To buy property in Turkey from the UK, you convert pounds to US dollars or euros, send the foreign currency to a Turkish bank, and convert it to lira there to obtain a mandatory Foreign Currency Purchase Certificate (DAB) — without which the Land Registry will not transfer the title deed. Because the lira is volatile and Turkey’s citizenship-by-investment threshold is set in US dollars, locking your GBP rate with a forward contract protects both your budget and your eligibility.
This guide is for UK buyers purchasing a holiday home, investment property or citizenship-qualifying property in Turkey — from the coasts of Antalya, Fethiye and Bodrum to Istanbul. It explains the currency rules that are unique to Turkey, when in the process you move money, what to budget for, and how to protect your sterling cost while you do it. The legal and immigration steps should be handled by an independent Turkish lawyer; this guide focuses on the money.
What currency do you buy Turkish property in?
Turkish property is ultimately bought in Turkish lira (TRY), but the money almost always starts as a foreign currency. Prices are frequently quoted in US dollars or euros, and Turkish rules require foreign buyers to bring foreign currency into the country and convert it to lira through a Turkish bank before completion.
A DAB (Döviz Alım Belgesi, or Foreign Currency Purchase Certificate) is an official document issued by a Turkish bank proving that foreign currency was brought into Turkey and converted to lira specifically to buy property. You present it at the Tapu (title deed) office, and without it the sale cannot legally complete. The key rule for UK buyers: do not convert to lira before you send the money. Send pounds, dollars or euros to your Turkish bank account and convert to lira there, so the DAB is generated correctly.
The currency challenge specific to Turkey
The Turkish lira has lost substantial value against the pound and the dollar in recent years amid high inflation. That is precisely why prices for foreign buyers, and the citizenship threshold, are commonly set in US dollars rather than lira. For a UK buyer, this means your real exposure is usually the GBP to USD rate — not the lira — because you need to produce a set number of dollars.
Between agreeing a purchase, passing anti-money-laundering checks and completing, several weeks or months can pass. If the pound weakens against the dollar in that window, the same property costs you more in sterling. Our GBP to USD forecast sets out the current market context, shaped by the Bank of England and US Federal Reserve rate paths.
Turkish citizenship by investment: why the dollar rate matters
Turkey’s citizenship-by-investment route remains active in 2026. The property option requires a minimum investment of USD 400,000, supported by a government-approved valuation report, with a three-year no-sale restriction registered on the title deed. The foreign currency must be converted under the rules of the Central Bank of the Republic of Türkiye, evidenced by the DAB.
Because the threshold is set in dollars, the GBP/USD rate directly affects how much sterling you need — and whether you clear the bar. Here is an illustrative example. To produce USD 400,000 at a rate of 1.34 dollars to the pound costs about £298,507. If the pound slips to 1.28 by the time you convert, the same USD 400,000 costs about £312,500 — a difference of roughly £14,000. The rates here are illustrative; check the live rate for your own figures. Fixing the dollar amount in advance with a forward contract removes that uncertainty and protects your eligibility.
How the buying process works — and when you move money
- Get a Turkish tax number and open a Turkish bank account. Both are needed before you can transfer funds and obtain the DAB.
- Choose the property and obtain the valuation report. A government-authorised appraisal confirms the value, which matters for both tax and any citizenship application.
- Sign the sale agreement. Use an independent lawyer, not one tied to the developer or agent. Off-plan purchases carry delivery risk, so insist on completion guarantees and penalty clauses.
- Send your foreign currency to Turkey and convert to lira. The bank issues the DAB. The sending account name must match the buyer named on the title deed — third-party transfers are routinely rejected, so verify details carefully. See our guide on verifying an international bank account.
- Complete the Tapu transfer. Pay the seller in lira referencing the DAB, register the title, and (for citizenship) record the three-year no-sale annotation.
A useful saving to know about: foreigners making their first property purchase with foreign currency brought in from abroad are generally exempt from VAT, which can save a significant sum. Have your documentation ready before the first payment — see our guide on the documents needed for large international transfers. And because overseas property deposits are a known fraud target, always confirm account details by phone first; our guide on conveyancing fraud and property deposit scams covers the warning signs.
What does buying in Turkey cost on top of the price?
