find out even with you.
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