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There are a few things you should know before buying a home in Turkey if you are a non-resident. Everything you need to know about legal procedures and significant aspects of Turkey will be covered in this article.
Turkey has long been a popular and desired travel destination due to its incredible culture, history, natural beauty, and climate. Being a Mediterranean nation, it has many captivating coasts and regions that everyone wants to live on.
Turkey has become an increasingly well-liked location for real estate investment due to its breathtaking landscapes, vibrant cities, and rich culture. You’re in for an exciting journey if you’re thinking about buying a home in Turkey. This thorough manual will take you step-by-step through the procedure, from comprehending the legal nuances to navigating the real estate market.
What Characteristics Characterize Turkish Homes?
Turkish history is intertwined with the histories of Central Asia, Asia, the Mediterranean, and the Black Sea. The houses’ architecture is influenced by and reflects that particular culture. There are various types of homes, including those in the Ottoman Empire and Turkish Republic styles. These traits are frequently found in Turkish homes.
• The original room’s shape: The room is the most important component of a Turkish home. It still has a lot of the same features.
• Design of the plan: The projections and outside or open couches that are featured in the plan are its most distinctive features. These floor plans stand out due to the independence of the room that is separated from the others by couch extensions.
• Multi-story buildings: Over time, center couch plan designs changed. There are typically two stories in most homes. The main living area is on the upper level, which also demonstrates the floor plan in detail. A tall, thick stone wall is frequently used to fortify the ground floor. Street views are visible from the top level.
• Roof shapes: The roof has a straightforward shape with no expansions or indents, and it slopes on all four sides. There are broad, horizontal eaves.
• Construction: The most basic type of building is a timber frame with in-filling material or lathe and plaster.
Regardless of the socioeconomic status of their owners, all houses have these characteristics in common. Similar to a seal, Turkish culture has left its mark wherever it has been established, so does this home style. It can be easily distinguished from homes built by other civilizations.
The most important component of any Turkish home, however, is the room. You are welcome to rest, lounge, bathe, eat, and even cook in each chamber. The amenities are the same in every room. The fundamental characteristics don’t change regardless of size. These are all about a way of life that hasn’t changed much over time. The space hasn’t changed as a result.
A sofa serves as the focal point of each room in a typical Turkish home. Each room in the house is a distinct living space with the same dimensions, features, and shape. On the other hand, the sofa’s many attributes can vary. As a result, the sofa in the room is frequently used to describe the aesthetic of the home.
Wood is the primary building material and timber framing is the primary construction technique used in Turkish homes. The forest cover in Anatolia and Thrace is consistent with timber frame construction, which is also preferred given that these regions are seismically faulted.
Another benefit of this technology was that it made construction go up quickly, meeting the needs of a civilization that was constantly expanding and moving. Because simple joints and nailed bindings were preferred to intricate joint details, the characteristics of wood construction are also fairly basic.
Turkey Real Estate: Pros and Cons
Let’s start by examining some of the main benefits and drawbacks of foreigners buying real estate in Turkey.
Turkish real estate has the following benefits
• Purchasing property worth at least $250,000 entitles you to Turkish citizenship (provided you don’t sell it within the first three years of ownership).
• There is typically a sizable profit potential whether you invest in an apartment in Istanbul or a warehouse in Bursa.
• By purchasing property near any bays, lakes, or forests, you will also have the opportunity to invest in Turkey’s natural resources.
Compared to the US or Europe, labor costs in Turkey are significantly lower. As a result, this can assist you as a businessperson in lowering your operating expenses.
• Compared to the majority of North American and European nations, Turkey has significantly lower living expenses.
• Compared to buying in euros or dollars, purchasing real estate in Turkish currency (Turkish Lira) is significantly less expensive.
Turkish real estate has some drawbacks
• Acquiring citizenship and purchasing property abroad can be laborious and time-consuming processes.
• You can only purchase 30 hectares of land as a foreigner.
