Buying and selling real estate in Turkey
According to statistics released by the Turkish Census Bureau, Iranians, after the Iraqis, had the highest number of home and property purchases in Turkey last year, 2019. In addition to the Iranians and Iraqis, people in Russia, Saudi Arabia and Afghanistan and some other countries in the world have also bought houses in Turkey.
Over the last year, property transfers in Turkey have grown by more than 54%, and Turkey has become one of the target markets for investors to buy real estate in the world.
In the 12 months ending Nov.2019, the number of foreign nationals purchasing a home in Turkey for the purpose of obtaining Turkish residency and citizenship increased by 54.4 percent compared to the same period a year earlier.
According to statistics in November, there were 138,372 property transfers registered in Turkey, which is up by about 50.000 from last year.
The most popular city in Turkey to buy property in Turkey has been Istanbul among foreign investors, as more than 47% of the homes bought in Turkey as 1885 unit properties belong to Istanbul. Then the city of Antalya to buy property in Turkey has been the focus of Turkish property buyers and last year 825 properties were transferred to foreigners.
Since then, Ankara has been among the most popular among investors with the transfer of 218 properties to foreign investors.
According to figures released last year, and only in November, Iraqi investors with a 575 units of property in Turkey had the largest share in buying property in Turkey. Iranian investors rank second in this list and have had a large share of Turkish residency by purchasing 500 units in Turkey. The Russians have bought 300 units, the Afghans 216 and the Saudis 174 units in Turkey and it seems that the Turkish property market is experiencing a strong upward trend.
Under the new rules, foreigners can buy Turkish residency and citizenship by buying a house worth $ 250,000 or more.
Since the adoption of this law, the purchase of houses by foreigners in Turkey has greatly prospered. The average house price in Turkey is currently $ 150,000. The Turkish government has made Turkey a desirable market for foreigners to attract foreign capital through the purchase of housing in turkey. Statistics also confirm that the number of foreigners entering the housing market in Turkey is increasing day by day.
But apart from the affordable property price in Turkey and the granting of Turkish residency to Turkish property buyers and investors who invest in Turkey, other reasons have definitely increased the investment in Turkish real estate. Factors such as its excellent access to European markets, presence in Eurasia, high value for money, rising trend and growth of social welfare in Turkey and many other factors have also contributed greatly to the process of investing and obtaining Turkish residency through the purchase of real estate. Is.
In this article we are going to review the reasons for buying a property in Turkey, the types of property and the methods of buying and investing in Turkish real estate.
A little about Turkey
The Republic of Turkey is a Eurasian country that borders Europe and Asia and links many of the land routes between the two continents. Much of Turkey is in Asia, southwest and in the Middle East, and a smaller part of it, known as Thrace, is located in the Balkans or Eastern Europe.
The countries of Iran, Azerbaijan, Armenia and Georgia in the east, Iraq and Syria in the southeast and Greece and Bulgaria in the European part of the northwest are neighboring Turkey. Turkey also borders the Black Sea to the north, the Marmara and the Aegean Sea to the east, and the Mediterranean Sea to the southeast, which demonstrates its excellent access not only to the European and Asian countries through its land borders, rather, it is water routs many other countries across borders. The importance of Turkey’s strategic position becomes even more pronounced when we consider the two strategically important straits of the Bosporus and Dardanelles.
Turkey is a vast country with different but mostly temperate and rainy weather conditions. This mountainous country has an almost rectangular shape extending from the West or the East.
Turkey, located in one of the most sensitive regions of the world, has a very good geographical strategic location and is a crossroads of Southwest Asia and Europe, and many countries, In particular, Iran uses Turkish soil to transit goods and energy. Turkey enjoys a good climate and has many interesting places to visit. Because of this, many tourists travel to Turkey every year to take advantage of its excellent climate, to see its sightseeing and tourist sites.
The country has over 76 million people, most of whom are Muslim. Its form of government is secular, but most of its people adhere to Islamic principles, which has made Turkey more attractive to buy property in Muslim countries such as Iran, Afghanistan or Iraq. The existence of Turkish and Kurdish ethnic groups, which make up the majority of the Turkish state, can also be an advantage over Muslims investing more in buying property in Turkey.
The language of the Turkish people is Istanbul Turkish, written in Latin by Ataturk since the founding of the Turkish Republic. The culture of the people of Turkey is a middle culture between Eastern and Western culture, but there is a predominantly oriental culture among the Turkish people.
Turkey is perhaps the main remaining land of the great and powerful Ottoman Empire. Following the collapse of the Ottoman Empire during World War I, Ataturk established the Republic of Turkey in 1302, giving Turkey a new identity and significant independence.
The Impact of the Turkish Economy on Investment and Buying Property in Turkey
According to some experts, the economic situation in Turkey is due to investors’ interest in buying property in Turkey and especially commercial property in Turkey. Turkey has a strong and very good economy. The country has benefited from indigenous and emerging industries as a combined business in its economic growth. The use of tourism and eco-tourism potentials has also helped to improve Turkey’s economic conditions in recent years.
Agriculture constitutes one of the main economic parameters of Turkey in the form of Turkey being one of the ten most powerful countries in the world. More than 11% of Turkish people work in the field of agriculture.
Registering a business in Turkey and launching a private business in Turkey is also a very powerful dimension of Turkey that carries much of Turkey’s economic potential. Turkey’s transport, banking and communications infrastructure has always been called one of the best in the world. Turkey’s economic growth in recent years shows that Turkey has become a very good market for private or semi-private businesses and companies.
This shows that many people who are looking to buy property in Turkey are looking for something more than buying property in Turkey. They also acquire permanent residency in Turkey by purchasing properties in Turkey.
By staying in Turkey, and the good job market in Turkey, one can see the high potential of Turkey for starting a business in Turkey, registering a company in Turkey, buying shares in the Turkish market or even working for national and international companies in Turkey, It gained a lot of interest due to Turkey’s booming economy and its high value for money.
Everything about investing in Turkey
The Ottoman Empire collapsed in World War I and was invaded by Britain and its allies. Mustafa Kemal Pasha became the national hero of Turkey by organizing national resistance against foreign states and was able to build the Republic of Turkey in 1302 (1923) and became known as Ataturk.
He invented the Latin script for writing the Turkish language, took many steps to industrialize and westernize Turkey, creating a new era in Turkey. Under Ataturk and Amin and his supporters, Esmat Inono, known as the one-party era, displayed a form of nationalist political authority that did not tolerate racism and promote Pan-Turkism and isolate Islam and ethnicity.
Turkey joined the United Nations in 1325 and joined NATO in 1331. Turkey is a member of the European Community and is currently pursuing reforms to consolidate its democracy and economy so that it can open accession negotiations with the EU.
In recent years, Turkey has become one of the hub for investment in the region. Although investing in Turkey as a foreign country, like other countries, may have its own benefits and risks to foreign investors, nevertheless investing in Turkey in recent years, especially in the real estate market in Turkey shows that the real estate market conditions in Turkey have always been growing.
Although Turkey is not yet a member of the European Union, it has been attractive to many foreign investors, especially European and Iranian, who want to set up a company or want to experience a better life under different circumstances. While the Turkish economy is well-known for growth, statistics show that there is growing economic growth in Turkey.
Turkey’s economy is developed with an international financial budget and is recognized among 20 industrialized countries. Turkey recently benefited greatly from falling oil prices. Given the fact that Turkey is involved in regional conflicts, investing in the country needs courage, but if you do it carefully, you can see huge profits.
The recent influx of investors from countries such as Iran, Iraq, Russia and Afghanistan to buy property in Turkey has also led to an unprecedented rise in property prices in Turkey. Even investing in buying a property in Turkey as a second home, vacation home or rental home has been the subject of much attention in recent years. The rapid growth of the tourism industry in Turkey, and the need for rental homes in Turkey, especially in the tourist and coastal areas of Turkey, have caused travelers and tourists to pay a high price and cost for renting a one night stay in Turkey. This is great news for people who are looking for a lot of interest in buying a rental home in Turkey.
More importantly, Turkish authorities have in recent years removed many of the restrictions on foreign investment development in the country and provided a friendly business environment. The Turkish economic system does not discriminate between foreign investors and treat them all equally. Therefore, Turkey has become a home to more than 33,000 companies established by foreign nationals.
They can also benefit from incentives such as a 20% income tax (instead of 33%). Banking facilities, tax exemptions, the possibility of 100% ownership of property and many economic simplifications have also added to the desire of foreigners to buy property in Turkey and obtain Turkish residency through investing in Turkey.
Types of Investment in Turkey
Turkey is in the neighborhood of Iran and is an Eurasian country, so many Iranians have invested in it. We have said that investing in Turkey is not just about getting a residence in Turkey and it is easy to take advantage of its strategic location for commercial purposes.
