Erdogan, 64, says a powerful executive presidency is vital to drive economic growth, ensure security after a failed 2016 military coup and safeguard Turkey from war across its southern border in Syria and Iraq.
Venezuelan President Nicolas Maduro, Hungarian Prime Minister Viktor Orban and former Italian Prime Minister Silvio Berlusconi were due to attend the ceremony.
Investors are also keen for details on Erdogan's new economic team, which is expected to be announced later on Monday. The government's vow to end the state of emergency is a "meaningless development" because the new presidential system will allow Erdogan to continue to rule by fiat as he's done over the past two years, he added. Monday's ceremony paves the way to shift Ankara's ruling model from a parliamentary to a presidential republic.
Prime Minister Binali Yildirim now goes down in history as the 27th and final holder of the post in Turkey.
Just as Ataturk transformed an impoverished nation at the eastern edge of Europe into a secular, Western-facing republic, Erdogan has fought to bring Islamic values back into public life and lift millions of pious Turks - long ostracized by the secular elite - out of poverty.
The appointment of Albayrak, the husband of Erdogan's elder daughter Esra and formerly energy minister, came as a surprise, with no place for Mehmet Simsek, the former deputy prime minister for the economy trusted by markets.
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The post of prime minister has been scrapped and the president will be able to select a cabinet, regulate ministries and remove civil servants, all without parliamentary approval. A senior adviser to Erdogan later said that governors would still be appointed for a five-year term.
"We will take our country much further by solving structural problems of our economy", he said on Saturday, referring to high interest rates, inflation and the current account deficit.
The inauguration in parliament after Erdogan's June election victory will be followed by a lavish ceremony at his palace attended by dozens of world leaders marking the transition to the new executive presidency system.
Under his leadership Ankara started accession talks with the European Union, which stalled amid EU criticism of Turkey's human rights. Ties with the United States and other North Atlantic Treaty Organisation partners also frayed, but Turkey remains crucial for any hope of stability in Syria and Iraq and curbing refugee flows to Europe.
"Most powers will be concentrated in his hands, there will no longer be a prime minister, and nearly none of the checks and balances of liberal democracies will be present".
Erdogan has said he would appoint ministers from outside parliament, as well as people not from his AK Party. He also promised to "leave behind a system that cost the country heavily because of the political, social and economic chaos it caused in the past", according to Hurriyet Daily News.