Ownership law for foreigners in Turkey
All the details about ownership law in Turkey
Are you interested in learning about the laws on foreign ownership of real estate in Turkey? What do you think of it, is it arbitrary or unfair?
If you do not have previous knowledge of it, the editorial team at Skyline Real Estate has prepared this comprehensive report for you, and through it you will learn the most important reasons why a foreigner chooses Turkey to buy real estate and we will highlight some other details that interest you about it.
Take a look at the law on foreign ownership of real estate in Turkey:
Starting with the things that you will ask about, (Can any foreigner buy real estate in Turkey)?
In 2012, the Turkish government issued a decision granting all foreigners around the world the right to buy and own real estate in Turkey, but this did not include five nationalities due to some political differences and old agreements that are still in effect today, namely:
- North Korea.
- Greek Cyprus.
- Syrian Arab Republic.
* It is recommended before you start searching for real estate for sale in Turkey that you read all the laws related to this matter so that you are not a victim of real estate fraud.
One of the information that you need to know when foreigners buy real estate in Turkey is that they do not have the right to own property within one of the security or military areas.
Also, they cannot own more than thirty hectares in different parts of Turkey. What should be noted here is that the Directorate of Land Registry stops granting licenses to foreigners to buy real estate if the percentage of their property in an area is more than ten percent of its total area.
Real estate purchase documents in Turkey:
These papers and documents must be adhered to and prepared in order to complete the procedures for buying real estate in Turkey, and it is one of the routine steps.
- The title deed must be extracted from the Land Registry Directorate, and it only takes about two or three days.
- Real estate appraisal report (previously it was only imposed on those who wish to obtain Turkish citizenship through real estate ownership, but today everyone without exception must obtain it).
- Earthquake insurance policy (the benefit of which is to guarantee the rights of real estate owners in the event of an earthquake or natural disaster).
- The buyer's passport, and he must also bring a copy of it after it has been translated and certified by the notary public.
- If the property owner cannot attend in person to complete and sign the contract, he must send a power of attorney to someone he trusts to act on his behalf.
Do foreigners inherit real estate in Turkey?
One of the issues that a foreigner is looking for an answer to is about the possibility that his children will inherit his real estate property after his death, or will it go to state property?
What you should know in this regard is that the laws that are applicable to the Turkish citizen themselves apply to foreigners, and therefore, of course, real estate can be inherited according to what the constitution stipulates, and the arrangement of the heirs is as follows:
Wife and children - father and mother - sisters - grandfather and grandmother - grandchildren, but if he does not have heirs, then his property goes to the Turkish state.
You should know that the inheritance will not be distributed and divided until after the deceased has been cleared of his debts in the event that there are debts owed by him.
Important notes when owning real estate in Turkey:
There is a lot of information and details that you should consider when buying real estate in Turkey, and this is what we will talk about in detail in the next paragraph.
1 - Costs incurred by the buyer:
Do you think that the expenses of buying real estate ends with paying the required value for the property? Certainly, as there are many other costs, which are as follows:
- Extracting the title deed of the property (the fee is 4% of the property value to be paid equally between the buyer and the seller as stipulated in the constitution), but in some cases the buyer pays it in full.
- Real estate appraisal document (the fee for obtaining it is about two hundred US dollars) at the latest.
- There is a fee for obtaining an earthquake insurance policy.
- Translating the papers into Turkish and attesting them to the notary.
Do not forget that the property may need some maintenance and restoration or make some modifications and this as well.
2 - Choosing real estate in a deliberate way:
Whether your goal is housing and residence or real estate investment, your choice must be according to specific rules to ensure that you do not make the wrong choice.
If you want to live, you must choose according to your desires and what suits your family in terms of the area of the property - its descriptions - its location - its view and other details.
If you are looking for a profitable real estate investment, you must follow many rules, the most important of which are:
- Hire a trusted real estate agent.
- Choose a strategic location.
- The look must be unique.
- Make sure to buy it at the best price.
- When you want to sell it, wait for it to come at a high price.
- New real estate is better than old.
3 - You can buy a property in installments:
If you do not have the sufficient budget to buy a property in Turkey, this does not mean that you will back down from your goal, as among the many facilities Turkey has provided to foreigners is the possibility of buying a property in installments.
You must have the first payment of the value of the property, which ranges from 35% to 50%, but do not forget to manage the other payments, you must commit to paying them on time and without delay so as not to be subject to a fine.
4 - You can get great discounts:
You can take advantage of the opportunities and know how to get the distinctive apartment at the right price.
- If you are one of the first to buy a property in a residential complex that has recently begun construction, you will get a high discount.
- When you think of buying an apartment within a project that has just been completed, you will find many offers and options.
- Paying the price of the property in cash, if you have the full amount, is better than installments, and it reduces you about ten percent of its price.
What are the advantages of buying a property in Turkey:
In your opinion, why has the real estate market in Turkey become a safe haven for many investors and foreigners around the world? Below we mention the most important ones.
- Affordable and low real estate prices.
- Possibility to obtain real estate residency.
- Obtaining Turkish citizenship.
- The facilities provided by the Turkish government.
- High quality real estate (rely on the latest engineering designs and international standards).
- Exemption from paying the value added tax.
- Low cost of living.
- Ease and speed of completing the acquisition procedures.
- A wide variety of real estate to suit everyone.
- Real estate can be invested and abundant profits can be obtained.
- A stable and developed environment for living and stability.
Dense information about the most prominent issues related to foreign ownership in Turkey that we provided through this article. We hope that you have obtained the required benefit and knowledge.
The Skyline real estate and advisory team is waiting for your questions to provide you with accurate answers..do not hesitate because we are your best choice in Turkey.