In this article, the founding partner of Gurcan Partners, Att. Bedrettin Gürcan from Gurcan İstanbul Office will mention buying property in Turkey, step by step with all legal processes. Property Investment in Turkey
BUYING PROPERTY IN TURKEY - GUIDE FOR FOREIGNERS
Turkey is one of the most strategic countries in the world. It strategically situated at the crossroads of Europe, the Middle East, and Central Asia. With almost 81 million population, Turkey offers great opportunities for real estate developers and investors.
Reciprocity rules were removed for 184 countries in 2012 for foreigners who would like to buy real estate in Turkey.
Regardless of reciprocity, foreigners can buy property as farming land, normal land, offices and flats in Turkey.
Turkish Land Register Law Number 2644 restrict buying real estate by foreigners with the limit: %10 of district surface area and total by foreigners maximum 30 Hectare countrywide. However, the Council of Ministers can extend this limit double per person.
Since 2012, Turkish Real Estate Market has attracted many foreign investors besides reputed developers as Emaar.
In case of buying farming or normal land in Turkey by real-person (Without company legal entity), planned project on the gotten land should be submitted to the ministry by owners.
To get to know are you eligible to buy real estate in Turkey with your citizenship, you have a contact us or also can contact the diplomatic mission of the Turkish Republic in your country.
THERE ARE SEVERAL RESTRICTIONS TO BUY REAL ESTATE IN TURKEY BY FOREIGNERS:
- Max. 30 Hectare country-wide including with limited real rights
- Max. %10 of district surface area
- Buying property in Turkey by foreigners can be restricted for national security.
- Military bases and some properties near these military base cannot be obtained by foreigners
In the following conditions, properties can be liquated by state:
- Buying property in Turkey illegally
- Using property with a different purpose for the purpose of buying
- Buying Land in the condition with a project and later failure of the project
BUYING PROPERTY IN TURKEY STEP BY STEP
- Choose the property (Check the services of Gurcan Consultancy)
- Deal with the seller
- We consult about the details and make a draft agreement
- Sign the contract and pay
- Turn the contract into the land registry
- Eligibility check from the Military
- Acquire the ownership by getting registered
- Pay taxes and other fees
Property selling should be done in a land registry office. In case of buying a pre-sell house before deed registration (There are many projects offer lower prices houses during the construction period), the purchase agreement has to make in public notary.
It is a very critical point when buying real estate in Turkey. During this process, our professional team ready to help to examine your purchase agreements and other legal issues.
Gurcan Partners is a corporate member of:
REQUIRED DOCUMENTS FOR BUYING PROPERTY IN TURKEY
- Property Details (City block, Parcel, Neighbour, Number of room etc.)
- Real Estate Value Statement (It will take from the Municipality Office in property neighborhood)
- Mandatory Earthquake Insurance (DASK)
- Photos of Seller and Buyer
- ID or Passport (It has to be notary certified translation)
- If a buyer does not Turkish, two witnesses and certified translator
- If power of attorney made in abroad, notary certified translation and original power of attorney
EXPENSES THAT YOU HAVE TO PAY WHEN BUYING PROPERTY IN TURKEY
- Property acquisition duty: 4% of the price of the property (It pays %2 by buyer %2 by the seller. However, in May 2018, Turkish government published new supports for real estate selling in Turkey. By October 31st, 2018, property acquisition duty will be %3) The price of the flat cannot be less than Real Estate Value Statement in this tax)
- Regional Revenue Asset Fee (Apprx 103,5 x 2.5 TL )
- Deed Fee( 483,5 TL )
We highly suggest that before buying property in Turkey, limitations on the property (mortgage etc) has to be checked. Our team can help you during the process.
Schedule a free initial consultation
DO FOREIGNERS NEED A RESIDENCE PERMIT TO BUY PROPERTY IN TURKEY?
Foreigners can freely buy real estate in Turkey without a residence permit.
The land registry office will examine the property whether it meets criteria or not. (Near from military region etc.) In case of rejection of an application by land registry office, It is possible to appeal this decision at regional headquarter.
If the parties have a problem with property purchasing or later, Turkish Courts will be authorized.
Gurcan Partners International Law Firm is ready to help you during all the process of buying property in Turkey.
Gurcan Consultancy, can help our clients for real estate consultancy and later on professional property management. Please get in touch with us from İstanbul Office or our other offices abroad.
Especially second hand houses may have several hidden legal problems. One another point is the preparation of the purchase contract. Having a lawyer during the procedure of the buying property in Turkey is the safest way. Our professional team is ready to help you during all procedure of the buying real estate in Turkey.
Buying Property in Turkey
Att. Bedrettin Gürcan LLM, MA, PhDs
All rights reserved. All rights of the Buying Property in Turkey article belong to Gurcan Partners International Law Firm. The author has no responsibility for the information in this article. This article is prepared just to inform.
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