Information about real estate investment in Turkey

Buying a property in Turkey for the purpose of investment is one of the options that most foreign clients consider.

Because real estate companies in Turkey provide after-sales service, i.e. property management, either by guaranteeing the rental of the property with a large profitable return or guaranteeing the sale of the property with great interest, especially if the property is purchased in a promising area close to transportation and infrastructure.

But most of them have no idea about the right steps for real estate investment in Turkey,

And sometimes those with information that is either incomplete or distorted makes them an easy target for scams

So let?s get to know the most important information about buying real estate in Turkey and investing in real estate

Laws of owning real estate and real estate investment in Turkey for foreigners

Turkey abolished the principle of reciprocity with regard to real estate ownership in 2012, which allowed the possibility of ownership for all nationalities, except for exceptional cases related to Turkey?s national security such as North Korea and Greek Cyprus.

There is no specific number of real estate that foreigners are allowed to own in Turkey, but the total area of real estate in Turkey should not exceed 30 hectares.

There are no restrictions about buying real estate in Turkey by foreigners other than those related to preventing ownership in or near security, military or rural areas such as villages.

How to buy a property in Turkey and what are the papers needed for that?

In general, the average price of real estate in Turkey is generally 50 thousand US dollars, whereby a foreigner can buy a decent property in a good area.

Many Turkish construction companies offer instalment payment options of up to 36 months.

After choosing the right property to buy, you need to

Bring the title deed, building and real estate number according to the municipality?s plan, and the tax number extracted from the tax department.
It is a number for foreigners in Turkey that is extracted from the tax department and is frequently requested in legal and official transactions such as opening a bank account.
After that, a real purchase contract is signed in Turkey.
Provide a down payment, preferably not to exceed 25% of the total value of the property.
Submit a request to transfer ownership to the security authorities, so it is advised not to pay the full amount until after the security authorities approve the request.
Check with the Land Registry Department to register the property, and here it is better to bring an interpreter to verify all the data related to the property, as the full ownership will be registered in the name of the buyer.
Pay additional expenses such as purchase and sale tax, estate agent fees, and other minor bills.
As for the documents necessary to complete the process of buying a property in Turkey, they are the translation of the passport into Turkish and its certification by the notary public, in addition to four personal photos.