The most prominent laws and conditions of real estate ownership in Turkey
Have you thought about owning real estate in Turkey?
One of the most discussed topics today among those interested in real estate markets around the world is (the real estate market in Turkey and the purchase of real estate in Turkey) and everything related to this field.
Given the importance of this topic, the editorial team at Binaa Real Estate has prepared the following report for you, which will highlight everything related to buying real estate in Turkey, starting with the imposed laws and ending with the most important observations that must be taken into account.
We wish you an enjoyable and useful reading.
There is no doubt that the law of real estate ownership in Turkey is one of the flexible laws that are easy to deal with, unlike the harsh laws imposed by most European countries, which make it very difficult to own their lands.
But this does not negate that there are a number of rules that must be adhered to when buying real estate in Turkey and adhere to them, and through the following points we will work on all of them.
- A foreigner cannot buy a property or an apartment of any kind in a security or military area.
- His property in Turkey cannot exceed an area of 30 hectares.
- He cannot own property in an area where the property of foreigners exceeds 10% of its total area.
In this context, it is necessary to point out a very important matter, which is that in 2012 the Turkish government abolished the law of reciprocity, and foreigners, despite their different nationalities, could own property in Turkey without any restrictions or limits, and they could choose whatever they wanted from the Turkish real estate sector. But this decision did not include only five nationalities, namely:
- Greek Cyprus.
- North Korea.
Certainly, you are wondering about the main reasons why buying real estate in Turkey is a golden opportunity, and not other countries in the world whose development, luxury, and distinction of the real estate sector cannot be overlooked.
Through the following paragraphs, you can see the most important reasons why real estate in Turkey is an irreplaceable golden opportunity, where everything associated with it will be highlighted in detail.
One of the first motivators that encourage foreigners to own real estate in Turkey is that real estate prices in Turkey are very low compared to real estate prices that you may find in European countries, American countries, and even in many Arab countries.
Do you think that the quality of real estate in Turkey is low relative to its low price, or in other words its moderate price? Certainly not, as real estate in Turkey is considered of high quality and unlimited luxury, and international standards are relied upon.
Among the first motivators that encourage foreigners to buy real estate in Turkey is the overwhelming desire to obtain real estate residency, which has been classified as one of the most important types of residency in Turkey at all.
In order to obtain this residence, there are many conditions that must be met in the property, which are as follows:
- The property price must be at least $75,000.
- The property must be intended for housing.
In this context, it must be noted that if a commercial or tourist property was purchased, or the like, it would not be appropriate to apply for it.
A foreign investor can obtain Turkish citizenship through real estate investment in Turkey, if some conditions are met:
- The price of the property should be no less than 400 thousand US dollars.
- The property must not be sold before the lapse of at least three years.
- The property must not have been used earlier to obtain it.
- That the property is purchased from a foreign citizen in particular.
- The value of the property must be paid through a Turkish bank.
If you are wondering about the most important types of investments in Turkey, it is (real estate investment), with which the results are distinguished and the returns are high throughout the year, especially in the tourist seasons due to the large foreign influx from different countries of the world wishing to witness its historical, archaeological and natural landmarks.
We have a set of documents and papers that must be prepared when buying real estate in Turkey, as follows:
- Personal photos of the buyer.
- A copy of the buyer's passport.
- A copy of the project building permit.
- The title deed of the purchased property.
- Security approval can be issued quickly as it does not take more than a week.
When you decide to search for real estate for sale in Turkey, there are many ways that you will find in front of you that you can choose between and through the following paragraph we will review them in full.
One of the first options that investors look at is the real estate that is ready for housing, for a number of reasons and the privileges that they will obtain, which are as follows:
- The title deed can be obtained directly.
- The buyer will not have to wait for the construction work to be completed.
- It is the safest option for many.
- The buyer will not be concerned with the issue of paying the installments due to him.
Also, real estate under construction is one of the most prominent and most important options that the investor chooses in Turkey, because it is cheaper than ready-to-move-in properties in several stages. On the other hand, the buyer can control many details in the apartment, while in ready-made apartments, no part or anything can be modified.
One of the most common options when buying apartments and real estate in Turkey is the installment that many investors and foreigners resort to, who do not have the full value of the property or need their capital in another project.
Let us tell you that it is very easy to find real estate and installment offers in Turkey, because construction companies are constantly working on building and constructing the most important projects and luxury residential complexes and offering outstanding offers.
Often the first payment ranges between 35% and 50%, and you have to take into account that the larger and more distinguished the first payment, you will get a large and rewarding discount in return.
But if you are wondering about the best way to own real estate in Turkey, it is undoubtedly paying in cash. If you have the budget to pay the full price of the property, do not hesitate to pay it. This saves you a lot of overthinking about managing the payment of installments or worrying about the risks of the matter.
