According to several Turkish data, Iraqis have recently held prominent positions on the list of Arab nations that purchase real estate in Turkey most frequently.
The legal framework that permits Iraqi residents to acquire real estate in Turkey, together with the most critical requirements and required paperwork, will be clarified in this article.
It is important to highlight that, in accordance with the Turkish Council of Ministers' decision governing the transfer of real estate to foreigners within Turkish territory, Iraqi citizens have the legal right to own property in Turkey. Iraqi residents were given permission to own property in Turkey in 2012, and they were given the right to transfer ownership of it (sell, purchase, bequest, and rent) with certain restrictions.
The approval of the Turkish Ministry of Foreign Affairs and the Ministry of Interior is among the most crucial requirements, as it is necessary to submit a request for approval to purchase the property from the two ministries in order to begin other procedures. The Iraqi citizen does not need to review the ministries because the Land Registry Department will perform this procedure automatically after submitting the required papers, and submitting the required papers will also complete the Tapu procedure.
Iraqi citizens are permitted to own most forms of real estate in Turkey, including hotels, stores, flats, villas, shops, and commercial offices, however they are not permitted by law to acquire agricultural lands other than for residential use.
One of the most crucial documents needed to complete a real estate transaction in Turkey is a passport that has been translated into Turkish and certified by a Turkish notary, as well as personal photos, the issuance of a tax number, payment of title deed fees, and the presence of the buyer or his representative at the office where the document will be attested by the notary.
According to the Al-Jazeera Net website, the political and economic stability, as well as the widely accessible real estate services, as well as the health, educational, and recreational services available in all Turkish regions, have drawn the attention of Iraqis to purchasing real estate in Turkey or investing in real estate there.
And in 2022, the General Directorate of Land Registration and Real Estate Survey in Turkey reported that over 62,000 homes had been purchased by foreigners, suggesting that the following countries accounted for the majority of these purchases: First place went to Russians, with 13,909 properties, Iran ranked second among foreign nationalities with 7,548 properties total, Iraq ranked first among Arab nations and third among foreign nationalities with 5,896 properties.
Since 2015, Russians have surpassed Iraqis as the country's leading house buyers. Nevertheless, following Iran at the start of the year 2021, Iraqis' position dropped to second, and it has remained there since April 2022 until the recent time.
It is important to note that Iraqi investments in Turkey went beyond real estate, covering all facets of the country's economy, particularly import and export, and increasing the volume of commerce between the two countries to astounding heights.
Iraqis find a new home in Turkey, and many of them move there not only to invest in real estate or buy homes, but also to pursue Turkish citizenship.
The proximity of Turkey to Iraq and the two nations' shared borders also contribute to the ease with which Iraqis may visit and live in Turkey, which motivates them to invest in real estate there.
The surge in real estate costs in Baghdad and the other governorates of Iraq, according to the Qatari "Al-Jazeera" website, led many families to sell their expansive homes and purchase smaller ones, as well as additional properties in Istanbul, which is more affordable than Baghdad.
In addition to being eligible to apply for Turkish citizenship, it is noteworthy that Iraqi citizens have the right to obtain a real estate residence permit when purchasing property in Turkey. This residence permit has the property owner's wife and any children under the age of 18 as co-applicants, and it is distinguished by being renewable annually for the duration of the ownership of the property.
Purchasing a home in Turkey has evolved into the finest long-term investment project available due to the legal parameters recognized in Turkey through real estate investment.