There are many ways to emigrate and invest in the Eurasian country of Turkey and to stay in Turkey. One of them is investing in Turkey in various ways. In this section of the article we will list the types of investments in Turkey that are:
- Investment by buying property in Turkey (which we will cover in this article)
- Investing through bank deposit
- Investing by buying stocks
- Investing through the purchase of government bonds
- Investing in real estate investing companies
- Investing through entrepreneurship and company registration
Among the methods available for investing in Turkey, there is no doubt that the method of investing in Turkey by buying properties in Turkey is the best way to invest in Turkey. Because real estate in Turkey is very diverse. One can buy a house, townhouse, apartment, villa, country house and other types of house or buy a commercial property such as a hotel, motel, commercial passage or a variety of shops and companies not only owning a place to live in Turkey or business It was in Turkey, but also easy to obtain residence in this country. More importantly, this method costs less than other methods to invest in Turkey.
Given that you need $ 250,000 in capital to get a Turkish residence by buying property in Turkey. You can spend more money in other ways. But for entrepreneurship or business registration in Turkey you have to create at least 50 jobs and you certainly can’t afford to invest less than $ 500,000. You need at least $ 500,000 for savings in Turkish banks, or $ 500,000 for buying bonds or stocks. As a result, the best way to invest in Turkey is to buy real estate in Turkey. You can even use banking facilities in the country to buy real estate. Here’s a little more about how to invest in Turkey.
Entrepreneurship and company registration in Turkey
One of the types of investments in Turkey is registration of companies in Turkey. The registration of the company is welcomed by many investors, especially Iranian investors, to immigrate to Turkey. The economic situation in Turkey is very good and growing and the people of this country have a high culture and civilization. Therefore, investment in business areas such as entrepreneurship or company registration in Turkey has been successful. Limited liability company (LLC) is the most famous and popular type of registration company in Turkey.
The investor must hire at least 50 Turkish citizens to start a business after registering the company. His business or business plan must be approved by the Turkish Ministry of Labor and Social Affairs. There is at least one shareholder in this type of company and has a board of directors. The initial capital needed to start up the company will be at least 10,000 TL (Turkish Lira) equivalent to $ 2,600 (US $). Of course, this fee is only for company registration in Turkey.
The cost of buying a property in Turkey or renting a property in Turkey for business should also be added.
So it can be said that the best way to start and register a company or entrepreneur in Turkey is to register a company by buying a commercial property in Turkey, as it will greatly reduce costs for the investor. Of course there is no requirement to buy a property in Turkey to register a company, but the cost of renting commercial property in Turkey is almost high.
Invest in Turkey by buying bonds and stocks
Another way of investing in Turkey is to buy bonds and stocks in Turkey. In order to grow and improve its economy, the Turkish government approved investing in bonds and equities. The initial capital, meanwhile, is set at $ 500,000 (USD) and the person who intends to invest in Turkey in this manner must deposit this amount into his bank account. This type of investment can bring the investor a Turkish residence permit. In this way you do not need to buy property in Turkey.
This is done under the supervision of the Turkish Ministry of Foreign Affairs. One of the most important requirements for this type of investment in obtaining Turkish residency will be the maintenance of the bonds purchased for at least 3 years. Otherwise Turkey’s residence will not be granted to a foreigner. In fact, the investor does not have the right to buy or sell his shares for 3 years, and the Turkish Ministry of Industry and Technology is overseeing such investments.
Investing and Buying Real Estate in Turkey
Buying real estate in Turkey is one of the ways and types of investment in Turkey that has many fans. But there are certain conditions in this type of investment, which we will discuss in more detail below. Investing in property buying in Turkey is one of the best ways to invest in Turkey.
In the past, the initial capital to buy property in Turkey was set at $ 1,000,000. But in September 2018, a welcome event occurred, whereby the initial capital amount for a Turkish property purchase was reduced to $ 250,000 (USD) only for a Turkish stay.
If the person investing in Turkey successfully completes the purchase of property in Turkey, he / she can benefit from the Turkish residence and then the citizenship of the country. A foreigner can obtain long-term residence in Turkey if a foreigner holds his / her property for 3 years or continues his / her capital for a continuous 3 years in Turkey. It generally takes 3 to 6 months to issue a Turkish residence permit to a foreigner and can be renewed once every 6 months.
Property in Turkey is very diverse. It doesn’t matter which region you choose to buy property in Turkey. Istanbul, Alayna, or any other city and village in Turkey these days have been the focus of much attention for buying property in Turkey. There are a variety of homes, townhouses, apartments, villas, cottages, villas, commercial real estate and many other properties in Turkey for investment and purchase of property and all end up in Turkey under minimal investment terms.
The Benefits of Investing in Buying Property in Turkey
Certainly investing in any country has advantages. Turkey is no exception and investing and buying property in Turkey offers great benefits to the investor and his family. Some of them are as follows:
- Turkish Passport is in the list of top 20 passports in the world and has a validity of 10 years. It is also being extended continuously.
- The presence of an investor in Turkey is not required.
- A visa-free traveler can travel to 148 countries and 26 Schengen countries.
- Free access to family and health education in Turkey.
- The Turkish government, under dual or dual citizenship law, does not require foreign nationals to leave their former citizenship and foreign nationals can also obtain Turkish citizenship by retaining their former nationality.
- Participation in military service is not required for a person applying for citizenship.
- Property prices in Turkey are reasonable and equal to property prices in Iran.
- The growth and profitability of property buying in Turkey has been very good in recent years.
- Buying a property in Turkey and obtaining a Turkish residency in this way has no restrictions on working in Turkey.
- Turkey is trying to join the EU. If successful, those who have Turkish residency can also benefit from EU citizenship.
Property types in Turkey
As mentioned, there are many types of living or commercial properties in Turkey. Below we will take a look at the most important types of homes in Turkey.
Keep in mind that in Turkey the major difference is in the construction of real estate, and the different styles of houses in architecture due to the varied climate in Turkey. Turkey’s climate is very varied and therefore it is necessary to design or build houses in each region according to the weather conditions of the area and use special materials for that area to build houses in Turkey.
As a result, keep in mind that in the northern areas and on the Black Sea coast, many houses in Turkey are made of wood or of wood structure. In central Anatolia most of the houses are made of brick and in the west and south of Turkey most of the houses are made of stone. For this reason, apart from the model and type of buildings in Turkey, the structure and architecture of buildings in Turkey are also very different. Especially in the European part of Turkey, the European style has been adapted to build houses, and in the Asian part, people have often started to build their own buildings in the Asian way.
As their name implies, these houses are rooted in Ottoman history and culture and are considered to be traditional houses in Turkey. Although it is rare to find such houses in Turkey for sale in big cities, such as Istanbul, there are lots of historic Ottoman towns like Safranbolu Have their old structures or the house completely renovated.
These houses have sloping and colored roofs, usually built on two or three floors, and are mostly of stone type or sometimes textured wood. The older these houses are, the more complex the building. Especially in Istanbul, the walls of traditional Ottoman-style houses, traditional and beautiful engravings are often seen on the main walls. But on the outskirts of towns, these types of houses are less complex and their facades are usually white and do not have much carving.
Traditional Ottoman townhouses or Turkish style houses have a large number of windows on each floor, most of which are of traditional wooden style. These windows are generally overhanging specially upper windows, with bars and grills, so no one can see inside the house, while from inside is well able to observe outside.
Yalı or a beach house in Turkey
Not all beachfront homes have the same structure in Turkey. One of the most famous and popular types of beachfront homes in Turkey are the houses known as Yali. Yali is a traditional Turkish beach house in Ottoman times. Very unique, accommodating and of course expensive in Turkey. These lovely houses, which are popular among the wealthy foreign and wealthy Turkish investors, usually have several gardens around them and are decorated with intricate woodwork detailing along the gables.
Most of these houses have plenty of room and the interior of the house is also perfect.
The central hall of the house is shaped like a dome roof and around this hall and all the rooms there are usually large colored bay windows. These windows are built to cool the home’s cooling breeze from off the sea. Most of the Yalis were originally built as summer resorts in Ottoman times. Most of these houses have been refurbished or renovate now, but they have retained their architectural style.
Ahşap Evler or wooden houses in Turkey
In the Aiden Plateau and in the Black Sea region of Turkey, there are many wooden houses that, although typical of the Turkish people themselves, are of great interest to foreigners. In most areas of the Black Sea, wooden houses or Ahşap Evler are abundantly found in Turkey. Although not similar, they are similar in structure.
The houses are often two-floored and are typical of traditional Turkish life. In recent years, wooden houses in the vicinity of the Turkish Black Sea have become slightly different in shape and structure. Over the years, these wooden houses in Turkey are built with larger windows for more light, and sometimes three-floored houses are also designed.
Many foreign investors are looking for these types of wooden houses in Turkey to buy property in Turkey. Proximity to the Black Sea and access to the beautiful beaches of Turkey, low prices and the possibility of renovating and repairing these homes and using them as a second or rented house and even a holiday house are other goals. Buying wooden houses and repairing them in the area can be of great benefit to investors by renting property in Turkey, due to the growth of the tourism industry in Turkey, which has attracted a great deal of interest from Turkish property buyers.
