Laws and conditions of real estate ownership in Turkey 2023
Last Updated: 2023-09-16Laws and conditions of real estate ownership in Turkey 2023
Everyone who enters the real estate market in Turkey feels excited and challenged at the same time. If you're wondering what the secret of that excitement is, here's the answer: Turkey is one of the most important real estate destinations in the world, where investors can enjoy both great opportunities and exciting obstacles.
Owning a property in Turkey requires a thorough knowledge of the laws and conditions surrounding this business. For this reason, in this article, we will take you to the world of real estate ownership in Turkey, where we will reveal to you the basic steps, the required documents, and the costs that you should take into account. You will discover everything you need to know to participate in this wonderful adventure in the world of real estate investment in Turkey
Real estate ownership laws in Turkey
Before you start looking for a property for sale in Turkey , you should see all the following details and information:
1 - Real estate that a foreigner is allowed to own in Turkey:
This is among the important questions that foreigners ask when buying a property in Turkey, so is it possible for him to buy what he wants from real estate or are there certain controls that should be adhered to?
Although the laws in Turkey are known for their flexibility, there must be certain restrictions that must be adhered to, which are as follows:- First, a foreigner cannot own more than thirty hectares in total, and this area in which he can own real estate at the latest.- A foreigner cannot own real estate whose area constitutes more than ten percent of the area administratively.- It should be noted that the property is not located in a security or military zone, as it prevents the foreigner from living And ownership in these areas.- The foreigner must make sure that he is allowed to hold his nationality to buy real estate in Turkey because there are five people who are prohibited from doing so, namely (Armenia - Syria - Cyprus - Cuba - North Korea).
2 - The contract of purchase of real estate by foreigners may be canceled in these cases:
Caution is a characteristic that you should always be armed with, as you have bought a property with ease, the purchase contract can be canceled in one of the following cases: - If the property is purchased in a manner that violates the laws stipulated in the Turkish constitution. - If the period in which the investor must submit the project he wants to build has elapsed. - If the buyer uses the property for a purpose that violates what was purchased for him. - In the event that the investor is late in implementing the project on time .
Documents required to buy a property in Turkey:
After you have found the right property for you, you will have to start preparing the required documents, which are:
- The title deed of the property, which contains all the information related to it.
- Real estate appraisal report that accurately determines the value of the property and can be obtained within three days and is valid for three months.
- Earthquake insurance policy that guarantees the right of the property owner in the event of any natural disaster, as he is compensated with a sum of money that sometimes reaches 200 thousand Turkish liras.
- The buyer's passport + a copy of it to be translated into Turkish.
- The buyer's tax number, which is extracted through the Tax Department or through its official website https://ivd.gib.gov.tr
- Selfies and must be taken recently.
- The sale contract must be signed in the presence of two witnesses.
- If the foreigner is not fluent in Turkish, a sworn translator must be brought in.
- Foreign currency sale receipt to the Central Bank of Turkey
- Receipt of transferring the value of the property in Turkish lira to the seller's account.
These documents are essential for the process of buying a property in Turkey, but you may need more documents depending on the circumstances of the transaction and the requirements of the banks and government agencies concerned. It is always good to consult a real estate lawyer or real estate expert to ensure that you are complying with all applicable laws and regulations in Turkey.
The most important tips that must be adhered to when buying a property in Turkey:
When buying a property in Turkey, here are some important tips that you must adhere to that can be useful for search engines:
- Check the condition of the property: Always check for any restrictions or legal problems on the property, such as the presence of mortgages or reservations. These issues can affect the legality and cost of the transaction.
- Avoid real estate fraud: Due to the increase in the influx of foreigners to the real estate market in Turkey, be wary of real estate fraud. Always choose a reliable real estate company that provides real estate advice and legal services to ensure the safety of your deal.
- Residency is not necessary: Foreigners can buy a property in Turkey without having to obtain residency in the country.
- Take advantage of tax exemptions: If this is your first time buying a property in Turkey, you can apply for a tax break.
- Submit an objection request in case of rejection: If the foreigner's real estate purchase request is rejected, the reasons must be studied and the objection submitted if necessary.
- Connecting basic utilities: After obtaining the title deed of the property, the foreign buyer should consider connecting basic utilities such as water and electricity to the property.
Ways to buy real estate in Turkey:
Buying real estate in Turkey can be done through three main options:
- Full payment: A person can buy the property and pay for it in full if he has enough money without the need to borrow or look for other options.
- Obtaining a loan from the bank: The buyer can use a Turkish bank to obtain a financial loan. A time period will be determined for the repayment of this loan, and repayment can be made in certain stages according to the agreement concluded.
- Installments: This is the most common option to buy real estate in Turkey. The buyer pays part of the value of the property as a down payment, and the rest is paid in parts agreed upon at a later time. Installment details such as down payment amount, monthly installments, and repayment period are determined based on an agreement between the buyer and the seller.
6 - Transfer of ownership of the property to the buyer:
Among the steps of buying real estate in Turkey is the transfer of ownership of the property from the seller to the buyer, and this is done in the Land Registry Directorate. Some may think that signing the contract with a notary public is sufficient forthe transfer of ownership , but in fact any contract signed outside the Land Registry Directorate is not official.
- Book an appointment: The seller and the buyer or their representatives must book an appointment in advance at the Directorate of Land Registry and Tapu.
- Bring paperwork: The seller and buyer must bring official personal papers and property papers related to the transaction.
- Submission to the competent employee: When going to the Land Registry Directorateon the specified date, the seller and the buyer are required to submit the papers to the competent employee .
- Transfer of ownership: The competent employee will start the process of transferring ownership of the property from the seller to the buyer.
- Real Estate Title Deed: After the process is completed, the buyer will be given a title deed document proving his legal ownership of the property.
- The right to buy and sell: Once the title deed document is obtained, the buyer has the right to sell and buy the property as he wishes.
In conclusion, Turkey has become an attractive destination for real estate ownership at this time when it is witnessing sustainable growth in the real estate sector. If you are thinking of buying a property in Turkey or if you have any queries or advice related to real estate in Turkey, we are here to help you. Mersat Real Estate puts its experience and knowledge at your service to provide free advice and provide the best opportunities for you.
Do not hesitate to contact us for free real estate advice and to help achieve your dream of owning a property in Turkey. We are here to help you every step of the way of real estate investment in this wonderful country. Start your journey towards real estate ownership in Turkey today and contact us for more information and great offers.
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