About Buying a Property in Turkey

Why Should I Buy a Property in Turkey?

Buying a Property in Turkey: Turkey is a country with a strategic location surrounded by three seas, its largest part is in Asia while a small part of it is in Europe. People from all over the globe prefer to move and live in Turkey not only for its sunny weather but because it has an ancient rich history and a combined culture, it is also a fabulous touristic destination famous for its many ancient cities and stunning views.

After the restrictions on purchasing real estate for foreigners were lifted in Turkey, the foreigners earned the right to buy any type of property: Residential property, commercial, factory, farm, land, school …ext.

They also prefer to buy a property in Turkey because of the cheap prices of real estate and affordable cost of living.

The benefits of Purchasing real estate in Turkey

• Investors who buy real estate or property in Turkey worth a minimum of $400,000 are eligible to get Turkish citizenship with their families.
• People from different countries choose to move and live in Turkey either for retirement or to start a business there because Turkey is considered one of the biggest business hubs.
• Buy-to-let properties are a big profitable investment chance for foreign investors. 
• Purchasing real estate in Turkey is considered affordable and cheap when compared to other countries.
• Most luxurious residential complexes are generally close to public transport and the vast network of highways and they are designed with facilities that meet essential daily needs like a market, mall, gym, parking, camera security system, swimming pools, and gardens.

Before Buying a property in Turkey:

Before starting to search for a suitable property, the investor should determine the purpose of buying (investment, residency, citizenship), for example;

•  if the purpose was real estate investment it is advised that the investor stays away from the spacious apartments (4+1 or 3+1 apartments), he should choose small apartments (2+1, 1+1) because they are the best for a successful investment. It is also preferable that he purchases the wanted  property in cash and not in installments because real estate prices can be more convenient when paying in cash.
• If the investor’s purchase purpose is to reside in Turkey, he should consider the area of the residential property, it should be surrounded by basic facilities like a school, mall, market, hospital, university, and metro station, it also should be close to the city center.
• If the purpose is to get Turkish citizenship he should consider that the total amount of investing in real estate in Turkey is $400,000.

What are the Required Documents to buy a Property in Turkey?

Documents must be fully presented for registering the title deed process. Here is a list of the required documents that must be presented at the land registry office:

1. The title deed or “Tapu” is an official document that includes detailed real estate information like (property type, space, address…). 
2. The investor’s tax ID number, which is obtained in two ways: either personally from the tax department or online from the tax department site.
3. A notarized translated copy of the investor’s passport.
4. A real estate market value certificate is issued by the district municipality where the property is located.
5. Real estate valuation report (Real estate Appraisal report).
6. Earthquake insurance policy.
7. A personal photo that was taken within the last 6 months (1 for the seller and 2 for the buyer).
8. If buying from a developing company all the company’s documents are required in addition to the project construction license and registration document.
9. Power of attorney if the title deed registration will be carried out by proxy (it must be issued by the Consulate General or embassy of Turkey).
10.  If the investor does not speak Turkish a sworn translator must be by his side while the title deed is registered.

The Title Deed Registration Process Taxes and Fees:

There are various taxes to be paid before a foreigner’s title deed transfer process. The transfer process starts with the payment of these fees. On the other hand, buying a property for foreigners may take a longer time than usual as it depends on specific procedures. We recommend that you seek legal advice before purchasing a property in Turkey.

• The title deed tax: it is paid by both the buyer and the seller. A 2% of the real estate value must be paid as a title deed tax, and it should not be less than the real estate market value certificate issued by the municipality where the property is located. For example, the title deed tax for a property worth 300.000 TL is 6000 Turkish Lira.
• The revolving fund fee: it is an official fee and is set at 157 TL for 2022, an additional service fee of 21.50 TL is also charged. In total, 178.50 TL must be paid as a revolving fund fee.
• The value-added tax (VAT): Selling real estate to foreigners is within the scope of VAT exemption. Amendment to Law No. 7394 on the Evaluation of Immovable Properties Belonging to the Treasury Department law excluded selling properties to foreigners from the scope of value-added tax.

Buying a property in Turkey procedures:

1. After deciding the purpose of purchasing a property in Turkey the investor chooses a suitable real estate with our company, then he chooses the appropriate payment method and the property status (under construction – ready to move)
2. Signing the sale contract with us.
3. Preparing the required documents.
4. We make an appointment online through the General Directorate of Land Registry and Cadastre site. 
5. Pay the required taxes.
6. Submit the required documents and register the investor’s title deed in the General Directorate of Land Registry and Cadastre.

Turkey Citizenship by Real Estate Investment

The new Turkey citizenship law states that foreigners who buy a property worth a minimum value of $400,000 with a pledge to not resell it for at least three years are eligible to apply for Turkish citizenship by investment program.

For more details about it, you can read our article: Turkey Citizenship by Investment.

Things to Pay Attention to When Buying Real Estate in Turkey:

• Purchasing real estate and title deeds transfer processes in Turkey are approved only by applying to the General Directorate of Land Registry and Cadastre offices.
• Real estate sale pre-contracts made by notaries or by normal handwriting do not present a property transfer process by themselves. Pre-contracts only serve as a commitment between the two parties for selling and buying the property and the property owner cannot be changed by such documents.
• Before buying a property in Turkey the investor should check at the land registry office if there are any liabilities on the property that may prevent the property purchasing process such as mortgages, liens, ….ext.
• Investors are not required to have a residence permit as a condition for purchasing real estate in Turkey. In addition, foreigners who buy real estate in Turkey are granted renewable short-term residence permits under law No. 6458 on Foreigners and International Protection.

Buying Real estate in Turkey is an excellent investment chance for foreign investors, but they need to choose a trustable company that they can count on to do all that it takes and protect their investors from fraud in Turkey.