Seaside villas in Turkey are often built similar to those of Greece and Italy. This may be due to the historical commonalities found among the people of these countries. But what is clear is that in many areas of the Turkish coast, this type of beach villas can be found in Turkey. Especially along the Mediterranean and Aegean Sea, many beachfront villas are built. The structure of these villas is very similar to other coastal villas in the Mediterranean and is therefore also known as international villas.
The structure of this type of beach villas is often used in stone and the exterior of the villa uses beautiful balconies and greenery, facing the sea, creating beautiful landscapes and providing a pleasant sea climate for the homeowner and Provides guests. The main difference between seaside villas in Turkey and many other seaside villas in the world may be the landscapes that these villas provide, landscapes often overlooking the sea and the beautiful mountains in Turkey.
In recent years, these beachfront villas have experienced a more modern structure. Many foreign investors have bought the web in Turkey, renovated them and remedied them, but with their former style villa.
Villas often have a garden and a pool. Some luxury Turkish villas have a club or Jacuzzi and other amenities.
Many of the seaside villas in Turkey are triple, meaning they are divided into three self-contained residences. That is, each villa has approximately three separate parts that are connected by one or more parts. Even in the older villas in Turkey you will find that these areas are separated and share life or are connected by several steps.
This has made investors more interested in buying beachfront villas in Turkey.
Because they can use it as a second home and holiday home, and by renovating it, they can rent the villa to three separate families at a time and earn three times as much per night. Many of Turkey’s coastal villas have been renovated and many need renovation. Situated by the Mediterranean or Aegean Sea is a winning leaf for these types of villas in Turkey and are in great demand. As a result, the price of a beach villa in Turkey has grown dramatically in the last two or two years.
Buy Apartments in Turkey
Buying an apartment in Turkey is an ideal choice for those looking for a cheap holiday home in Turkey. In fact, apartments in Turkey are very varied and most apartments are not also cheap and are also a great option for investing and buying a second home or holiday home in Turkey.
One can hardly say that apartments are the most common type of home in Turkey, especially in the center of big cities like Antalya and Istanbul. Properties of apartments in Turkey are not much different from the types of apartments in other countries. These houses are small in size and built on many floors and usually either have no balconies or have small balconies.
The style of apartment building in the big cities of Turkey, especially if it is surrounded by streets, is such that the underground parking is built on the ground floor and commercial units are built on the ground floor. The styles and architectures of apartment construction in Turkey are also very different and do not follow a specific style. With this explanation you can have many options for buying an apartment in Turkey, from large apartments in the early 20th century to modern and sophisticated high-rise apartments or large apartments and a large space for the balcony.
The good thing about buying an apartment in Turkey is that you can own a home in Turkey at a low cost. Investing in Turkish real estate, and buying apartments in Turkey, has been on the rise due to the high popularity of foreign investors. In addition, the price of apartments in Turkey is very different and there are prices for all types of apartments in Turkey.
Buy a country house in Turkey
One of the great options for investing and buying property in Turkey is to buy rural houses in the country. There are many villages and countries in Turkey that are part of the country’s development plan. Most of the homes that are located in these temperate regions have beautiful landscapes but need to be renovated or refurbished as they are old. Most of Turkey’s own investors have recently benefited greatly by buying and renovating rural houses in Turkey.
In many rural areas of Turkey you can renovate old houses by obtaining a permit. It is possible to change the model or remodeling the house or even use the property for other purpose, but often you cannot increase the size or dimensions of the land and you have to remodel your home just to the same extent.
Some of the Turkish villages are on the list of tourist villages in the country, which means that rebuilding the rural houses in these areas is more profitable. Usually these villages have good access and facilities and are better suited for life. Many travelers and tourists are also keen to stay in these rural huts for one to several nights and pay good money on one night.
But it should be kept in mind that in some other areas the villages have not yet made much progress and some facilities are not available in these villages. However, buying rural property in these areas is much cheaper and more affordable.
Generally speaking, if you are looking to buy affordable homes in Turkey, which are located in good weather and can easily get permission to renovate, remodel, repair or refurbish, buying a rural house in Turkey is a good option. This will bring you a lot of benefits and you will not have to limit your stay in buying this type of property in Turkey.
Buying a house in Turkey
An important concern for people who intend to emigrate or trade in Turkey is the issue of home buying in Turkey. Many, however, are buying property in Turkey for the purpose of investing in Turkey or are looking to start a business in Turkey. Under the new immovable property law, property in Turkey has been made available to 183 citizens, including Iranian citizens, but because it is very important for most homeowners in Turkey to obtain a Turkish residence by buying property, the government Turkey has introduced new rules for property applicants seeking temporary residence in Turkey.
Since the implementation of the law (May 2014), the period of residence of foreigners who purchase property in Turkey has increased from one month to six months. It should be noted that this permit is actually a temporary residence permit in Turkey, which can be extended for another year if you still own the property and have the title deed in your name.
In fact, Turkish residency is a one-year but renewable temporary residence with the purchase of property. Unlike inaccurate advertising, buying a property in Turkey cannot obtain a Turkish passport or a definitive Turkish residence, which can be a serious concern for business owners.
The conditions for obtaining a permanent residence in Turkey are quite different. You must have a temporary residence of 5 years to 8 years, have lived in Turkey and paid insurance and tax in Turkey and can then apply for a permanent residence. Upon request, all your documents will be sent to Ankara and after about a year of work, you will be granted residence if you qualify for a permanent residence permit from the Turkish government.
As a result, there are a few basic requirements for buying a property in Turkey:
- First, you have to invest at least $ 250,000 in Turkey and buy property.
- Initially you will be granted a temporary residence of six months to one year, but this residence can be easily extended every year if you continue to own the property in Turkey.
- You cannot apply for a permanent residence permit in Turkey at the beginning and less than 5 years
- You can apply for a permanent residence in Turkey after buying a property in Turkey for a 5-year to 8-year temporary stay in Turkey.
- You can apply for Turkish citizenship after 10 to 12 years if you invest in buying property in Turkey.
- Under the new laws in Turkey, there is no restriction on the ownership of property between indigenous people in Turkey and immigrants or foreign investors.
- You can sell your property in Turkey at any time, with no restrictions, and withdraw your capital from this country.
- It doesn’t matter which city or property in Turkey you can buy, and the important thing is that you bought at least $ 250,000.
- You can also buy property in Turkey for less than $ 250,000, but it is more difficult or impossible to get a Turkish residence for less.
Investment and Property Law in Turkey
There is also a foreign investment law in Turkey. So if you are planning to buy property in Turkey or in any other way, such as registering a company in Turkey or buying shares in Turkey, you are better off investing in Turkey. Know the rules and regulations of foreign investment in this country.
The Foreign Direct Investment Law in Turkey is regulated in seven articles and has executive by-laws. The by-law of this law has four sections and thirteen articles. Article of the law provides for the principles of foreign direct investment in Turkey as follows:
Freedom of investment and domestic transactions for foreigners in Turkey
Therefore, all foreigners with an origin from five different countries can invest in Turkey directly. Some countries have restrictions on investing in Turkey, not including Iran. The freedom of investing in Turkey means that one can easily invest in any type of investment in Turkey, without restriction and in most areas of investment. One of these methods is buying property in Turkey which has many fans. Also, according to this article, all citizens and citizens of Turkey can freely and freely deal with foreigners.
Expropriation and confiscation of foreign property in Turkey
Foreign investor property shall not be expropriated or confiscated except for the purposes of public interest which, in this case, shall also be compensated by legal process. Accordingly, all foreigners who purchase property in Turkey will be the definitive property of their property, and no government or non-governmental entity can expropriate or confiscate foreign property. Unless this is done for legal reasons and with the agreement of the parties and after the foreign investor has paid the damages.
Expropriation and confiscation of foreign property in Turkey
Foreign investor property shall not be expropriated or confiscated except for the purposes of public interest which, in this case, shall also be compensated by legal process. Accordingly, all foreigners who purchase property in Turkey will be the definitive property of their property, and no government or non-governmental entity can expropriate or confiscate foreign property.
Unless for legal reasons and in agreement with the foreign investor, and after the foreign investor has been compensated, for property expropriation.
Departure of property from Turkey
Foreign investors are completely free to leave their property in Turkey.
According to this clause, if you invest and buy property in Turkey, you can withdraw all of your capital if you proceed to sell the property in Turkey. This will include the principle of money and profits attributed to the investor if property prices rise. Keep in mind that the withdrawal of this property and benefits from Turkey is subject to income tax, so after deducting the relevant tax, you can withdraw the investment benefit from Turkey.
Ownership of immovable property in Turkey
Foreign investors have no restrictions on ownership of immovable property in Turkish territory. This is especially important for people who want to invest and buy property in Turkey. Unlike many countries in the world and Europe, in Turkey can be 100% owned by property or any other immovable property. Therefore, buying any type of property in Turkey is free under the law without the need to partner with Turkish citizens, and one can easily renounce the property in the name of a foreign investor in Turkish notaries. Especially if you intend to obtain a residence by buying property in Turkey, this legal clause will help you a lot.
