@Gino_CMuch appreciated Gino! 🙏Are you in Antalya already and about to go through the process, or still abroad and looking to make the move?Wishing you the very best!
Hello Hanif,
I will be moving to Turkey in about 2 years after my son completes his college education. I am retired so no work permit issues to deal with. We will be settling into Eskisehir as we can't stand hot climates. It does get cold in the winter.
I want to make you aware of an issue I encountered with getting a residence permit (ikamet) through investment. The application requirement is that the deed (Tapu) has to show an investment of at least $200K as well as the appraisal (Değerleme Raporu) which is generated by first an appraiser (Ekspertiz) who subsequently submits it to a governmental control agency called GABIM which generates the final appraisal. GABIM has historically lowered valuations by a large margin from the original. For the property I was looking at, GABIM's appraisal was 17% lower than the original valuation which put it below the $200K threshold. The methods used in my report was greatly flawed. I did purchase this property for reasons I detail below.
There is pressure on Mehmet Özhaseki who is the Minister of Environment, Urbanisation and Climate Change to revoke the GABIM requirement in the near future because foreign property investments has slowed considerably in Turkey due in large part to GABIM and which in turn is hurting the large construction companies and the general economy.
Since I haven't moved yet, I haven't applied for the residence permit yet. I still have time. Should the GABIM requirement be revoked, I will submit for a new appraisal. Even so, property values are rising, so hopefully appreciation will work in my favor. If not, then I will apply for a tourist residence permit. During my last visit in Turkey, I was introduced to an expat from Belgium who has been living in Turkey trouble free on a tourist residence permit since 2008. She advised me that I should have no problem particularly since I do have a deed for a property exceeding the $200K.
Lastly, I would advise finding a very good real estate agent or an attorney who is well versed in dealing with expats. I am working with a real estate agent who is a close family friend. If you have any questions on details, you may PM me.
Good Luck and enjoy your new life in Turkiye!