• Higher interest rates on mortgages than in many other countries.
• There is frequently a shortage of stock.
Turkey’s real estate market
The Turkish economy, which has a GDP (Gross Domestic Product) of more than 900 billion dollars, is ranked 18th in the world. Most intriguingly, one fifth of Turkey’s GDP comes from the real estate industry alone.
Foreigners frequently have a lot of spending power in Turkey thanks to the Turkish lira’s exchange rate with other currencies, which makes buying property there as a foreigner more alluring.
Additionally, Istanbul sold an astonishing 235,000 apartments in 2018, which was the most of any Turkish city and represented about 17% of all national real estate sales. Izmir comes in third, and Ankara is the second most popular city for foreign real estate investment after Istanbul.
The highest foreign real estate sales were made in 2018 by Iraqi nationals, followed by Saudis.
On the other hand, visitors from all over the world are interested in the advantages of purchasing real estate in this developing nation.
Turkish real estate regulations
The following limitations on foreign ownership of real estate in Turkey are outlined in Article 35 of the Land Register Law:.
• Foreigners must be citizens of a country, which the Turkish Council of Ministers affirms has the benefit of advancing international relations and the general welfare.
• Due to regulations preventing property from encroaching on military zones, the majority of property buyers are only permitted to own up to 30 hectares of property or land. You can only buy up to 30 hectares as a foreigner.
Furthermore, foreign buyers are prohibited from purchasing any amount of land that represents more than 10% of the total landmass of a town or region.
How to Purchase a Property in Turkey Step by Step
Make your own research
There are numerous options for agencies that can make purchasing real estate in Turkey as simple and stress-free as possible.
But make sure you thoroughly investigate any agency you decide to hire.
Always choose an agency that has been around for a while and look for one with a good reputation and happy clients.
Additionally, be sure to conduct extensive research on the nation itself, such as determining which region of Turkey is most appropriate for your needs, financial situation, and lifestyle.
Invest in Your Agent’s Relationship.
Having a strong working relationship with your agent will help to guarantee that you buy the ideal property. The best way to get to know your agent is to let them know exactly what you’re looking for.
Journey to Turkey
It’s important to travel and become familiar with the local culture before purchasing any property. This will facilitate your decision-making regarding the location of your property purchase and ease the transition once you move.
After all, your transition will be easier the more you are familiar with the area to which you are relocating.
Investigate Potential Properties
Plan an inspection trip with your agent so you can visit the properties in person before making any decisions.
Visit as many properties as you can while on this trip to keep your options open.
Talk about the purchase’s cost and conditions
After you’ve identified a property that piques your interest, you’ll need to talk about the asking price, your offer, and the specifics of the deal. That being said, it’s crucial to do some research in advance to find out what is available in your price range.
Your agent will also help you in negotiating the best terms and price for your offer.
Reserve the property
It’s time to freeze the price and reserve the property once you’re certain you’ve found your ideal home.
You must pay the equivalent of roughly $1,300 in order to reserve a property.
As a deposit, this amount will subsequently be subtracted from the final purchase price. The deposit will be forfeited, however, if you decide not to purchase the property or the transaction fails for any other reason.
Complete the purchase
The simplest way to complete the purchase is to give a Turkish solicitor power of attorney, who will complete the transaction on your behalf. It follows that the purchase process can be completed without your physical presence in Turkey.
You can also get a foreign ID number and work with a translator to complete the transaction on your own.
Processing of the purchase shouldn’t take more than four weeks.
Final inspections
The title deed and all municipality checks will be verified as being registered in your name, and contracts will be signed. Either you or the appointed solicitor will sign them.
The only thing left will be to pick up the deed to your brand-new home after that!
Obtain the Title Deed (TAPU)
Your Turkish TAPU (title deed) can only be registered after all other paperwork has been filed and finished, which is the last step.
The property will then be registered in your name, and you’ll get the TAPU.