Resolving Foreign Investment Disputes
If any dispute arises during the course of the investment, the foreign investor can refer to the local courts. There is no difference between Turkish citizens and foreign investors. For this reason, foreign investors who are planning to buy a home in Turkey can easily purchase a property or any other investment in Turkey. The terms and conditions of sale and purchase of property in Turkey are the same for foreign and domestic individuals, and any infringement and attempt to deceive a foreign investor can be resolved in the local courts of Turkey.
Valuation of non-cash capital in Turkey
Non-cash capital of foreign investors is valued under Turkish Trade Law. This is for people who intend to make the process of investing in Turkey non-cash. It may be equity that has already been acquired or non-cash assets such as gold, etc. that need to be valued. In accordance with Turkish law, non-cash assets are valued under the supervision of official legal experts in Turkey.
Recruitment of foreign staff in Turkey
The law allows foreign investors to hire foreign citizens and workers for the purpose of their investment. This is subject to the foreign citizen’s obtaining a work permit in Turkey from the Turkish Ministry of Labor and Social Security. Most of the clause of this law is specific to those who intend to register company in Turkey. Now a company may be registered in Turkey from the beginning or may register a foreign branch or agency in Turkey.
In any case, people can work in these companies or branches or agencies that have work permits. Also, those who intend to invest in Turkish real estate for reconstruction, repair, maintenance, renovating or remodeling can also only hire foreign staff to build and repair their property when they are licensed to work in Turkey.
- Opening of a representative office in Turkey
Foreign companies are allowed to open their offices in accordance with the law. You need to have a business plan for this. So if you are planning to set up a representative office or branch in Turkey, you can register in Turkey by going through the legal process without restriction on your assets or property.
Against this facility, the Turkish government expects investors to provide the government with their performance statistics and pay their income tax in accordance with Turkish tax laws at specified times. Apart from paying taxes, the information received from the investor is used solely for preparing macroeconomic plans and will not be used for any other purpose. The most important information requested are: 1. Capital and performance status, 2. Account status and balance of payments, 3. Account transfer status and liquidity between domestic and foreign partners.
Is Buying Property in Turkey a Profitable Investment?
Because you can use the Turkish Lira currency for this type of investment, the low value of the Turkish Lira boosts trade in the Turkish real estate sector.
By lowering the value of the Turkish lira against other currencies such as the euro, the dollar and the pound, investors with strong currencies can invest in Turkish real estate. That’s why this type of investment has attracted the attention of many people around the world. August 2018 statistics show that property purchases in Turkey have increased by 151.1% compared to last year. The majority of Turkish property buyers came from the Middle East who invested in Istanbul apartments, although many Europeans, Arabs and Russians also bought apartments and villas in Antalya, Izmir, Fethiye and Bodrum.
Despite the surge in value of Lear compared to last year, buying property in Turkey is still a lucrative investment. The cost of buying property and the cost of living in the country are also affordable.
The issue of buying property in Turkey is more valuable when we see the addition of Turkish residency to investors and the possibility of working in Turkey. Turkey has a very low unemployment rate and many people even enter Turkey for work. Its excellent access to European and Asian markets and even by sea to many other countries enhances the value of investing in real estate or starting a business in the country.
Why is buying property in Turkey recommended?
In an effort to increase foreign investment and help increase the value of the lira, buying a property in Turkey worth at least $ 250,000 and maintaining it for three years can result in obtaining a Turkish residence. In the past it was at least $ 1 million, but now it’s down. Turkish authorities expect the price cut to boost property purchase rates in Turkey and bring foreign capital into the country. Now the plan is working. Turkish property sales to foreigners are on the rise and Turkish real estate companies are enjoying more sales results.
In order to attract foreign capital to the country, the Turkish government has made many amendments to its laws and regulations. This process is now faster and easier than ever. In order to assure buyers, the Turkish real estate industry has been tightly controlled to prevent any infringement. These include granting full ownership of the property to a foreign investor and strong legal protection of foreign investors and non-discrimination between foreigners and Turkish citizens.
Demand for rental homes in Istanbul along the coast is booming as exchange rates have boosted the tourist market. Although initially strict enforcement procedures for renting property in Turkey discouraged some investors from buying property in Turkey, there are now management companies in every city that will undoubtedly follow the new rules and ensure this.
The property is legally leased. Many investors even rebuild and repair old-fashioned properties in Turkey or buy old ones in Turkey and use them for a second home or holiday home. Some have also benefited greatly from tourism growth in Turkey by buying and renovating old properties from renting houses in Turkey, especially Turkish villas.
Along with the increasing value for property in Turkey, living in Turkey is easy for foreigners. The low value of the lira against other currencies means that daily living costs in Turkey are much lower than in the UK and many other European countries such as Spain, Italy or Germany. Water, electricity, food, etc. are very cheap. This has caused the immigrant community to reside in Turkey and foreigners now prefer Turkey to expensive countries. Affordable living with amazing weather, breathtaking landscapes, and hospitality has created a mix of investors who win this lifestyle.
Tax on rental income of real estate purchased in Turkey
One of the ways to invest in Turkish real estate is to buy a property to rent in Turkey. The growing trend of tourist arrivals to Turkey and the lack of accommodation centers in tourist sites have been the main incentive for investors to enter the Greek market for property purchases and rentals. Currently, in many tourist areas of Turkey, for every night, travelers receive a high price for renting a home.
Investors who choose this method for investing in Turkey may do so by buying apartments in Turkey in major city centers or by buying villas and townhouse in rural areas or beach houses and beach villas in Invest in Turkish real estate, or even buy an old property and rebuild it at a lower price.
The important thing is that, after buying a property in Turkey and renting it, the landlord must pay the income tax, which varies depending on the amount of income but starts at around 15%. Taxpayers need a tax number. Calculated allowable costs and tax refunds are usually annually in March.
The higher the income, the higher the cost of paying income tax. This tax is calculated along with other income taxes and is deducted in lump sum.
General rules and regulations regarding the purchase of real estate in Turkey
Buying property is possible for all domestic and foreign natural and legal persons in Turkey with definite ownership. The law has been amended for about a year. Prior to that, all foreigners could buy property in Turkey at a time when their country also allowed Turkish citizens to buy property. But now everyone in more than 183 countries can invest in FDI in Turkey.
But it is important to know the laws and regulations in the field of real estate and the type of real estate transactions in Turkey for investing by buying property in Greece. In particular, there are different laws and procedures for property registration or transfer of property in Turkey that can have a direct impact on the purchase of property.
In the following, we intend to be more specific about these procedures and the possible laws applicable to each of the procedures for buying property in Turkey and to examine this in more detail. So we will point out all the information you need to invest and buy property in Turkey. Things like the requirements for documents, fees and taxes on any type of property in Turkey that you need to know and enforce correctly.
1- The principle of permission to buy property in Turkey in exchange for permission to buy property in the buyer country has been removed, but not completely,
Until 2012, only foreigners could buy property in Turkey, which also allowed Turkish citizens to buy property in their own country. This principle was known as the principle of reciprocity, which was also called the reciprocity principle among investors. However, in March 2012, Law No. 2644 was adopted in the Turkish Land Registry, which completely revised the previous laws and eliminated the principle of reciprocity. This allowed many foreign investors from different nationalities to invest in the Turkish real estate market easily and buy property in Turkey.
By amending the law, the number of countries that can buy single property in Turkey has increased from 89 to 183. But again, this law does not cover all countries in the world. Given that there are more than 190 countries in the world, some nationalities still cannot freely buy and invest property in Turkey on equal terms.
Although it is not yet clear exactly which countries or nationalities have restrictions on the purchase of property in Turkey, this is indicated by the list provided by the Council of Ministers to official Turkish offices and each registry office in Turkey. Fortunately, Iranians can invest in Turkey and buy property in Turkey without restriction and are not in restriction list to buying property in Turkey. However, Turkish authorities have always suggested that foreigners seeking to invest and buy property in Turkey, before taking any action through the Turkish Embassy in their own country or the Ministry of Foreign Affairs of their own country, to seek investment conditions In Turkey. Some countries have to comply with specific laws, restrictions and procedures that are often due to the type of their country relationship with Turkey or the type of investor citizenship or place of birth to purchase property in Turkey.
2- Restrictions on buying property in Turkey for foreign investors
Although it is always said that there are no restrictions on the purchase of property in Turkey for foreign persons, however, in accordance with Turkish law, not all foreigners can own property in Turkey. Investing in Turkey and registering a document in the name of a property buyer in Turkey is done at the Turkish Real Estate Agency. Therefore, in accordance with Turkish law, foreign investors in Turkish real estate can own property in Turkey in accordance with the following restrictions and transfer the title deed in their name.
- If foreign persons can purchase property in Turkey and register this property in their name, a document indicating that, according to the list of the Council of Ministers, the name of the foreign natural person is included in the list and the investor is one of these countries. Be it. The Council of Ministers is tasked to keep this list up to date and to send a copy of it to the parties to the agreement as well as to the land registry offices in Turkey.
