The Minimum Limit for a Residence Permit in Turkey is $200,000

An important decision was taken by the government in Turkey regarding the sale of housing to foreigners. Turkey Immigration Administration has changed the lower limit for short-term residence permits for foreigners. As of 16 October 2023, the lower limit of 75 thousand dollars was increased from 75 thousand dollars to 200 thousand dollars for the immovable properties that foreigners will purchase in order to obtain a residence permit.

According to the information we have received from the Directorate of Migration Management, in the application for a short-term residence permit for real estate purposes on immovable properties with a purchase date of 16.10.2023 and later, the sales price on the title deed will be required to be at least 200 thousand dollars equivalent to Turkish Lira based on the Central Bank foreign exchange sales rate on the day the title deed is received for all cities (date of title deed acquisition). For deeds to be acquired after 16.10.2023, the real estate valuation report will not be accepted and the sales price on the deed will be taken as basis.

As an additional information, applications to be made on immovables with a purchase (title deed) date before 16.10.2023 are not covered by this application.

Between 2018-2022, they bought an average of around 50 thousand houses per year. In June 2020, the number of houses purchased by foreigners increased by 185 per cent to 4,826 in June of the following year. In the first six months of 2021, the number of houses they purchased exceeded 20 thousand. Housing sales to foreigners broke a record in 2022. While it was 46 thousand in 2019, it exceeded 68 thousand in 2022.

This law will not affect you if you are buying for a short-term stay and for investment purposes. Contact us today for information about the law and to find the apartment you are looking for in Turkey with Antalya Home Guide.

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