How to buy property in Turkey using cryptocurrency?
Step 1: Find the property that you want to purchase using crypto by browsing our website and looking at our listings.
Step 2: Negotiate and agree on terms with the seller or developer. Property Turkey can negotiate on your behalf to buy property with crypto.
Step 3: Buyers can exchange their Bitcoin, Ethereum, or cryptocurrencies that they have into USDT and then send that to Property Turkey’s corporate wallet account registered in Turkey.
Step 4: Property Turkey receives your USDT, which is a stable coin and therefore doesn’t fluctuate in value like Bitcoin or other coins. From that point, the buyer knows how much has been converted and Property Turkey knows how much has been converted.
Step 5: Property Turkey will cash your USDT into Turkish Lira or USD or Euros and put the money into your bank account in Turkey in order for you to pay the developer or seller for your new property. You are now successfully using crypto to buy a house.
With cryptocurrency growing in use and popularity, Property Turkey is pleased to announce we’re rolling out Bitcoin and other coin purchases for a number properties on our portfolio, says director Cameron Deggin. Find out how to buy real estate with crypto below.
What is Bitcoin?
Bitcoin is a cryptocurrency - a digital currency using encryption techniques to regulate funds - that’s exploded in value and use since its 2009 inception. Bitcoin appeals to users because it’s bank-free and anonymous. With 100,000 merchants around the world accepting Bitcoin, the cryptocurrency can be used to buy everything from hotel rooms to pizzas, and of course, to buy real estate with crypto.
Bitcoins are stored in a digital wallet in the cloud, or on a user’s computer. The digital wallet is like a bank account, allowing users to complete transactions, pay for goods or save their money. Bitcoin has been subject to fierce trading, and the price of the cryptocurrency skyrocketed into the thousands. Its potential for anonymous, free transactions and international payments mean Bitcoin is most likely here to stay.
Why buy property with cryptocurrencies?
Property Turkey director Cameron Deggin says cryptocurrencies like Bitcoin allow for faster transactions than ever before. “I think it will become a long-term means to buy property with crypto,” he says.
Once everything’s signed, the transaction is completed online or through an app, which means both ease and speed, a significant draw for foreign buyers.
Some buyers will be hesitant to deal in the cryptocurrency as it isn’t legal tender. However, Deggin says this grey area works in its favour. “Bitcoin isn’t subject to the same rules and regulations of local currency, which appeals to some buyers.”
Buying property in Turkey with Bitcoin?
Deggin says the introduction of Bitcoin as a way to buy Turkish real estate is a game changer, especially in the fast-moving Istanbul investment property sector.
Like others in this sector, Deggin realised the potential for Bitcoin in the real estate sector when an Isle of Mann firm announced buyers would be able to buy units in its $325 million luxury Dubai development with the cryptocurrency. The Knox Group’s large residential project was the first on this scale available for purchase in the cryptocurrency.
It was a bold move, and everyone from estate agents to finance and economy experts sit up and take notice, because the move indicated that Bitcoin had moved away from being a novelty currency to gain mainstream acceptance.
The publicity surrounding the Dubai development meant a few investors began to question him about Property Turkey’s cryptocurrency policy. These investors are sitting on great reserves of US dollar, but with the dollar losing ground they’re looking for other alternatives: so real estate is a focus, as well as cryptocurrencies and using crypto to buy a house.
“When a couple of investors asked about Bitcoin to buy property, we thought, why not join the revolution?”
Property Turkey now has a number of properties available to purchase with Bitcoin. Deggin says this is just the start for the company, and eventually clients will be able to purchase any of Property Turkey’s properties using the cryptocurrency, from cheap villas in Turkey to apartments in Istanbul.
Turkish government stance on Bitcoin
The Turkish government views Bitcoin with skepticism, with many ministers not believing that cryptocurrencies have any part to play in future global trade. In 2013, Turkey announced that Bitcoin was not considered a currency, and the country’s Economy Minister has deemed it a “pyramid scheme.”
However, as more and more Turks begin trading in Bitcoin, it’s likely the government will likely be forced to take Bitcoin seriously. Taxation is a big question mark, but first the government needs to decide whether Bitcoin is a commodity, or a currency.
“There is concern among buyers about Bitcoin’s lack of regulation, and a lack of understanding about Bitcoin taxation,” says Deggin. “While the government decides how it will tackle cryptocurrency, we’re treating Bitcoin purchases the same way as purchases made in lira, euros or dollars.”
Buying property with crypto FAQ’s
Can I buy property with crypto in Turkey?
Yes. You can use cryptocurrencies such as Bitcoin to buy a property in Turkey with us.
Can I get Turkish Citizenship using crypto or Bitcoin?
Yes. We have worked with clients who have bought real estate with crypto and successfully obtained a Turkish passport using our expert lawyers and in-house team.
How long does it take to exchange crypto?
If you want to buy a house using crypto, the daily exchange limit is 1,000,000 USD. So, depending on the price of the property, it can take anywhere from one day to a week.
Is it safe to use crypto to buy a house?
Yes. Our experienced team is there to guide you every step of the way – assisting you and keeping you up to date with the process from start to finish.
Do I pay additional tax if I buy property with bitcoin or crypto?
No. You will not pay any additional tax when you purchase Turkish real estate using bitcoin or other cryptocurrencies.
What types of property can I buy with crypto?
You are not limited on the types of property that you can purchase. We have successfully helped clients purchase apartments, villas, residential, commercial, and even land plots using different types of digital currencies such as bitcoin.
Can I use crypto to pay purchase expenses?
Yes. It is possible to pay your purchase expenses using bitcoin or other cryptocurrencies.
What cryptocurrencies can be used to buy real estate?
We generally accept all exchangeable cryptocurrencies available on major international platforms. Please see our step-by-step guide above.
Historically located within the central heart of Istanbul, these contemporary apartments are found in the sought after area of Beyoglu and are just a few minutes away from a range of transport, amenities, and things to do.
With fantastic views out towards the Golden Horn from Halic, these Big Life near Little Bosphorus by Rams apartments are available in various types and sizes for buyers to choose from and form part of an excellent project equipped with amenities.
With outstanding views of the sea and daily sunsets, these beautiful villas are for sale within the sought after area of Yalikavak in Bodrum Peninsula and are complete with their own private gardens and pools.
Two minutes away from the beach and local amenities, these fully completed apartments are for sale within a residential area of Konyaalti in Antalya and have access to a swimming pool and other social facilities.