Buying a House in Turkey – Things to Consider
Properties have always been one of the safest investments that people feel safe putting their money into, properties have always been the destination for different investors, however, each country
has its own rules and procedures to be taken while buying a property. We will be focusing on the procedures of properties in Turkey where it has been one of the leading destinations for
Turkey has opened its door to foreign investors in 2003 Where it made the procedures very smooth with serval opportunities for each property to be bought. We will be looking deeply into what you need from documents to the location of the property while buying a property in Turkey. In the past years, there have been significant price increases in the Turkish real estate market; in early 2021, prices had increased by 30% and the good news for buyers is that there has been a recent boom in housing development and regeneration projects, which may result in more housing stock being offered on the market. Turkey has a lot of opportunities where every year a massive of projects are being shown in the real estate market, however, while buying a property in Turkey we need to consider the following:
1-Different types of title deeds:
As many people do not know the difference between title deeds here we are going to briefly define each type starting from the first type which is construction servitude title dead which is known as “IRTFAK” is given when the property is still under construction and not ready to move in yet, the second type of title dead is condominium title deed “Mülkiyeti” and this is the title deed that proves that the property construction is finished and ready to move. Moreover, there is Joint-owned property title deed which is known as “Hisseli Tapu” this is where the property is owned from more than one person at the same time, in other meaning it can be known as shared property.
A title deed should include the following:
- Province “ili”
- District “ilçe”
- Neighborhood “Mahallesi”
- Block “Ada”
- Parcel “parsel”
- Floor “Kat”
- Building number “building”
While Turkey has a huge land area, many locations are not known by foreigners and this is a lack of research where a lot of investors consider the house despite its location, we work with
Turkey’s most trusted agency CBI, you can check their website here https://cbiestates.com/author/cbiinvestment/ Where they provide unique opportunities for investors to look into.
After looking into the location let’s not forget the legal documents and procedures that are necessary. Starting from the title deed which is known as “Tapu” moving to the building license “Imar” and the habitation certificate “ Iskan”.
Every foreigner who wants to buy a property in Turkey should have the following documents:
- Passport and passport photocopy with its translation
- 6 photos in passport size
- Bank account in a Turkish bank
- Turkish tax number
These documents are considered essential documents to start the process.
4- Types of properties:
Turkey has given investors different options for investment through buying a property and these two types can be classified into two main investments:
- Investments below $400,000 thousand dollars where it grants the owner a residence permit in Turkey.
- For investments above $400,000 thousand dollars and in this investment the investor can obtain Turkish Citizenship alongside the property.
- There are certain restrictions for citizenship holders from Syria, Armenia, North Korea, Cuba where they are not allowed to buy property in Turkey.
- another restriction is that foreigners are not allowed to buy property in Security Zone and Military areas.
- Foreigners are not allowed to buy more than 30 hectares.
These rules might change so it is always recommended to consult your lawyer prior any purchase procedures.
6- Purchasing process:
Buying a property in Turkey has never been easier, however, there are certain procedures a buyer should take into consideration prior to buying the property.
- Engaging a real estate agent: Real Estate Agents can be very helpful when they speed up the procedure of looking into a property by limiting the options based on your request and we at Serka Law Firm always recommend our clients to go with CBI since it has a strong presence in the Turkish market by offering the best options to their clients.
- Legal Assistance: To ensure the smoothest outcome in your purchase procedures it is always recommended to get a lawyer and we here at Serka Law Firm with our professional experience team that has more than 10 years of experience in property investment will assure to handle all your legal procedures in the most efficient way.
- Property evaluation: Remember always before buying any property in Turkey, you should make have the property evaluated by experts to assure that you are paying the right amount.
- Verifying property ownership: It is always recommended to verify the property ownership to avoid any issues that might arise in the future.
- Getting a tax number: A tax number is one of the main steps in property investment which helps you to start your procedures whether it was for a residence permit or citizenship.
- Earthquake insurance: Many foreign investors lack this step because they are not aware of the importance of having earthquake insurance which is one of the requirements to open an electric account on the property.
All of your real estate legal needs can be met by the Serka Law Firm, a dependable partner. We provide thorough legal services designed to ensure a profitable and secure property investment
thanks to our deep industry knowledge and unwavering dedication to professionalism. Since each real estate investment is different, we at Serka Law Firm take the time to learn about your particular objectives and needs. Using this information, we offer individualized legal strategies that support your goals. Our knowledgeable team will assist you in structuring the purchase agreement, negotiating advantageous terms, and making sure your contract offers the required protections