- A foreign investor cannot buy more than 30 hectares of Turkish real estate nationwide to buy property in Turkey. In addition, the buyer of foreign property has no right to exceed more than 10% of urban areas in a given area. If a foreign investor want to buy more than 30 hectares of Turkish land or property, the Council of Ministers will agree to increase the purchase of Turkish real estate in accordance with the justification plan. However, this amount cannot exceed 60 hectares of Turkish real estate throughout the country.
- The Council of Ministers has the power, after reviewing the conditions of the foreign investor, in the interest of Turkey’s national interest, to prohibit or restrict the foreign investing in Turkish real estate and the purchase of property in Turkey for some investors or all investor in general, or Consider the rules and conditions for it. The Council of Ministers may also apply this restriction on investment in Turkish real estate as well as parameters such as country, person, geographical area, duration, number of assignments, ratio, type, characteristic, square meter and amount. The Council of Ministers will consider any investment request made by any foreign investor in Turkey and may consider restrictions on the purchase of property in Turkey, taking into account any of the above parameters. This may be specific to an investor, a nationality, or all of the investor and nationalities without distinction.
- Real estate may be demanded by the property owner in Turkey, within prohibited areas such as Turkey’s military or strategic areas or even in Turkey’s special security areas. This type of property is not generally investable or sold in accordance with Turkish law, unless the Council of Ministers issues or permits the sale of such property in Turkey. These types of licenses may also be issued by organizations such as public servants, commands designated by the General Staff, or the governorates of each province if they are authorized. It should be noted, however, that some of the military and special areas in Turkey, which were previously under military control, have already been licensed to sell to foreign investors, and foreign investors are now allowed to clear these properties. And there is no need for military clearance or special permission to buy this type of property in Turkey. Also, consider that the border and strategic areas of Turkey are generally in the Turkish public sector and cannot be traded.
3-Property Transfer in Turkey
Transferring real estate in Turkey is a two-step process. For this purpose, both the buyer of the property in Turkey and the seller of the property in Turkey must both submit a request to the Land Registry in Turkey for the transfer of the property document. To do this, two steps must be taken: firstly, the pre-sale of the property in Turkey must be approved, and the second, the transfer of the property document in the name of the buyer in Turkey.
For the pre-sale of property in Turkey, there is no difference between Turkish citizens and foreign investors in terms of the documents required and for prepare the document, and all require the same documentation. At the document transfer stage, it should be clear to what purpose the foreign investor intends to purchase property in Turkey, which requires a plan or certificate, which is not always required and may require some property purchase in Turkey. The important thing about transferring a property document in the name of a property buyer in Turkey is that if a buyer or investor in Turkish real estate does not speak Turkish, he must hire a reputable Turkish translator to arrange for the documentation or transfer of the property document. The transfer of property can be done by the investor himself or his legal representative.
The following three steps must be taken to transfer a property document in Turkey:
- Obtaining approval from the Turkish Land Registry to buy property in Turkey
Prior to any property transaction in Turkey and after the initial purchase agreement, the buyer and seller must obtain an approval to purchase property in Turkey by submitting a request to the Turkish Property Registry. Obtaining this approval requires a large number of forms to be adjusted and costs must also be paid separately. Buyers and sellers may agree to complete each form separately, or they may agree to complete a series of forms and pay costs jointly.
In order to transfer a property document, a property seller in Turkey must submit the following documents to the Turkish Property Registration Office:
- seller Identification document
- A photo with the passport profile characteristics taken in the last six months
- Title or subject of the property and related information (apartment, townhouse, villa, country house, number of floors, which floor, area, separated, etc.)
- A statement made by the municipality of the area and the property priced there
- Earthquake-related insurance for residential and commercial buildings
- If the property seller in Turkey does this through an authorized representative or lawyer, the related documents must also be attached.
If the buyer in Turkey is a true foreign investor, he / she should provide the following documents:
- Receive a tax number from your local tax office
- Presentation of ID card such as ID or passport along with official translation into Turkish
- Two passport-sized photos taken in the last six months
- If the buyer of the property does this with his legal representative or lawyer, the related documents should also be attached.
Following the presentation of these documents by the buyer and seller of property in Turkey, the Property Registration Authority in Turkey will review the conditions of the buyer property in Turkey with possible restrictions. This means that one must meet the conditions for investing and buying property in Turkey. If there is no restriction on buying a property in Turkey, the Turkish real estate registration office will look for reasons for buying a property in Turkey and analyze and investigate the reasons for a foreign investor in Turkey. In this regard, the Turkish Real Estate Registry will also receive confirmations from the Turkish municipality and military authorities that the property is not located in a strategic or military or special area. If there is no problem buying the property, the document transfer will be done. But if the military authorities determine the property in strategic and military terms, the purchase of the property may be rejected or may require authorization, which is suggested by the military authorities themselves.
When reviewing property purchase conditions in Turkey and during legal review procedures such as inquiries from military authorities, the Turkish property buyer must pay the working capital cost. This fee will have to be paid for by the Cadastre Presidency in Turkey. This is usually the case with the buyer in Turkey, but in many cases the buyer and seller in Turkey may agree to pay the fee jointly. Finally, the Turkish Real Estate Registry will announce the terms of the transfer after an investigation. If there is no problem with the transfer of property, the Turkish Real Estate Bureau will agree to transfer the property deed with the agreement of both parties. At this time, if the land or house money is to be paid, or part of the money is mortgaged, it must be paid.
It usually does not take long from the time of applying for a transfer of property in Turkey until the transfer of the property, depending on the correspondence between the Turkish Property Registry and the military and land authorities in Turkey. In most cases this will take about a month, but in some cases it may take up to a month.
If the Turkish Real Estate Registry refuse to invest in a specific type of property in Turkey or buy property in Turkey for some foreign investors, the investor may appeal to the regional registrar’s offices to appeal this decision.
- Title transfer at the Land Registry Office
To Buy a Property in Turkey after the Land Registry has reviewed and approved the purchase conditions and approved the property conditions, the buyer and seller of the property or their legal representatives must finalize the property transaction with the Land Registry in Turkey. It should be noted that usually the buyer and seller of the property in Turkey have already made preliminary agreements and signed a pre-sale agreement in advance of the agreement. Also, remember, lawyers can apply to the Turkish Real Estate Agency when they have a seller or buyer to bring all official and approved documents in accordance with Turkish law.
A legal representative or agent of a property seller in Turkey can follow the entire process of sale by a real person in the country, and the buyer lawyer can also do the buying and transfer of the property from the buyer in Turkey. But the important point is that each lawyer must submit his / her license to the Turkish Real Estate Registration Office for the transaction and get approval from the Turkish Real Estate Agency.
In order for the transfer of the property document in Turkey to be lawful between the parties and there is no problem, the following must be considered:
- At the time of the finalization of the property contract in Turkey, both the seller and the buyer of the property must be present in Turkish Real Estate Agency.If either party is unable to attend, his legal representative or lawyer must be present.
- The parties to the property transaction in Turkey must have agreed in advance and signed the initial contract and then entered the real estate office. If the dispute still arises between the parties, the contract will be terminated until the two parties reach an agreement.
Note: If the initial agreement for the sale of property in Turkey does not comply with the laws of Turkey or does not comply with the requirements of the Turkish Property Registry, this contract will be void and the subject of the transfer of the property document will be eliminated.
4- Initial agreement of sale of property for transfer of property in Turkey
In Turkey, an initial sale agreement must be signed to buy property, especially if a foreign investor intends to buy property in Turkey. Although this law is not mandatory, it is recommended that investors, especially foreign investors to buy property in Turkey, be required to have a preliminary agreement with the property seller and both to sign this preliminary property transfer agreement. Keep in mind that the initial property sale agreement in Turkey merely confirms our agreement between the buyer and the seller of the property in Turkey and differs from the final agreement made by the Turkish Property Registry. The initial agreement for the purchase of property in Turkey must specify all the issues and uncertainties and agree on the initial framework for the transfer of the property.
This agreement can be easily terminated without the need to pay damages, giving each party the right to demand a final purchase of property in Turkey. Be sure to include issues such as property prices, area of the property, owner of the property, type of document, amount of loan or other facility, terms of sale or payment, and many more in the initial contract. It is recommended that you make an initial contract of sale of property in Turkey with the advice of an expert lawyer in Turkish real estate law.
The definitive ownership of the title deed in the name of the buyer requires that both the buyer and the seller, together with their legal representatives, be present at the Turkish Property Registry at the time of the transfer of the property and that the transfer of the property is carried out in a timely manner. Therefore, if one of the parties violates the original agreement between the two parties and fails to do so, the contract of sale of the property will be automatically terminated and the other party will not be able to transfer the property under that initial contract.
In addition, for the legality and validity of the contract between the seller and the buyer of the property in Turkey, as well as the entry into force of the original contract, the initial sale agreement must be drawn up in the notary offices in Turkey and signed by both parties. .
