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Ownership of real estate in Turkey terms and features
  • 12/09/2022
  • Investment in Turkey
  • 174

There is no doubt that buying a property in Turkey is very easy thanks to the many facilities provided by the Turkish government and the incentives that encouraged the foreign investor to turn to Turkey specifically and to other countries in the world.


In this article, you will learn about the conditions of real estate ownership in Turkey and its most prominent features, and a lot of important information about it will be highlighted.


What are the conditions for foreigners buying real estate in Turkey?

The conditions for foreigner buying real estate in Turkey are as follows:

 - The area in which he will buy should not be where foreign ownership is 10% or more.

 -The buyer must obtain a residence permit.

 -The maximum area of land that a foreigner can own is 30 hectares.

 - The buyer must have obtained a permit from the Ministry of Environment and Urbanization.

 -The buyer must have a Turkish bank account


What are the advantages of foreign purchase of real estate in Turkey?

Turkey has a very attractive real estate market for foreign buyers. Property prices are relatively low compared to other European countries, and there is a wide range of properties available to suit all budgets. The Turkish government has also introduced a number of incentives to encourage foreign investment in the country's real estate sector. This includes providing residence permits for foreigners who buy real estate in Turkey and you have to bear in mind that real estate residency is one of the best and most important types of residencies at all, and granting citizenship to those who invest more than 400 thousand dollars in the Turkish real estate market.


Steps to buy a property in Turkey :

The first step is to find the right property. You can do this by searching online, contacting a real estate agent, or visiting Turkey on your own. Once you have found a property that you are interested in, the next step is to contact the seller. If your order is accepted and you negotiate the price and come to an agreement, the next step is to sign a contract and pay a deposit. After that, it is just a matter of waiting for the property to be transferred to your name.


Limits of foreign ownership of real estate in Turkey :

Turkey has strict restrictions on foreign ownership of real estate, which varies according to the type and location of the property. For example, foreigners can only own apartments in buildings with more than 50% Turkish ownership, and they can only buy land outside urban areas with government approval.


Cases from which the property purchase contract is withdrawn

A foreigner may withdraw the purchase contract in the following cases:

 - If it turns out that the property is owned by more than one person and the buyer was not notified of this before signing the contract.

 - If the property is mortgaged with a mortgage or other debt and the buyer was not informed of this before signing the contract.

- If it is found that the property was built illegally and the buyer was not notified of this before signing the contract.


Documents required to buy real estate in Turkey :

If you are planning to buy real estate in Turkey, you will need to submit the following documents:

-Your passport or national ID card

- Your residence permit.

-A tax number that is easily extracted from one of the tax departments in Turkey.

- Bank statement for the last 6 months of income proof (such as payment slips or tax returns)

-A copy of the selling contract.


Ways to pay for real estate in Turkey :

There are two types of real estate in Turkey that can be purchased; in installments and cash payment. For properties under construction, construction companies usually offer an installment plan of 12 to 60 months. The buyer pays a certain percentage of the total price up front, and the rest is paid in monthly installments. This type of financing is only available for new projects that are not yet completed.


To pay cash for real estate, buyers can finance the purchase of the property through a bank loan. Usually banks finance up to 70% of the purchase price, and the buyer needs to pay the remaining 30% as down payment. The monthly loan repayments will depend on the interest rate set by the bank, but it is usually a long period, longer than what construction companies give.


Important tips when buying real estate in Turkey :

The Turkish government has been encouraging foreigners to buy property in Turkey in recent years and this has led to a boom in the Turkish real estate market, with prices increasing by as much as 20% in some areas. However, there are a few things to keep in mind if you are considering investing in Turkish real estate:

1. Make sure you hire a reputable and experienced real estate agent who is familiar with the Turkish market.

2. Do your research on the area in which you want to buy. Like looking at crime rates, infrastructure, transportation, etc.

3. Find a good attorney to check any contracts before signing them.

4. Make sure you are aware of the tax implications of buying real estate in Turkey.

 

Real estate investment in Turkey, what are its most important advantages :

The real estate market in Turkey has become one of the most attractive markets in the world for foreign investors in recent years. This is due to the many advantages that Turkey offers, including:

-The Turkish economy has grown significantly over the past few years, making it an attractive destination for investors looking for stability.

-Turkey's young population is a major driver of economic growth. These residents are also increasingly urbanizing, creating a new demand for real estate ownership.

-Turkey is located at the crossroads of Europe and Asia, making it a major transit point for goods and people. This makes it an ideal location for companies looking to reach new markets.

-Turkey has a suitable climate to live all year round.

If you are looking for more information about the real estate market in Turkey, do not hesitate to contact our real estate consultant to provide you with more details and to inform you of the most important real estate opportunities available and suitable for you.



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