Is it secure to purchase a home in Turkey?
Yes, it is safe to buy a home in Turkey. Selecting a capable firm with reputable attorneys should be your first step. Competent lawyers are available from a reputable real estate company, which is crucial when buying a home abroad. Despite this, Turkish law does not require buyers or sellers to use legal counsel. The lawyer will perform formal checks in each instance of a new property because policies and regulations can occasionally change to ensure that your investment is protected in writing.
Are Turkish home purchases simple?
In Turkey, it is simple to buy a home. First of all, there are a ton of options, both in terms of cost and location. Particularly in areas like Beylikduzu, Silivri, and Esenyurt, houses are inexpensive. In addition to the simplicity of purchasing a home that fits your budget in Turkey, there are other opportunities available. For instance, foreigners who buy a home in Turkey are eligible for citizenship. Foreigners who spend at least $400,000 on real estate in Turkey, such as a house, are granted citizenship. In other words, by investing in a home in Turkey, you’ll make money and acquire Turkish citizenship. A three-year residence permit for you and your family can also be obtained on the first application if you purchase a home in Turkey for $75,000 or more. The children of foreigners are able to study in Turkey with this residency permit. Finding employment and obtaining a work permit within organizations are made simpler for foreign nationals with residence permits.
Is it affordable to live in Turkey?
Yes, it is affordable to live in Turkey. Turkey’s cost of living varies somewhat from region to region, particularly when it comes to real estate prices. For instance, renting in Istanbul costs twice as much as it does in Adana. Ankara or Istanbul restaurant dinners will probably cost more than those in other cities.
If you plan to purchase a home in a major city like Istanbul, Turkey, you can increase your overall cost of living by 20%, but other costs like utilities, food shopping, and transportation will remain roughly the same.
Foreigners earning dollars and euros will find Turkey to be much more affordable than other countries in terms of the exchange rate of Turkish liras.
What Requirements Must Be Met Before a Foreigner Can Purchase Real Estate in Turkey?
Foreign nationals may purchase immovables in Turkey, such as homes, businesses, plots of land, and fields, as long as they adhere to the legal requirements. Foreigners may suffer consequences if they make a mistake at any point during the purchasing process. Because of this, foreigners who wish to purchase real estate in Turkey must take certain factors into account, and they must work with a qualified attorney to complete all related transactions. There are several fundamental factors that need to be taken into account when foreigners buy a home in Turkey, including the following.
• The first consideration for a foreigner purchasing a home in Turkey should be whether there is a circumstance that will prevent the sale of the home, such as a mortgage or foreclosure. A significant loss of rights may result from purchasing a mortgaged or foreclosed home. The General Directorate of Land Registry and Cadastre has information on this topic.
• The dependability of the intermediary company is crucial if the foreign buyer plans to conduct business with it during the home-buying process. A lawyer should be consulted for legal counsel regarding this issue.
• It is important to inquire about the zoning of the prospective home.
• It is important to verify the legitimacy of the home’s owner and seller. It is important to note that fake powers of attorney are used to conduct these transactions.
• Sales cannot be made through merely promising sales contracts signed in a notary public’s presence. The necessary processes should be followed in the land registry offices when conducting official business.
• Foreigners can buy property in Turkey without a residence permit.
• The foreigner’s application to purchase real estate in Turkey may be rejected after submission. In this situation, the person has the option of submitting an objection application to the regional directorate that the Land Registry Office is connected to.
the paperwork that foreigners must have in order to purchase real estate in Turkey
Foreigners must first submit an application if they want to purchase property in Turkey. The Land Registry Office will receive this application. The following is a list of the documents that should be attached to applications submitted by actual people:.
• The foreigner’s name and passport.
• A fair market value certificate for the real estate being bought.
• A place to live, a place to work, etc. relating to the property.
• Earthquake insurance.
• A real estate property title deed.