It is important to note that this initial contract of sale of property in Turkey is not legally valid unless the preliminary agreement is in conformity with the format of the contracts of the Turkish notary office or is not regulated in accordance with the format of the notary offices in Turkey.
The preliminary agreement may be negotiated freely without the need for a preliminary contract in Turkey to sell the property in Turkey, in which case its validity lies solely between the buyer and the seller. But if the initial contract of sale of the property is signed in the official offices of Turkey, it has legal validity and is effective. It is best to have a working consultant with you throughout the process of buying and selling property in Turkey.
5- Considerations a foreign investor should have in buy Turkish real estate
- You do not have to use a real estate consultant to buy a property in Turkey
In Turkey, people can freely agree and do not have to do so in Turkish real estate offices. If a real estate consulting service is to be used, the commission should be paid for as a finding and arrangement fee, and this commission is usually set by the local real estate consultant in Turkey and may be a percentage of the property sale. But nevertheless many are now trying to save money after agreeing to find property in Turkey use different ways, and after initial agreements, they sign the initial contract in the official Turkish offices.
Keep in mind that if you use a real estate consulting service in Turkey, these realtors usually consider about 3% of the property price as a commission. This may be paid by the seller of the property or by agreeing to buy the property in Turkey, each paying half the cost.
- Foreign investors do not have to use a lawyer to buy property in Turkey
Another important point for people who are planning to buy property in Turkey is that it is not necessary to use a lawyer or hiring a lawyer to buy property in Turkey. However, since the process of buying and selling a property in Turkish is complicated and the procedures for transferring the property are complex, it is advisable to consult with legal advisers or lawyers.
Among the things that can complicate the process of buying a property in Turkey and having a lawyer can help you are mainly:
- Physical conditions of real estate in Turkey
- Possibility of property damage
- There are restrictions on the area where the property will be purchased or any changes to the municipality that may affect the property.
- Some legal issues that may affect the property such as the death of the original owner and the inheritance of the property
- Legal issues that may affect the property
- Operating licenses and some restrictions that may apply to Turkish real estate. Such as some estates, factories, sports venues, shopping malls, hotels or other commercial real estate in Turkey
- Governing bureaucracies for the transfer of property in Turkey or some of the problems that may arise in real estate documents such as a title for parts of the Turkish government
- A different payment arrangement between the seller and the buyer of the property
Securities that may cover part of the cost of the property
- Some of the real estate changes that are changing that every day is accused in the field of property.
- Property tax liabilities that may be related to prior
If you are planning to invest in Turkish real estate as a property buyer, you should carefully consider whether there is a tax on real estate you intend to buy and whether you have paid any previous taxes.
If previous taxes on the claimed property have not been paid, the buyer and seller must agree on where these taxes should be paid and whether the buyer should pay these taxes and deduct the property price or himself, the property seller in Turkey pledges to pay this tax
Keep in mind that the Turkish Real Estate Registry will receive a property value statement from the governorate, which will also include a variety of property liabilities, and if the property is taxed on the property before the document can be transferred or even contracted, the assignment must be determined.
- Property tax declaration for buying property in Turkey
Generally, property buyers in Turkey must receive and pay a property tax return from the local municipality where they purchased the property before December 31 of each year.
- Get compulsory earthquake insurance for property
Each homeowner and property buyer in Turkey must provide an insurance policy for their property that covers earthquake damage. Earthquake insurance is mandatory for all real estate in Turkey. This policy may be transferred to the new owner at the time of purchase of the property. However, the policy must be renewed annually and if the insurance is completed, the new owner must purchase earthquake insurance for the property.
- Buying real estate under construction in Turkey (construction phase)
One way of buying property in Turkey is to buy real estate that is under construction or construction phase. These types of semi-finished properties in Turkey are usually priced in installments and have to be paid in several installments. The terms of payment of installments can usually be different for each property. But what should be kept in mind is that the final installment of a semi-finished house in Turkey is usually paid at the time of the transfer of the document in the name of the buyer to the Turkish Register Office.
Other installments of semiconductor property purchase in Turkey must be paid in accordance with the initial agreement and contract at defined times. These types of contracts are important and may pose risks for the buyer of property in Turkey as the seller may not deliver the property on time or may not deliver at the time of delivery at all or at the current price. Do not contract this type of property alone.
It is strongly advised that if you intend to buy semi-finished property in Turkey, pay the securities against the installments made before the final transfer of the property in your name to the Turkish Land Registry and in the meantime it is advisable to carefully adjust the initial contract and pay the installments accordingly. Keep in mind that an expert lawyer is very effective at this time.
- Using information provided by the Turkish Real Estate Agency to buyers
If you are planning to buy a property in Turkey, especially as a foreign investor, it is best to go to the Turkish Register Office and obtain property details from this agency before making any initial agreement or contract. This office provides information to the property buyer which is very helpful and can be very influential in your decision to buy a property in Turkey. Remember to not sign any agreements or consultations with an attorney before obtaining this information from the Turkish Documentation Office and reviewing this information.
Note: The registry of property records you intend to purchase in Turkey should include information that has a direct effect on the property transaction in Turkey. Issues such as whether this property is subject to unintended damages such as real estate, mortgages or leases. Matters such as violations of property or any other property violations should also be addressed.
6- Paying for the fees of property in Turkey and other costs related to buying real estate in Turkey
In Turkey, the final property purchase will be made when the purchased property is properly registered with the Turkish Property Registry. This is subject to paying the costs associated with buying a property in Turkey. After the title has been transferred to the new owner, the property seller no longer has any land rights and the buyer can use it as the new owner.
The important thing is that in every region of Turkey, the property price is almost certain and the seller cannot announce the property price lower or higher than the standard area price. This price is included in the land documents and can only be higher than the standard area price if there are additional options on the property. After the price quoted in the contract between the buyer and the seller has been exchanged, the title will be calculated on the basis of this price.
Property prices in Turkey as in other countries of the world are determined by region, weather conditions, demand for property, type of property, type of property construction and many other factors. This price is calculated per square meter.
Keep in mind that besides the cost and price of the property, some other legal payments must be made for the property. We will discuss these costs further.
7- VAT laws for sale of property in Turkey
Profit from the sale of property in Turkey is subject to value added tax. Keep in mind that if you buy a property in Turkey and want to sell it in Turkey after repairs, renovations or changes to the property, you will need to Pay VAT for the benefits of this sale after deducting the costs associated with renovating the property. There is no difference between ordinary citizens and foreigners. Also, there is no difference between the properties and any property should be taxed on the amount of interest generated by the sale property in Turkey when it is sold and after calculating the costs.
Remember that VAT is not included in the cost of buying property in Turkey and it is payable on up to seven sellers unless agreed with the buyer. It is also important to note that the ratio of value added tax to net real estate in Turkey is calculated.
Although VAT is payable by the seller, in Turkish real estate laws, the property seller can transfer the value added tax to the buyer. In fact, the value added tax is calculated at the time the property is sold in Turkey, and the seller can transfer it to the buyer by deducting this amount from the total cost of the property and therefore, at the time the property transfer is finalized, the buyer of the property in Turkey has to pay VAT.
8- Do recent reforms affect foreign companies?
Recently, there have been reforms to the registration of real estate in Turkey, which have no bearing on foreign investors and companies. That is, their ownership does not affect Turkish real estate. Only some companies operating in Turkey that may be foreign companies operating in certain industries may need to buy property in Turkey. Recent changes in corporate ownership in Turkey relate to the citizenship of the company, not the nationality of people who have bought property or partnered to start a business in Turkey by buying property.
These laws apply in such a way that companies established in foreign countries and originally registered under the laws and regulations of their own country and registered in the offices of their own countries can purchase commercial property in Turkey In the name of partners or companies, but they must operate in accordance with Turkish laws and regulations and these companies must operate within the framework of Turkish law. Accordingly, only laws that apply to some industries or regions are of great importance and must be accepted by foreign legal investors.
Accordingly, the following rules should be followed:
- Laws related to Petrol number 63267
- Turkey Tourism Law No. 26348
- Laws relating to Turkish Industrial Regions 47379
This means that the above-mentioned laws and regulations are specific to foreign companies and in fact these lands distinguish between foreign and domestic companies in Turkey.
1-Procedure of a real estate transaction in Turkey
Above is a detailed description of the process of buying a property in Turkey and how to transfer the property to a new buyer in Turkey. But in general, to buy a property in Turkey, it is advisable to use a legal adviser or an attorney.
Turkey has facilitated the ownership and transfer of property to foreign buyers for about a year by changing its legal infrastructure, and this year a large number of foreign investors, especially from Iran, Afghanistan, Russia and China, They are headed to this country. For many of these investors, however, the exact process of investing and buying property in Turkey is still unclear and some of them face difficulties.
Keep in mind that the main rules for buying a property in Turkey or for investing in Turkish real estate generally include three types of laws that you need to be well-versed in buying a property in Turkey, and you must make the rules detailed at every step. These laws are the Turkish Civil Code (the Civil Code) the Turkish Code of Obligations (TCO) and finally the Turkish Land Registry law (Land Law), each of which needs to be governed by specific laws and regulations.