But in general, you should know that the real estate market in Turkey is one of the most secure real estate markets in the world, especially in light of the many facilities that the Turkish government is constantly providing in order to attract foreign investments.
Before you start looking for real estate and apartments for sale in Turkey, there is a lot of information that you should know, which are specific steps that you must follow to reach the right property for you and compatible with your goals.
Here are the most prominent and important steps to follow when buying apartments in Turkey:
It is not possible to start the journey of searching for a property for sale in Turkey without having a specific goal that you seek to achieve or having a goal to work towards.
Most of those who come to Turkey in order to buy real estate have the goal of either housing and stability in an ideal and elegant environment such as Turkey to enjoy the aspects of modern life, or the goal of real estate investment and these owners of the largest percentage, in a desire to obtain abundant and high profit.
According to statistics, more than 40 percent of those who bought real estate in Turkey during the past year sought to obtain Turkish citizenship, so their search is generally focused on areas that contain projects that match the conditions for obtaining it.
One of the important details that you should pay attention to (the financial budget that you have) is what you have enough to pay the full value of the property, or will you look for other ways to find the right one?
In fact, there is more than one method that can be followed to pay the price of the property, the most important of which is cash payment, and it is certainly the best option for those who own the full value of the property, as they can obtain the title deed directly without having to wait, as is the case if they had bought a property in installments.
The second option for buying real estate in Turkey is owning in installments, which is one of the distinguished options, especially for those who do not own the full price of the property or need it in another project.
Did you know that the installment offers that the Turkish government allowed foreigners to benefit from in Turkey allows them to benefit more from their capital, as they can now buy more than one property in installments and then pay their value in the long term.
There is a third option to pay the price of the property, which is to take a loan from a bank in Turkey, which at an earlier time purchased the property from the construction company, which in turn sells it to the buyer and gives him longer years to finish the payment, which may reach ten years.
It is necessary to deal with a real estate company with experience, knowledge and extensive knowledge of everything related to the real estate market in Turkey, as this saves you a lot of time, effort, fatigue and unorganized search.
Real estate companies in Turkey have distinguished relations with the most important construction companies in Turkey, and therefore they can provide you with great offers and high discounts.
There are many real estate companies in Turkey, but this does not mean that any of them is suitable and can provide you with the required services, so you have to look for the most famous and distinguished, and you can see this by looking at the volume of their real estate sales and the quality of services they provide to clients.
Among the steps that you must take when buying and owning real estate in Turkey is to negotiate the price of the property, and certainly here you need a real estate expert to be with you to help you reach the right price.
One of the things that you must have a full perception of when you are looking for apartments for sale in Turkey are (the costs that you must pay.
Through the following paragraph, it is possible to identify all the costs incurred by you when owning real estate in Turkey:
First, you must have the amount of the price of the property according to what has been agreed upon between you and the seller, whether it is to be paid in cash or in installments, or the property is under construction, or you intend to buy it through a Turkish bank.
This amount is not considered one of the main costs, but it should be noted because it must be available to you, and it is part of the price of the property and it is called (the deposit) and it is paid so that the property is not sold to someone else.
In this context, it must be noted that this amount can be recovered in the event that you decide to withdraw from the purchase of the property.
In order to extract the title deed of the property, or as it is called (the property title), 4% of the total property value must be paid, and according to the Turkish Constitution, it must be paid equally between the buyer and seller, but in many cases it is agreed that the buyer pays it in full.
Value Added Tax (VAT) is one of the basic taxes that must be paid, and its value ranges from 1% to 18%, and the highest percentage is paid when buying luxury real estate or commercial real estate.
Among the many facilities provided by the Turkish government to foreigners wishing to buy and own real estate in Turkey is to exempt them from paying it if it is the first time they buy real estate.
The fees for obtaining a real estate appraisal document differ from one property to another, but as a maximum it does not exceed a maximum of $200.
If you choose to buy real estate in Turkey, there are many things and details that you should know and take into consideration, as they help you make the right choice and avoid making the wrong choice.
Below you can see and learn everything that interests you about buying real estate in Turkey:
From the information you know about foreigners owning real estate in Turkey, they can buy real estate that is still under construction, and it is a unique investment opportunity for those who do not have the ability to pay the full value of the property in cash, and it is much cheaper than ready-to-move-in properties.
One of the advantages of buying under construction real estate is that its value increases after the completion of the construction stages by between 30 and 70 percent..
One of the important pieces of advice that must be taken into consideration is that the contract should be signed within an official department (the Tapu Department) and any document or paper issued by a document other than that document is considered unacceptable, even if it is issued by a notary document.
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