Foreigners can own land and houses in Turkey. House prices in Turkey are highly likely to be rocketed within few years. Thus, there are big prospects for property and construction related businesses. In implementation of the reciprocity principle, it is essential that real estate acquisition rights given by a foreign country to its own citizens and to commercial companies established in foreign countries according to the laws of these countries are also given to the citizens and commercial companies of the Republic of Turkey.
The people of the nations that allow Turks to buy land in their countries, can in return, buy land in Turkey. Based on these agreements foreigners of the following countries are eligible. England, Germany, Australia, Austria, Belgium, France, Holland, Ireland, Spain, Italy, Canada, Luxemburg, Norway, Greece as well as some African and South American states.
More than 25 million tourists are expected to visit Turkey in 2011. This figure is expected to double within a few years. Moreover, Turkey started full EU-membership negotiations in October 2005 are all potential factors which will contribute well to property market in Turkey.
Non-Turkish citizens need permission from the military authorities before buying a property. Land Registry office will ask the prior approval or permission of the highest military command of the area before transferring the title. Upon your application, the local Land Registry office will do a search on behalf of you whether the asset is in a forbidden zone or not. If the information provided by military authorities confirms that the real estate is outside the military and security zones, then your application is accepted.
This is a standard procedure for all foreign purchases in Turkey to ensure that the land on which your property is built is not in a military, strategic or security zone. It is important to note that this search period can take nearly 3 months. In Turkey you are not obliged to employ a notary for title transfer.