For this reason, it is recommended that you use the services of legal advisers who are well versed in Turkish law. While buying property in Turkey also differs depending on the type of property. For example, buying a commercial property in Turkey cannot be compared to buying a residential property in Turkey. Also, buying a townhouse, villa, apartment, beach house etc. in each region of Turkey needs to meet some standards and pay attention to some points.
In this section, we are going to explain all the steps you need to take to buy a property in Turkey, outlining the steps that need to be taken and considered. Keeping in mind these tips can be very important to you when you are planning to buy a property in Turkey yourself.
- Conduct business negotiation
There are many ways for choosing a Property in Turkey to buy a property in Turkey. Some choose their property using the internet, some with presence in Turkey, and some through friends and acquaintances or through advertisements and newspapers or even referring to real estate consultants in Turkey etc.
Probably the first issues to be exchanged between the buyer and the seller of the property are commercial matters such as the price of the property or the seller and buyer obligations or warranties that should exist. The important thing is that if you have the experience to refuse this, after considering all the legal requirements, ask the real estate seller in Turkey to set up an initial property sale agreement in Turkey with the property you are considering and he himself Sign with two witnesses and you sign with two witnesses. Keep in mind that, as described above, the final transfer of property in Turkey to the Turkish Property Registrar needs to specify this initial agreement between the buyer and seller of the property in Turkey.
- Initial contract of sale of property in Turkey
The initial sale agreement in Turkey is important in that it forces the seller to sell the property in Turkey. In fact, in the original contract of sale of property in Turkey, the seller will be required to sell the property in accordance with the terms and conditions that he first defined and agreed with the buyer of the property and cannot make any changes to its terms. That is why, in accordance with the laws of Turkey, the format of the initial property contract must be in accordance with a petition prepared by a notary in Turkey or by the Registry in Turkey.
It is important to note, however, that many large property construction companies in Turkey or reputable law firms in Turkey usually sign a preliminary contract of sale of the property in Turkey with the buyer, and are fully committed to it before any action. Are committed. Usually these companies even agree to the details of the property with the buyer, especially if the purchase of property in Turkey involves semi-finished construction and needs to be paid at different stages of the property and still subject to changes in some circumstances. It should be noted, however, that the initial contract for the sale of the property is not definitive, and after the contract must be finalized for the transfer of the property document.
- Final Property Sale Contract in Turkey
Although it is not very common and may not be necessary to conclude a final sale contract in Turkey, some property buyers also ask the seller for a final sale contract in Turkey. As property transfers in Turkey are carried out in real estate registrars in Turkey and these offices are in charge of transferring the property to the buyer in accordance with the original contract and there will be no other legal problems if there were no final contract, Many property sellers in Turkey and many companies do not see the need for this final contract. In fact, according to the laws of buying and selling property in Turkey, there is virtually no difference between the initial contract and the final property purchase agreement in Turkey. Property transfers in Turkish property registrars are required to do the property transfer on the basis of a preliminary contract and should not necessarily require the seller or buyer of the property to submit a final property contract.
- Property title transfer in Turkey
The transfer of title to property in Turkey means the definition of a new property owner. In essence the transfer of title is the last step in the process of transferring the title to the new owner or buyer of the property that needs to be done. The title of the new owner of the property must be registered in the General Property Register.
The important thing that many property buyers in Turkey do not pay attention to, and have legal problems with, is that failure to comply with this requirement, namely changing the name of the owner or title of the property, will result in the cancellation of the sale agreement. Keep in mind that the information recorded in the property registration identifies the property owner in Turkey. Therefore, information such as division, real estate, area, qualification and use of the property, seller’s identity and buyer’s identity, contract date, property price, property payments, mortgage guarantees and loans, property settlement rights, personal fringe rights Code related to property contracts such as property leases, primary and secondary contracts, etc.
Many of the property information should be regulated in the property declaration and registered in the Turkish Property Registrar’s Office and the title of the property as a new owner. Keep in mind that failure to comply with these formalities poses many risks for buying property in Turkey. There are people who abuse them because of the lack of knowledge of foreign investors.
2- Property rights after buying and owning property in Turkey. Will you be able to change the construction or renovation of your property?
Turkish civil law grants the most rights to property owners in Turkey. To this end, property owners in Turkey are entitled to all property rights and can use their right to real estate. The landlord can use the property, rent the property in Turkey, demolish or renovate the property in Turkey, or make any other changes to the property. Some repairs or renovations require only a permit. After the property has changed ownership or title to the property after the property has been registered in Turkey, the person is recognized as the principal owner of the property and can plan for his property in accordance with the laws and regulations of the property in Turkey.
However, it should be borne in mind that according to Turkey’s legal system and laws on real estate, various types of property ownership in Turkey are defined and valid. Accordingly, the types of property ownership in Turkey are as follows:
- Joint Ownership (paylı mülkiyet in Turkish):
According to Article 688 of the Turkish Civil Code, when several individuals, whether natural or legal, jointly invest and purchase property in Turkey, that this property is actually a property and not physically separated, these persons together Have created joint ownership. Under this law, any property that has more than one owner for any reason may have joint ownership. The property may be purchased jointly or may be inherited by several people or for any other reason that defines the joint ownership.
According to Turkish civil law, these owners each have a common and equal share, except as otherwise specified. Therefore each owner has the same rights and property rights as his share in the land and can make a sale, transfer or decision on his share. Keep in mind that people seeking to obtain Turkish residency through the acquisition of property and intending to acquire Turkish residency through joint ownership must have at least $ 250,000 each in the land. For example, if the property has three partners, the value of the property must be at least $ 750,000 and each partner must have at least $ 250,000 in order to obtain Turkish residency.
The important thing in terms of joint ownership of real estate in Turkey is that all the people have their share or installment in the land but share the land with others, but with respect to land obligations and rights everyone has as much share the property is liable for these rights.
It means that two or more people may buy a property in the form of a joint ownership, but many of the rights and obligations of the property are personal and cannot be shared. This is not the case for some land commitments. Therefore, the obligations and rights to buy property in Turkey are divided by common ownership method, and each person is responsible for his or her share of the land in liabilities and obligations, just as when setting up a joint ownership company in Turkey.
Of course, this does not mean that partners are no longer responsible for land obligations, and they must jointly and severally decide on property obligations and liabilities and commit property rights. For example, any partner can sell his share of the land, but this must be done with the consent of the other partners. So just like companies where the General Assembly makes some decisions and the partners should not do anything without their consent, the same rules apply in the way of joint ownership, and the partners, despite their stake but they must make other decisions with the consent of the shareholder or their respective debtors.
- Co-ownership (elbirliği ile mülkiyet in Turkish):
Co-ownership is another way of buying property in Turkey in partnership with other people. According to Article 701 of Turkish Civil Code, in this way two or more people can jointly invest and buy property in Turkey and actually have a partnership in the property but according to this law no One of the partners cannot sell their stake without the consent of the other partners, and the fundamental difference between this method and the joint ownership method is that, in this type of partnership, each person does not own an installment or share of the land, And the land is jointly and severally shared with its partners and Look at the specific cases specified in the law. Thus, in the common ownership method, the property is not divided among the partners, and each part of the property does not recognize its ownership and the property is actually one and the owners are multiple.
With regard to this type of property purchase in Turkey, the partners have the right to decide on all land-related obligations and laws, to make land-related transactions, or to take any other action on the land, subject to the decision of all partners. As long as this partnership exists and lasts, the property cannot be sold and not everyone can sell his stake and the land must be sold unified and no one has a separate stake to sell. If the decision is to sell the property in Turkey, all the partners must accept this decision and their partnership will end after the sale and division of the property.
- Condominium Ownership (kat mülkiyeti in Turkish):
Another type of joint ownership of property in Turkey is Condominium Ownership. According to Turkish Condominium Law (TCL), different people can buy property in Turkey that has separate units and divisions. Such as commercial passageways, apartments or offices, stores, warehouses and complexes and so on. In this case, people are partnering together and buying a segmented property or having multiple divisions, each owning a part or units of it. In fact, this type of property ownership in Turkey is that each person owns a part of a property such as an office or shop, which is in fact each part or unit of the ownership of the original property.
According to Turkish Condominium Law (TCL), in this case, although the property has one original document and is recognized as a single entity, each of the partners is contractually the owner of a part of the property. In this case, the decision on the laws and regulations relating to the whole property is made by all the partners and with the opinion of all the partners, but each individual is independent of the laws and structure of the part under his own jurisdiction.
Partners who buy property in Turkey using the Condominium Ownership method should bear in mind that the responsibility for each part or unit they own is their own and should do their utmost. They do not disturb each other and do not infringe on each other’s ownership, but must nevertheless have a board or directors who make joint decisions about collective and whole property. Therefore, the terms of the management plan for this type of ownership must be legally complied with. In the case of a Condominium Ownership, each individual will be liable for its own liabilities, and any individual may decide on his or her share or stake, provided that That this decision does not harm other partners. For example, anyone can make a decision to rent a part of their own, choose another person to use their own part or even use their own part for different purposes, unless there is an agreement between the partners. However, it cannot take action to demolish or rebuild a part of itself, especially if it damages the entire property without the consent of other partners. Thus in the Condominium Ownership method there are both personal laws and regulations and collective and general obligations.
