Legal Requirements for Buying Property in Turkey: A Comprehensive Guide for Foreigners
Turkey has always been a popular tourist destination due to its rich culture, stunning landscapes, and affordable living costs. But over the years, it has also become a hotspot for real estate investment, with more and more foreigners investing in Turkish properties. In fact, according to the Turkish Statistical Institute, the number of properties sold to foreigners in Turkey increased by 5.6% in 2021, compared to the previous year. If you are considering buying a property in Turkey, there are several legal requirements that you should be aware of. In this article, we will provide you with a comprehensive guide to the legal requirements for buying property in Turkey as a foreigner.
Legal Requirements for Foreigners Buying Property in Turkey
If you are a foreigner considering investing in Turkish real estate, you might be wondering what the legal requirements are for buying property in Turkey. In this article, we will provide you with a comprehensive guide to the legal requirements for buying property in Turkey, including the necessary documents, fees, and procedures.
Who Can Buy Property in Turkey?
The first thing to know is that as a foreigner, you are allowed to buy property in Turkey. However, there are certain restrictions on the types of properties you can buy, depending on your nationality. For example, citizens of countries that share a border with Turkey, such as Syria and Iran, are not allowed to purchase property in certain border areas. Similarly, citizens of certain countries, including Armenia and North Korea, are not allowed to purchase property in Turkey at all. To find out if you are eligible to buy property in Turkey, you should consult with a legal professional.
The Necessary Documents
To purchase property in Turkey, you will need to obtain several documents. These include:
- A passport or other valid identification document
- A tax number from the Turkish tax authorities
- A property appraisal report from a licensed appraiser
- A title deed and a title deed registry extract, which can be obtained from the local land registry office
In addition to these documents, you may also be required to provide additional documentation, depending on the circumstances of your purchase. For example, if you are buying a property through a company, you will need to provide the company’s articles of association and a certificate of incorporation.
Fees and Procedures
Once you have obtained the necessary documents, you will need to pay the necessary fees and follow the procedures for purchasing property in Turkey. These include:
- The purchase price of the property
- Stamp duty, which is calculated as a percentage of the purchase price and is paid to the government
- Real estate commission, which is usually paid to the real estate agent who facilitated the sale
- Legal fees, which are paid to a legal professional to assist with the purchase process
Once you have paid these fees, you will need to sign a sales agreement and pay a deposit, which is usually around 10% of the purchase price. The remaining amount is usually paid at the time of transfer of the property, which takes place at the local land registry office.
Conclusion
Buying property in Turkey as a foreigner can be a complicated process, but by following the legal requirements and procedures, you can ensure a smooth and successful purchase. By obtaining the necessary documents, paying the required fees, and working with a legal professional, you can enjoy the benefits of owning property in this beautiful and culturally rich country. So, whether you are looking for a vacation home or a long-term investment, Turkey is definitely worth considering.
