Turkey is a popular tourist destination as well as an attractive real estate investment destination. At the beginning of 2024, a number of new laws have come into force in Turkey that may affect citizens and foreign investors.

Residence permits for real estate purchases

One of the most important changes is the lowering of the real estate value threshold for obtaining a residence permit (TPL) in Turkey. Now to obtain a residence permit you must purchase real estate worth at least 200 thousand dollars. Previously, this threshold was 250 thousand dollars.

However, in some areas of Turkey, including in major cities, to obtain a residence permit must purchase real estate worth at least 500 thousand U.S. dollars.

Such areas include:

  • Istanbul
  • Ankara
  • Izmir
  • Antalya
  • Bursa
  • Adana
  • Mersin
  • Kocaeli
  • Samsun

This change is aimed at preventing real estate speculation in these areas.

Real estate insurance

Another important change is the introduction of compulsory real estate insurance. Now when buying real estate in Turkey it is necessary to take out DASK insurance. This insurance protects the interests of both the buyer and the seller. It covers damage caused to real estate as a result of natural disasters, fire, explosion and other unforeseen circumstances.

The cost of DASK insurance is about 1% of the cadastral value of the property.

Rental real estate for tourists

Also from January 1, 2024, tourists are required to obtain a license to rent real estate. The license can be obtained from the municipality or from a private licensing company.

The cost of the license is around $1,000.

This change aims to increase the transparency and security of real estate rental transactions and to prevent illegal activities in the tourism industry.

Other changes

In addition to these major changes, other laws have come into effect in Turkey that may affect citizens and foreign investors.

Among them:

  • Changes to the value added tax (VAT) on certain goods and services.
  • Changes to the employment rules for foreign nationals.
  • Changes in the rules for entering and leaving Turkey.

Citizens and foreign investors planning to travel or invest in Turkey should familiarize themselves with these new laws.