These are tax and legal matters, so confirm exact figures with your Turkish lawyer — but as a planning guide:
| Cost | Typical level | Notes |
|---|---|---|
| Title deed (Tapu) transfer fee | Around 4% of the declared value | Often the largest single cost; sometimes shared with the seller |
| Agent fee | Around 2% + VAT | Paid by the buyer in most areas |
| Valuation report | A few thousand lira | Required, especially for citizenship |
| Legal and notary fees | Variable | Budget for an independent lawyer and certified translations |
| VAT | Often exempt | First purchase by a foreigner using imported foreign currency is generally VAT-exempt |
Because the costs and the price are settled in lira but funded from sterling, the exchange rate affects your total outlay. Check the live rate on our currency converter when you budget, and remember that rental income and ongoing ownership costs will be in lira, giving you some ongoing exchange-rate exposure.
How to protect your exchange rate on a Turkey purchase
A forward contract lets you fix today’s GBP/USD rate for a payment due later — up to around 12 months ahead — so the dollar sum you need is locked in sterling terms even if the market moves before you convert. For a citizenship purchase, where hitting the USD 400,000 mark is non-negotiable, this is the most direct way to remove the risk of a moving rate pushing you over budget or under the threshold.
As Anthony Bull, CEO of Cambridge Currencies, puts it: “When the target is a fixed number of dollars, the pound’s movement against the dollar is the whole story. Lock that in early and the citizenship threshold stops being a moving target you have to chase.”
If your timing is flexible, a limit order can target a specific rate and execute automatically if the market reaches it. Funds usually reach Turkey by SWIFT transfer, with a clear reference noting the payment is for a property purchase to keep the bank’s compliance checks moving.
Why use a currency specialist for a Turkey property purchase?
In our experience helping UK buyers across the Mediterranean, the Turkey purchases that go smoothly are the ones where the buyer locks the dollar cost early and sends clean, correctly-referenced funds that pass the bank’s checks first time. A specialist gives you a transparent margin agreed up front, forward contracts to fix your GBP/USD rate, and a dedicated contact who understands the timeline — with every transfer completed by phone, not through an app.
Cambridge Currencies works exclusively with FCA-authorised payment partners, Currencycloud (FRN 900199) and ScioPay (FRN 927951), so your funds are safeguarded at every stage. If you are weighing up providers, see our guide on choosing a trustworthy currency broker for buying property abroad and our wider FX services for overseas property buyers. Considering the wider region? Compare our guides on buying property in Greece and buying property in Spain. For background on Turkey itself, the UK government’s guidance for British nationals in Turkey is a useful starting point.
Frequently Asked Questions
Can UK citizens buy property in Turkey?
Yes. British nationals can buy property in Turkey, including for the citizenship-by-investment route. You will need a Turkish tax number, a Turkish bank account, and an independent lawyer to handle the legal process.
What is a DAB and do I need one?
A DAB (Foreign Currency Purchase Certificate) proves your foreign currency was brought into Turkey and converted to lira to buy property. It is mandatory — the Land Registry will not transfer the title deed without it, and it is essential for any citizenship application.
Should I convert my pounds to lira in the UK or in Turkey?
In Turkey. Send pounds, dollars or euros to your Turkish bank account and convert to lira there, so the bank can issue the DAB. Converting to lira before you send the money means you cannot obtain the certificate.
How much do I need to invest for Turkish citizenship?
The property route requires a minimum of USD 400,000, supported by an approved valuation, with a three-year no-sale restriction on the title deed. Because the figure is in dollars, the GBP/USD rate determines your sterling cost.
Do foreign buyers pay VAT in Turkey?
A foreigner’s first property purchase using foreign currency brought in from abroad is generally exempt from VAT, which can be a significant saving. Confirm your eligibility with your Turkish lawyer.
Should I lock my exchange rate with a forward contract?
For a dollar-denominated purchase, a forward contract fixes the sterling cost of the dollars you need, protecting both your budget and your citizenship eligibility against a moving rate. Whether it suits you depends on your timeline — a specialist can talk you through the options.
Cambridge Currencies helps UK buyers purchase property in Turkey with confidence — fixing your GBP to USD rate, sending clean funds that clear compliance, and giving you a dedicated specialist throughout. Request a quote or speak to a specialist about your Turkey purchase today. Every transfer is completed by phone with a dedicated specialist.
