Buying Property in Turkey: All You Need to KnowWed, Jul 27, 2022, 12:43:14 AM
Turkey real estate opportunities are available for everyone who is willing to invest a certain proportion of their wealth. However, just like in all countries, there are certain criteria that you need to know before buying real estate in Turkey. In this guide, we are going to provide detailed information about everything you need to know before investing.
The right for foreigners to buy real estate in Turkey is regulated in Articles 35 and 36 of the Land Registry Law No. 2644. According to this regulation and unlike most of the other countries, you do not necessarily own a residence permit in Turkey to buy real estate. As a foreigner, you can invest in real estate in Turkey without the need to apply for any residence permit.
Things to Know Before Buying a Real Estate in Turkey as a Foreigner
In recent years, real estate purchases by foreigners are booming in Turkey. This affected the average sale and rent prices in the country. As a result, Turkey became the most profitable country to purchase real estate among all European countries.
According to the Eurostat statics, Turkey is number one in an annual increase both in real estate and rental prices. You can take your share from this pie by entering the market without losing more time.
Every month more and more foreigners are investing in Turkey and buying properties. Of course, the law that allowed foreigners to get Turkish citizenship after buying real estate worth $250,000 has a great contribution to this trend. They can enjoy visiting more than 70 countries without any visa requirement or with privileges with their Turkish password.
Experts also estimate that this trend continues to grow in the following five years.
According to the current legislation in Turkey, individuals must apply for the Land Registry Offices where the immovable is located for the official contracts aiming at the ownership transfer of immovable property.
Besides, it is also possible to sign a promise of sale contract in the presence of a notary before the official sale. One of the requirements to be eligible for Turkish citizenship by investing in real estate worth $250,000 is having a promise of the sale contract for a minimum of 3 years.
Acquisition of the ownership of the real estate for which the sales contract is made official is only possible by registration at the Land Registry Offices.
What Are the Legal Limitations for Foreigners to Buy Real Estate in Turkey?
Foreigners can purchase immovables to use as workplaces or residences in Turkey unless they comply with the legal restrictions. However, a foreigner cannot purchase real estate that is placed on 30 or more hectares in total. This limitation is applied countrywide.
For example, you can buy 7 real estates with every 4 hectares in different parts of the country but not the 8th one.
It is necessary for foreigners to obtain permission from the military authorities in the region before purchasing real estate. These areas are predetermined areas and in case there is no necessity, you will not have to apply for anything.
If the real estate you are planning to buy is located within the security zone, it will not be possible for the foreigners to finalize the deal. This is why it is important to clarify this before you make the payment.
What Kind of Documents and Information Requested While Buying a Real Estate in Turkey?
Just like many countries or real estate purchases, you need to provide some documentation and information. These include;
- Identity documents or passports,
- Residence permits issued by the relevant police directorates for foreigners whose immovable acquisitions are subject to a residence permit,
- In case you are going to buy real estate via a legal representative and the certification was issued in a foreign country, the original or a certified copy of the certification with their translation.
It is important to check for the issues such as whether the immovable is registered with limited real rights, whether it is mortgaged or whether there is any situation that prevents its sale from the relevant Land Registry Office before signing the sales agreement.
Things to Pay Attention to During the Acquisition of Real Estate
As we previously mentioned, you need to check whether the real estate has any condition that prevents its sale such as mortgage or foreclosure. You can easily learn this information from the General Directorate of Land Registry and Cadastre.
- It is important to work with an agency with reputation and reliability.
- In case of dispute between the parties regarding the sale of real estate, a lawsuit must be filed in the courts of the Republic of Turkey.
- It is not enough for the acquisition to make a preliminary sales contract in the presence of a notary public. You need to make sure that you complete all the official operations at the land registry offices.
- The title deed fee that needs to be paid during the purchase needs to be shared between the buyer and the real estate owner.
As you can see, the real estate acquisition in Turkey is not that much different than the real estate sales procedures in your hometown. However, as a foreigner, language may be a great barrier for you. This is why it is important to work with a reputable and reliable agency in Turkey, which will carry out the operations on behalf of you or provide you the consultancy you need.
Our company serves thousands of foreigners who are willing to invest in Turkey every year. You can also contact us to learn all the details and tricks that will make the procedures much easier for you.
Since you will be investing your real money, it is advisable to be extra cautious during the acquisition process and carry out all the process together with an expert that is knowledgeable about the current legislation.
We can assist you in finding the best real estate opportunity in Turkey and finalize the acquisition on behalf of you or together with you. We are always one call away from you, call us to know and learn more about our services.