Istanbul is the cheapest of the eight cities Poyzo tracks on a per-square-metre basis, but it is also the one where the headline price tells you least. The lira’s movement, the gap between declared and market prices, and the extra steps a foreign buyer has to take all matter more here than in Paris or Berlin. This page explains what the price figure means, what you pay on top of it, and the rules that apply to non-Turkish buyers.
What the headline figure means
Poyzo’s working figure for Istanbul is about €1,900 per m². It is a rounded, city-wide average for residential property, converted to euros so it can be compared with the other seven cities. It hides a very wide spread: central districts on the European side and the Bosphorus shore sell for several times the price of outer districts, and new-build compounds with pools and security are priced very differently from older apartment blocks.
Two things make the euro figure unstable. First, most local listings are priced in lira, so the same flat can look cheaper or dearer in euros from one month to the next without any change in the local market. Second, Turkish statistics on house prices are reported in lira and in nominal terms, so a strong rise in lira prices can still be a fall in euro terms. When you compare Istanbul with other cities, compare in one currency and over the same period.
Costs on top of the price
| Item | Typical amount | Notes |
|---|---|---|
| Title deed fee (tapu harcı) | 4% of the declared price | By custom split 2% buyer, 2% seller, but often negotiated so the buyer pays all of it. Foreign buyers pay the same rate. |
| Valuation report | Fixed fee | Foreign buyers need an official appraisal report from a licensed valuer before the transfer. |
| Sworn translator and notary | Fixed fees | A translator must attend the deed transfer if the buyer does not speak Turkish. |
| Agent commission | Commonly 2% + VAT from each side | Negotiable; check who is paying before you view. |
| VAT on new builds | Depends on size and location | Applies to first sales by developers. Some non-resident foreign buyers can claim an exemption if they pay in foreign currency; confirm eligibility before signing. |
The declared price matters because both the title deed fee and any future capital gains tax are calculated from it. Under-declaring to save fees is illegal, and declared values cannot fall below the municipality’s minimum value for the property.
Rules for foreign buyers
- Nationality. Citizens of most countries can buy freehold property in Turkey. A small number of nationalities face restrictions.
- Location limits. Foreigners cannot buy in military or security zones, and the total share of land owned by foreigners in a district is capped. The land registry checks this during the transfer.
- Citizenship by investment. Buying property worth at least $400,000 can qualify a buyer for Turkish citizenship, provided the property is held for at least three years. The valuation, payment trail and annotations on the title deed all have to match the programme’s rules. Turkey does not run a “golden visa”; the route is citizenship, and it has its own conditions.
- Short-term letting. Since 2024, renting a home out on a short-term basis requires a permit, and in apartment buildings the agreement of the other owners. Do not assume a holiday-let income stream is available.
Running costs after you buy
- Annual property tax in metropolitan municipalities such as Istanbul is 0.2% of the assessed value for residential property.
- Building dues (aidat) cover cleaning, security, lifts and shared facilities. In compounds with pools and security staff they can be a significant monthly cost.
- Earthquake insurance (DASK) is compulsory for residential buildings and is required for many transactions and utility connections.
- Income tax on rent is due in Turkey on rental income, including for non-resident owners.
Worked example: what €400,000 buys
At the working figure of €1,900 per m², €400,000 corresponds to roughly 210 m² at the city average. In practice a buyer at this budget usually chooses between a smaller flat in a central or sea-view location and a larger unit further out. Budget separately for the title deed fee (up to €16,000 if the buyer pays the full 4%), agent commission, valuation and translation, and furnishing. If the purchase is intended for citizenship, the $400,000 threshold is measured on the official valuation, so the purchase price alone is not enough to rely on.
What to check before you commit
- The title deed status: whether it is a full condominium title (kat mülkiyeti) or construction servitude (kat irtifakı), and whether there are mortgages or annotations on it.
- Whether the building has an occupancy permit (iskan) and how it would fare under earthquake-risk regulations.
- The currency of every payment and how funds will be transferred and documented.
Sources: Turkish Land Registry and Cadastre (TKGM), Turkish Revenue Administration (GİB), Turkish Statistical Institute (TÜİK) house sales and price statistics, Law No. 3065 on VAT. Figures checked October 2026.
Related on Poyzo
- Car prices and running costs in Istanbul
- Istanbul vs Dubai: where should investors look?
- Currency risk when you buy property in another currency
- The costs of buying property abroad that are not the price
- Gross yield vs net yield: what eats the difference
- Compare your budget across all eight cities
Information only. This page explains how buying costs and rules are structured. It is not financial, tax, legal or immigration advice and it is not a recommendation to buy any property. Rates and rules change; confirm anything that affects a decision with the relevant authority or a qualified local professional.
Last updated: October 14, 2026