Tatar, 60, was facing Mustafa Akıncı, the 72-year-old incumbent president, who received 48.26% after all votes were counted.
Tatar appears to have benefited from a higher turnout in the runoff, managing to rally supporters from the approximately 200,000-strong electorate who may not have voted in the first round.
Akıncı conceded defeat to Tatar in a speech to supporters at his campaign headquarters, congratulating his opponent on his victory.
“These results mark the end of my 45-year political career,” Akıncı said. “I wish good luck to our people.”
The voting ended at 6 p.m. local time (1500GMT).
In the first round of the election on Oct. 11, Tatar came in first with 32.34% of the votes, while Akıncı was second with 29.80%.
Since none of the 11 candidates initially competing got more than 50% of the votes, Tatar and Akıncı proceeded to round two.
The Supreme Committee of Election said the turnout was 61.03% as of 5 p.m. local time (1400GMT).
The electoral participation stood at 58.29% in the first round, making it the “presidential election with the lowest turnout.”
Over 199,000 registered voters were eligible to cast ballots in 738 ballot boxes.
Hurriyet Daily News