• A picture of the buyer and the seller.
• If a foreign-issued power of attorney will be used to make the purchase, the original, certified copy, and translation of this power of attorney.
Who may purchase real estate in Turkey?
All people from around the world can buy property in Turkey, with the exception of five nations: Syria, Armenia, North Korea, Nigeria, and Cuba. Before making a purchase, some countries—including Iran and Palestine—need interior ministry approval.
How Much Does Buying a Home Cost in Turkey?
In addition to the real estate sales price, there are additional expenses when purchasing real estate in Turkey. These expenses include title deed fees, valuation reports, TCIP insurance, subscriptions, and translation fees. There are additional costs as well, such as notary fees for sales requiring powers of attorney and interest fees for sales made with credit. These will be paid on top of the house deposit. The total cost is determined by the home you plan to purchase.
The best way to purchase property in Turkey
Real individuals of foreign nationality may buy property in Turkey to use as a home or place of business, provided the transaction is reciprocal and all legal requirements are followed. Reciprocity is the first requirement set forth by the law for a foreigner to purchase real estate in Turkey. According to the law and the actual circumstances, reciprocity is decided. The rights and restrictions that apply to foreigners purchasing real estate in the country where they are citizens of the Republic of Turkey are the same as those that apply to domestic buyers of real estate in Turkey. In all of Turkey, foreign real persons are only permitted to purchase up to 20.5 hectares of real rights that are restricted to real estate. These individuals may acquire real rights limited to immovable in up to 10% of the total area inside the implementation development plan’s boundaries, based on central districts and districts.
Application and procedure: The Land Registry Directorate of the district where the desired property is located must be contacted in order to purchase real estate. Actions against the Land Registry Directorates must be reported to the Land Registry Manager, either directly or through proxies (representatives), if applicable, or legal representatives (attorney, guardian, trustee). Additionally, they deliver the paperwork required for that transaction. If the applicants don’t speak Turkish, they must bring a certified translator.
Documents needed: Foreigners must have the same paperwork that Turkish citizens do in order to buy real estate.
1. the real estate’s title deed, or if not, its name and parcel number, as well as the owner’s verbal declaration.
2. two passport photos (each measuring 4 x 5.5 cm), along with the foreigner’s identity document or passport.
3. If a foreign buyer of real estate is represented by a representative, they must also provide a 4 x 6 cm photo, a power of attorney for the representation, and an identity document with their picture on it.
The power of attorney issued outside of Turkey must either bear an “Apostille” annotation or be certified by the Turkish Consulate. Additionally required is the submission of the power of attorney’s Turkish translation.
When buying real estate, the title deed fee and revolving fund fee are collected through the bank at the rates determined separately for the seller and the buyer, on the declared value for sale, not less than the real estate declared value established by the municipality to which the real estate is affiliated.
The profits and sales prices of immovable property bought by foreigners may be transferred freely to banks and private financial institutions, either with or without the exchange of foreign currency.
What is the Turkish Real Estate Acquisition Process?
A title deed transfer appointment must be scheduled in advance for foreign nationals who wish to purchase a home in Turkey. Through the General Directorate of Land Registry and Cadastre’s Land Registry Appointment System, online appointments can be made. The following documents are necessary for selling real estate to foreign nationals:.
• A title to real estate.
• An identity card or passport (these documents may need to be translated, if necessary). ).
• A municipal certificate stating the state of the real estate market.
• DASK, or Compulsory Earthquake Insurance.
• A valuation report for real estate. A real estate appraisal report must be obtained as well. The real estate valuation report is regarded as being valid for three months following the date of issuance. A record of the appraisal report’s value for the property during the purchase period must also be made in the General Directorate of Land Registry and Cadastre’s online TAKBS system. The original and certified copy of the power of attorney issued abroad are necessary for processing the power of attorney.
A sworn translator must be present during all transactions if one of the parties is unable to communicate in Turkish.
