Owning real estate in Turkey – conditions and advantages
The idea of owning real estate in Turkey does not seem to be a strange or new idea, as it has become a popular topic among the investors and those wishing to buy real estate in safe and stable countries. Given the importance of this topic and the multiplicity of questions that revolve around it, we have dedicated this article to be your comprehensive guide on this topic. If you are interested in reading it, we advise you to follow it to the end, and we wish you an enjoyable and distinguished reading.
Take a look at the conditions for owning real estate in Turkey:
Despite the ease of buying real estate in Turkey and the flexibility of Turkish laws, this does not negate the existence of many items and restrictions that must be adhered to, The first is that a foreigner is not entitled to own more than 30 hectares in different parts of Turkey and also cannot own in areas that are known as security or military and therefore a security approval is required to ensure that the property is not located in those areas.
Add to your information that the Land Registry Directorate issues a decision to prevent granting licenses to foreigners if the number of their properties exceeds 10% of the area or municipality.
In this context, we will point out a very important matter, which is that in 2012 the Turkish government issued a decision to abolish the law of reciprocity, and foreigners of different nationalities could own real estate in Turkey, but this did not include five nationalities, namely (Syria – Armenia – Cuba – North Korea – Cyprus Greek) and they were banned for political reasons and ancient conventions.
Documents required to buy a property in Turkey:
After you have made sure that you are allowed to buy real estate in Turkey and that you have found the right property for you, you must start preparing the necessary papers and documents, which are as follows:
– The property title deed that contains all the information related to the property and its specifications.
– The real estate appraisal document that is required to know the price of the real property.
– Earthquake insurance policy.
– The buyer’s passport after it has been translated into Turkish and certified by the notary public.
– Personal Photos.
– Accompany the buyer with an official translator in case he does not know the Turkish language.
Important notes when owning real estate:
In order to ensure that your purchase of a property will be successful, you must take many observations into account, and the following are the most important ones.
1 – Having a real estate appraisal report protects you from being a victim of real estate fraud because it controls real estate prices.
2 – All procedures must be carried out within an official department (Tabu Department) because any document issued by others is not acceptable.
3 – Make sure that the information contained in the title deed of the property matches the specifications of the property on the ground.
4 – Check the legal status of the property, as there may be some restrictions placed on it, such as mortgage or real estate seizure.
5 – Make sure of the type of real estate mentioned in the title deed, whether it is residential or commercial, because real estate taxes differ between them.
Learn about the advantages of owning real estate in Turkey:
Certainly, your choice to buy real estate in Turkey is not a random choice, but rather a decision stemming from a desire to obtain the advantages and privileges that everyone who takes the step of ownership in this country obtains.
You can see all these advantages through the paragraphs that we will present immediately, which will be comprehensive on this aspect.
First: Low Real Estate Taxes:
The Turkish government has issued decisions to reduce taxes for real estate owners in Turkey, which was a positive signal for investors that made them quickly make their decision to invest in Turkey than other countries in the world.
Did you know that low taxes help the buyer save a lot of money, while if you choose to buy a property in one of the European countries, you will face a lot of high taxes, which is an obstacle for many investors.
Second: Applying for citizenship:
One of the most important reasons for foreigners to own real estate in Turkey is the opportunity to obtain Turkish citizenship in return for the price of the property being a minimum of two hundred and fifty thousand US dollars and then keeping it for at least three years.
Turkish citizenship is considered one of the most important and advanced nationalities in the world thanks to the advantages granted to its holder, most notably the possibility for all family members to obtain it.
In this context, let us offer you important advice, which is that if obtaining this citizenship is one of your goals, do not hesitate to seek to apply for it during the current period, because according to the recent amendments issued about it, the minimum will be raised to four hundred thousand dollars, but what is reassuring that the decision It has not yet been implemented and the opportunity is still available to get it at the old price.
Third: Turkey real estate is very cheap:
You may be surprised when you find that real estate prices in Turkey are somewhat low, despite all its modern features and specifications, but it is considered to be much cheaper than prices in the European Union.
It should be noted that the amount of money that enables you to buy a luxury apartment in Turkey does not make you able to own the same in Europe, and this is what made many foreigners turn their eyes away from European countries.
Fourth: Obtaining real estate residency:
Without being restricted to the price of the property, its specifications, its area or other details, you can apply for a real estate residence permit, which is considered one of the best and most important residences in Turkey.
– It’s easy to get.
– The property must be intended for housing.
– It is given to boys who have not reached the legal age.
– It can be renewed annually as long as you own the property.
Fifth: A great investment opportunity:
There is no doubt that real estate investment is one of the best types of investments in the world, as it is safe and does not require much effort, fatigue or time. It is enough to choose the property in a thoughtful way and wait until prices grow.
