New regulations regarding property sales to foreigners have been introduced, and the requirement for appraisal reports and expertise has been removed.
While there has been a decline in property sales to foreigners, the anticipated regulation in the implementation of the Turkish Citizenship Law has been enacted. With the new regulation, the obligation to obtain an appraisal report for property sales to foreigners has been relaxed. According to the new decision, the expertise requirement will only apply to property sales made for the purpose of acquiring citizenship. Foreigners purchasing real estate for investment purposes will not be subject to this requirement.
In Which Cases Will the Expertise Requirement Apply in Property Sales to Foreigners?
As part of the new regulation, the implementation of the Turkish Citizenship Law has been amended. Under the new regulation, the requirement for an appraisal report for foreigners buying property for investment purposes in Turkey has been abolished. However, this requirement will continue to apply to foreigners buying property to obtain Turkish citizenship.
There will be certain exceptions. For example, the General Directorate of Land Registry and Cadastre’s Department of Foreign Affairs may still request an appraisal report for property sales to foreigners if deemed necessary. As it is known, foreigners began to purchase real estate in Turkey intensively to obtain citizenship, which further increased property prices. Particularly after the Ukraine-Russia war, foreigners flocked to Antalya, causing property prices there to reach record levels and making it difficult to find properties for sale or rent. Due to malicious individuals engaging in fraudulent sales to obtain citizenship, an amendment was made to the implementation of the Turkish Citizenship Law, and the expertise requirement for property sales to foreigners was introduced.
