The Foreign Buyer’s Guide to Real Estate Investment in Turkey
Buying property in Turkey is extremely attractive to foreign investors due to its stunning landscapes, historical treasures, and captivating culture. However, it is essential to grasp the local legal obligations and procedures involved. Hence, we have meticulously crafted this guide to provide you with crucial insights and key considerations when venturing into property ownership in Turkey.
Buying Real Estate in Turkey
Based on the data from TAKBIS (Land Registry and Cadastre Information System), there is a consistent rise in the number of foreign investors opting to purchase properties in Turkey each year. In the past, real estate sales were limited to nations that held bilateral agreements with Turkey.
In 2013, the government eliminated this regulation, opening doors for a broader range of foreign investors to participate in Turkey’s real estate market. As a result, the market experienced a notable resurgence, witnessing substantial growth and development. Presently, the real estate sector in Turkey has emerged as a prime choice for foreign investors, and this trend is projected to further escalate in the future.
To learn more about the subject, you can read our blog The Advantages of Buying Real Estate in Turkey.
How to Buy Real Estate in Turkey?
The individuals you collaborate with during the property acquisition process can significantly impact the smoothness and efficiency of the entire procedure.
In today’s era, there is no justification for accepting a subpar customer experience, particularly when engaging in significant transactions such as real estate purchases. An exceptional representative should provide you with valuable assistance and expert guidance to ensure you find the ideal property.“
As you set out on this venture alongside our skilled team, equipped with extensive pre-sales and after-sales services, you can rest assured and relish the convenience of receiving assistance in your preferred language.
At GRAND Real Estate, we are dedicated to assisting you in discovering the perfect property that aligns with your specific needs and criteria, considering all the factors that hold significance to you.
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Anyone can buy real estate in Turkey from any country except Syria, North Korea, Southern Cyprus, Armenia and Cuba.
No, acquiring real estate in Turkey is now considerably quicker and more streamlined compared to numerous other countries.
No, every real estate property you acquire in Turkey is associated with a title deed, and in the event of the owner’s passing, the property is legally inherited by their family.
In Turkey, a country governed by the rule of law and known for its investor-friendly environment, numerous reputable real estate consultancy firms exist, playing a vital role in the success of the real estate sector. In essence, your rights are safeguarded by legal regulations. However, it is crucial to select the right company to ensure a positive experience and protect your interests.
You have the option to explore properties of interest through virtual tours or detailed advertisements, and subsequently, you can finalize all necessary legal procedures in Turkey by granting a power of attorney.
Given that the Power of Attorney is a document written in Turkish, which enables someone else to act on your behalf, it is crucial to ensure the accuracy of the information by having the papers translated by an authorized translator.
Absolutely! It is permissible for you to grant a power of attorney at the Turkish embassies located in your country.
Not at all! Banking procedures in Turkey are straightforward. Once you have gathered the required documents, you can open a bank account within a mere hour.
Yes, foreign nationals can also get real estate loans in Turkey. As Grand Emlak, we are ready to support you in this process as well.
The decision largely hinges on the interest rates prevailing in the buyer’s country of residence. If lower interest rates are available, it might be more favorable to opt for a mortgage in your own country.
Yes. Foreigners can use housing loans in Turkey without having to open an account beforehand.
The process typically remains consistent. Each party must individually register within the system, and the sales amount they enter into the system should reflect their respective percentage of ownership.
No, checks are not accepted as a valid form of payment for real estate transactions in Turkey. Only cash and bank transfers are accepted methods of payment.
Absolutely! The procedure for acquiring a tax number is typically similar for both Turkish citizens and foreigners. Online options are available for obtaining a tax number.
If your tax ID number is lost, you can easily request a reprint in Turkey. However, it is advisable to keep a copy of your tax ID number in a secure location to avoid any complications.
Tax identification numbers in Turkey do not have an expiration date. Once obtained, you can use the same tax number for the entirety of your life.
The evaluation process is actually essential as it safeguards the buyer from excessively high property prices. When purchasing a property, the title deed requires a valuation report approved by the Capital Markets Board (CMB) as evidence of a fair transaction. This evaluation process typically takes around 3 to 6 days.
The land registry offices typically require evaluation reports that have been prepared within the last three months.
Generally, for new projects, a 10% deposit is required, followed by a 30% down payment to be made within four weeks. Installment payment options are often available, allowing for lump sum payments after each stage of construction. The flexibility of installment plans may vary depending on the specific circumstances.
In the case of a new project, the project management team determines the price of the properties. These prices are set independently and are not inclusive of agency commissions.
For detailed information regarding the required documents for deed transfer, you can refer to our dedicated blog post on the subject. It contains all the relevant information you may be seeking:
Once all the necessary documents have been gathered and an application has been submitted to the General Directorate of Land Registry, the deed transfer usually concludes within a single day.
Title Deed Guarantee, also known as Deed Swap, is an alternative method of transferring property ownership in Turkey. In this process, the buyer makes the payment to the seller through Takasbank, which serves as Turkey’s central clearing and transaction institution. After verifying the successful transfer of the title deed to the buyer, the funds are then transferred to the seller.
On the day of the title deed transfer, you will be handed the keys to the property you have acquired.
DASK insurance, provided by TCIP (Natural Catastrophe Insurance Pool), is a mandatory earthquake insurance for properties in Turkey. Without TCIP coverage, you will be unable to register your property for essential public services such as water, electricity, and natural gas.
Property insurance in Turkey is tailored to the specific characteristics of your property. Insurance companies can provide you with quotes once you furnish them with the necessary information about the property you intend to purchase. If the offered price is agreeable to you, the insurance process can be finalized.
You have multiple options for paying your electricity bills in Turkey. You can set up an automatic payment order linked to your bank account or make payments online, in person at bank branches, or at designated payment points.
If you have owned the property for a period of five years or longer, you are exempt from property income tax. However, it is crucial to ensure that all outstanding bills are paid up to date before initiating the resale process.
Turkey offers numerous lucrative opportunities for real estate investments with high returns. Additionally, you don’t have to navigate this process alone as Grand Emlak provides comprehensive after-sales services.
Our company’s legal team is responsible for drafting the sales contracts to ensure a legally sound transaction.
The sales contract contains clearly written terms and conditions agreed upon by both the buyer and the seller. In the event of any conflicts or disputes, legal measures and sanctions are in place to ensure appropriate resolution.
Real estate agent fees in Turkey are regulated by law. When selling a property, registered and licensed real estate agents are entitled to receive a service fee of 2% from both the buyer and the seller, separately, based on the actual selling price of the property.
Yes, buying property in Turkey is considered safe, particularly when you engage with a reputable and professional real estate company. Working with experienced professionals ensures a smooth and secure transaction process.
Absolutely. Purchasing real estate in Turkey is known to be a highly lucrative investment. For more in-depth information and insights, we recommend referring to our dedicated blog post on the subject.
No, a residence permit is not mandatory for buying property in Turkey. However, having a residence permit offers numerous advantages. If you wish to obtain a residence permit, the team at Grand Emlak is prepared to assist you with the necessary procedures and transactions.