What we can tell you is that real estate prices in Turkey are constantly growing, as a natural result of the high population density that you are witnessing, which automatically leads to an increase in demand. And add to your information that you will get abundant and remunerative profit in the tourist seasons.
In addition to all of the above, there are more advantages that are considered an important incentive that contributed to attracting foreigners and investors, the most important of which are:
– The geographical location that mediates three continents and is close to the Arab world.
– The Turkish economy is growing steadily and significantly.
– A variety of real estate options to suit all desires and budgets.
– The costs of living in Turkey are low and convenient.
– A great social environment that can be easily integrated into.
– A conservative society close to eastern customs, which made the Arabs more willing to own property in it.
Options for owning real estate in Turkey:
If you have made the decision to buy real estate in Turkey, you will be in front of many options and ways to buy (ready properties – properties under construction – installment properties – cash payment properties – buying through the bank) and below we talk about each of them in detail.
First: Buying ready-made properties:
Ready-made properties are the most common in Turkey, which are ready for housing or investment, and you can receive the title deed immediately, but what you should know about them is that their prices are somewhat high.
Second: Buying real estate under construction:
Many foreigners and investors resort to buying this type of real estate because their prices are lower and after the construction work is completed, they rise at high rates that may reach seventy percent.
Third: Buying a property in installments:
You will be forced to look for installment offers when you do not have enough budget to pay in cash, as it allows you to pay the price of the property in stages and installments far apart without facing financial pressures.
Fourth: Buying a property with cash:
In fact, this is the best option to buy real estate and have saved up earlier, many buyers do not prefer to live in the anxiety of securing installments and sticking to fixed dates over a year or two and sometimes more.
Also, when paying in cash, you get high discounts ranging between 10% and 20% of the total value of the property.
Fifth: Buying a property through the bank:
You can buy real estate through a bank in Turkey that has previously purchased real estate from construction companies, but you have to bear in mind that they will put a mortgage sign on the property until the full price is paid.
Costs of buying real estate in Turkey:
Before we mention to you the expenses incurred when buying real estate in Turkey, you should know that what applies to Turks is also applicable to foreigners, and here are the most important ones:
1 – Real estate transfer fees amounting to 4% of the total real estate value.
2 – Fees for obtaining a real estate appraisal document, which is $200 at most.
3 – An earthquake insurance policy whose issuance fees are a maximum of 250 Turkish liras.
4 – The costs of translating papers and documents into Turkish and having them certified by the notary public.
When are the ownership contracts in Turkey canceled?
In some cases, foreigners’ purchase contracts for real estate are canceled, most notably the use of the property for a purpose other than the purpose for which it was purchased, or if the property was purchased using illegal methods. Contracts are also considered canceled in case of delay in starting the implementation of the project.
Problems of buying real estate in Turkey:
So everyone agrees that there are many advantages that can be obtained when buying and owning real estate in Turkey, but at the same time you should not forget that there are many negative aspects and problems that you may encounter.
Through the following paragraph, we will talk about the most prominent and important problems faced by the foreigner when buying real estate in that country:
First: The possibility of falling into the trap of real estate fraud:
One of the most common problems, as a result of your lack of experience and sufficient knowledge of the real estate sector in Turkey, is that it is easy to be a victim of fraud, as people with weak souls take advantage of the opportunity to defraud.
But you will not be the victim when you look at the forms of fraud before you start searching, which are as follows:
– Impersonation of the property owner is the most dangerous.
– Forgery of official papers and documents.
– Deception of the buyer that the property is suitable for obtaining Turkish citizenship.
– Convince the buyer that a high return on investment can be obtained.
Before you sign the sales contract, you must check all the details of the property and check its legal status, as there may be taxes owed on it or legal problems such as seizure or mortgage or similar problems that have a negative impact on real estate prices and its investment importance. It is possible by returning to the real estate registry because it is not mentioned in the title deed.
Second, the wrong choice:
A big problem is to start looking for real estate for sale in Turkey and you do not have a complete idea about the dimensions of this matter, so you fall into an inappropriate choice that contradicts the achievement of your goals, so you should make extensive tours within the Turkish real estate market to have a wide knowledge of the available specifications and prices.
You should see all the legal steps that you must take and the steps to buy a property, the most important of which is extracting the tax number and verifying the identity of the property owner.
Third: Buying a property on your own:
One of the common mistakes that real estate buyers in Turkey make is buying a property without the help of a real estate expert and relying only on yourself, but this is completely wrong, as it is certain that your information about this field is not enough, and therefore you need a real estate expert or a specialized real estate company that offers you its services.
You can overcome any difficulties or obstacles you encounter by knowing in advance all the details related to this field, and do not forget to contact the experts and consultants of Hana Real Estate, as they provide you with a set of information that you need to know.
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