An Essential Guide to Purchasing a Property in TurkeySun, Feb 14, 2021 12:00 AM
Regardless of whether you are selecting a property in Turkey from overseas or within the domestic market, it’s essential that you have an understanding of some basic principles and guidelines first. There’s no doubt that Turkey is amongst the most desirable locations in Europe when it comes to to permanent residence as well as holiday homes, but it is still possible to be caught out by some unexpected problems or surprises.
With the information contained within this guide, however, you should be equipped with the knowledge you need to make an informed decision and select the perfect property for your preferences, requirements and circumstances.
Essential Guide to Purchase a Property in Turkey
Initially this may seem to be a deceptively simple question, but answering it will make everything immeasurably easier once you start going through the process. The question is this; What will I be doing with my property? For example, you may be interested in a holiday villa, a renting opportunity, establishing a family home or even making an investment.
Whatever the reason may be, it will determine the type of properties you should be looking at as well as where they are located. As beautiful as a particular property may be, there’s every chance it won’t necessarily be the right one for you. Understanding your central objective will outline your path from the outset.
Paperwork is Everything
Selecting and deciding on a property can be an emotional and personal endeavour, but it’s crucial to keep in mind that any real estate venture is essentially a legal transaction. This means that there will always be significant amounts of paperwork involved, and these papers should always be readily available for each and every property you’re interested in. It is a serious red flag if a property lacks thorough and sufficient paperwork, and is an indication of potential issues in the years to come.
A property may have been illegally constructed or developed without prior planning permission, for example. Foreigners are particularly vulnerable to this, especially because they don’t usually have a strong grasp of national and local regulations. When you purchase your property through a reputable agent, however, there is no risk of getting into any such situation because they would never present such properties to you in the first place.
There is Room for Negotiation
Haggling is a beloved and timeless national tradition in countless countries, and Turkey is certainly no exception. When it comes to negotiating a property, this isn’t only an option but it’s also highly recommended. There’s every likelihood that through negotiating you will enjoy a much more lucrative and attractive offer than you would otherwise have had to accept.
Virtually anything can be negotiated, such as the price of the property, the inclusion of furniture, and even such things as payment schedules. Having an agent lead the negotiations is an excellent option, not only because they have an extensive understanding of the market but also because they usually have strong connections with the local developers.
A Potential Avenue to Turkish Citizenship
For many people this may come as a surprise, but within Turkey’s immigration program there’s a provision for citizenship via investing in Turkish real estate. The minimum price of the property has to be $250,000 in order to be eligible for this program, and the rights to citizenship are also extended to your spouse as well as any children under the age of eighteen.
Since the introduction of this programme, countless foreign investors have been drawn to Turkey’s real estate market. In the last fifteen years alone foreign investors have purchased properties at a combined value amounting to more than $40 billion, many of whom have been European or American.
With its relatively low real estate prices, generous terms and conditions, scenic landscapes, beautiful architecture and an unparalleled historical heritage, it’s not hard to see why Turkey is such a coveted and desirable destination for domestic as well as foreign investors.
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