Purchasing Real Estate in Turkey October 29, 2018 – Posted in: Blog
Purchasing Real Estate in Turkey
The legal environment in Turkey has progressed in an investor-friendly fashion in recent years. Turkey offers some great opportunities for real estate investments.
The rules of the purchasing a property in Turkey as a foreign citizen is relatively relaxed compared to other countries. Previously, a foreigner could only purchase real estate in Turkey if their own country allowed Turkish citizens to purchase real estate there. From this aspect, The Land Registry law was affected by the reciprocity principle.
In 2012, the reciprocity principle has been removed by the new Land Registry Law. The new code allows many foreigners the opportunity to purchase real estate in Turkey. However, some rules still remain in place. There are some restrictions to purchase in Turkey as a foreigner;
- Maximum 30 hectares across the country.
- The foreigners can only purchase real estates in areas with less then %10 foreign property ownership.
- Purchasing property by foreigners can be restricted for national security.
- Foreigners cannot purchase any property located around military zones.
The amended law increases the nationalities allowed to purchase real estate in Turkey “free of restrictions” to 183. You can ask us or Turkish Consulate in your country whether you can purchase a real estate in Turkey.
The guide of purchasing a real estate in Turkey step-by-step
- Choosing the real estate
You can choose the real estate by real estate agencies or from some websites that locals use.
- Dealing with the seller
We recommend you to compare different real estates by their prices.
- Make a draft agreement
There are many critical points when purchasing a real estate in Turkey.
- Sign the contract
Real estate selling should be done in the land registry office. Also, there are many projects offer lower prices during the construction period. In this case, the selling agreement has to make in notary.
- Pay taxes and register to the Municipality
If you are concerned that you will miss something, let us review the process to make sure that everything is in order.
- Real estate details (a copy of deed or details of the deed such as parcel number, block number)
- Real estate value statement ( It will take from Municipality Office )
- Compulsory Earthquake Insurance
- Photos of seller and buyer
- Passport ( It has to be notary certified translation)
- Tax number
- Certified translator and two witnesses
- If a proxy is acting on the buyer’s behalf, the original or certified copy of the power of attorney and its approved translation.
It is not compulsory to retain a lawyer in this process, but we recommend you to do.