Many residences in Turkey are condominium ownership. Owners of any property in this type of property are well aware that they have specific responsibilities for the real property. Tasks such as overall maintenance and repairs, damages, costs of landscaping or security and gardening, or a commitment to allow some operations to improve the building conditions on all partners. But in terms of their apartment, unit or part, each person is responsible for paying for utilities such as power and telephones, the cost of interior cleaning, or the internal repairs of each unit and so on.
Does the Turkish legal system allow foreign-owned partnerships to buy property in Turkey?
In the previous section we have answered this question and have clearly stated that there are three ways to buy a property in Turkey. According to Turkish law, there are no restrictions on foreigners buying property in Turkey unless they are on the list of countries that are not allowed to buy property in Turkey. In this way, foreigners may jointly purchase property in Turkey in one of the three ways, or the foreigner may partner with indigenous people in Turkey to buy property. In fact, Turkish law recognizes a partnership document or partnership agreement between the partners and there is no difference in the type of ownership and ownership restriction between domestic and foreign individuals.
Is the land registration system in Turkey reliable at the Turkish Property Registry and can it be trusted after the land is registered in the buyer’s name?
Turkey is seeking to join the European Union and has implemented clear rules and regulations. After buy property in Turkey and making the necessary preparations, the property must be registered in the name of the buyer at the Turkish Property Registry. It is even possible for a property buyer in Turkey to see the property listing and property details in this listing through the Turkish Real Estate Agency website. Public property registration in Turkey can only be done at the Turkish Property and Property Registration Office, and the listing of this organization is readily available. Therefore, if a person buys a property in Turkey, the owner of the property will be known when his name is listed as the property owner.
Regarding the assurance of the right to protection of property rights of persons in Turkey, Article 1023 of the Turkish Civil Code states that if any person purchases property in Turkey and his name is registered as the property owner in the Turkish Property Registry, Turkish property registration office is responsible for protecting and protecting his title.
By interpreting Article 1023, it can be concluded that any change in ownership of property in Turkey is advertised to all persons in the community by means of an advertisement. In this regard, even if third parties purchase property and rely on illegal persons to list their names in any way, they will still be considered property owners.
Also, according to Article 1024 of the Turkish Civil Code, any person who is confident of property invalidity or whose land is not in their name and does not have the right to rename the property, is found guilty of knowing this and attempting to sell the property in Turkey, And treated in accordance with criminal law. In fact, proof of good faith is the first condition for buying and selling a property in Turkey and if convicted otherwise the seller or even the buyer will be convicted.
Financing tools of the transaction
Financing Ways to Buy a Home or Property in Turkey
One of the main uncertainties for foreign investors in buying property in Turkey is how to finance or pay for property in Turkey. Are there any conditions or loans to supplement their financial ability to buy property in Turkey? And should the property contract be paid at the same time?
As in most European countries, buying property in Turkey is possible only through foreign investment. People who want to buy a home in Turkey must bring the cost of buying property from outside Turkey. Therefore, it is necessary to open a bank account in Turkey and in one of its prestigious banks in order to transfer money through this account into Turkey and to finance the purchase of property in Turkey from assets outside of Turkey. This is especially important for people looking to obtain a Turkish residency, as buying property in Turkey is possible anytime and in any way, but foreign capital is required to stay in Turkey.
The good news is that ownership of securities in Turkey, especially on a large scale, such as buying large commercial real estate in Turkey or buying large houses in Turkey, is generally possible with a combination of stocks and debt. Under these circumstances, the foreign investor should apply for loans and banking facilities. Home Mortgages are a priority for all other types of mortgages for the purchase of property in Turkey, and are granted to most domestic and foreign individuals in Turkey unless required by law.
Of course, apart from the mortgage method, some companies have also been able to pay off debt through a method called IPO.
The IPO of Emlak GYO or Real Estate Investment Trust is recognized as the largest REIT in Turkey. This method has succeeded in attracting a large number of domestic and foreign investors and has been a reliable way to finance the purchase of property in Turkey. The success of the recent year reflects investor confidence in the REIT and significant growth of investors in the Turkish real estate market.
Investing in this trusted Real Estate Investment Funds (REIF) is mainly done by foreign investors because investing in real estate investment funds in Turkey is known to be a very profitable and safe way to invest in Turkey. In particular, a serious level of regulation has been established and implemented to protect and support this method.
The use of REIF in Turkey has been highly regarded and is recognized as a guaranteed method of investing in Turkish real estate. For this reason, many investors invest in Turkish real estate funds instead of investing in Turkish real estate directly, if they aim to invest in the Turkish market, which is an indirect way to invest in Turkish real estate. Turkish real estate investment funds are a viable way to invest in Turkey, which are quite safe, fast, and low cost and have been well received by foreign and even domestic investors.
What to think about when financing a property purchase in Turkey?
If you are looking to invest in Turkey, consider that as a foreign investor you may be confused by the complexities of the home buying process in Turkey. For this reason, most experts recommend that it is better to consult a consulting firm that is familiar with the different regions of Turkey and knows the investment procedures in Turkey well for investing in Turkey, especially in the field of property and property in Turkey .Keep in mind that legal procedures, interest rates and property buying in Turkey have their own methods and procedures. Almost every country has a different way of buying and financing a property. So using the expertise of professionals is a much more rewarding task.
However, it is advisable to note the following when buying a property in Turkey:
- The first and most important point is that the situation of the earth must be determined and precise research must be carried out. Make sure that the property you are looking for has not technical or legal problems, and if so, what the problems were. Keep in mind that these technical and legal problems may not be fully resolved or may manifest themselves again in the future. In any case, especially if there is a technical problem, this should have a direct impact on property prices in Turkey. Also, if you have a legal issue and have it resolved, it is best to make sure that this problem is completely resolved and that you do not get caught later.
- Keep in mind that buying property in Turkey for foreigners sometimes has limitations as well. For example, foreigners cannot buy more than 10 percent of a region’s property and have no right to own more than 10 percent of the area’s land. Also regarding the total ownership of a foreign person in Turkish real estate, according to Turkish law, no one can buy more than 30 hectares of land in Turkey and there is no difference in land issue. The total number of acres to be purchased in any number or in any subject, such as agricultural, commercial, residential, etc., should not exceed 30 acres in total. Although the Council of Ministers in Turkey has been granted the right to investigate some investment matters, and if approved, the investor or company can purchase up to 60 hectares of Turkish real estate but more than 60 hectares not allowed at all.
So be careful when investing in Turkey, measure well the amount of land and get the necessary permits from the Council of Ministers and the municipality, this will ensure that you do not exceed the defined limits and are allowed to buy Property or land in Turkey.
- To buy a property in Turkey, just like investing in any other country, the risks and challenges of the properties must be well considered. For example, in all areas foreign or even domestic Turkish people are not allowed to buy property. Profiteers and fraudsters may sometimes offer property to Turkish investors to sell to investors and get them looted or prepaid and later found to be fraudulent. One of the issues that makes the Turkish property register complete before buying the property is receiving a request from the Turkish Army for property. The Army examines the issue of land being excluded from military and government assets or in strategic condition.
Another point is that according to the principle of equality of foreign and domestic investors in Turkey, foreign direct investors in Turkish real estate must follow a different process. Accordingly, the Real Estate Registry sends a letter to the district governor that legal entities must follow the process to complete the acquisition of property in Turkey.
- Foreign investors who buy property in Turkey for at least $ 250,000 can acquire Turkish residency. But it is necessary to explain that this is not a permanent residence in Turkey and that the investor must apply annually to extend this residence. Therefore, if their residence permits are revoked, they may face problems and be directed out of the country. Keep in mind that a Turkish residence can be converted into a permanent residence by purchasing a property in Turkey, provided that it is at least three years of investment. In this case, the permanent residence permit is issued to the investor and his / her family and after 6 to 7 years he / she can apply for Turkish citizenship.
Another thing investors should consider when buying a property in Turkey is the inheritance and risk of liquidation of the partnership, which will make it difficult for foreigners to reside and even own property.
- Investments in Trike real estate require that the criteria for the property be specified and formulated for the purpose and purpose of the investment. Investors in real estate should also specify their preferred property when investing in Turkish real estate, and prior to obtaining a residence, take action to purchase a property in Turkey, such as prepayment, capital investment, or foreclosure for made a purchase of property in Turkey.
- The project for the purchase of the property must have reached the operational stage and the important point is that the possibility or ability to purchase the property in Turkey is attained and that the purchase of the property must also be confirmed. This requires careful analysis and feasibility analysis of the property purchase in Turkey by the investor or his lawyer and legal representative.
Costs for transaction
As with other countries, the usual costs of buying and moving property in Turkey are tax costs. But in Turkey what aspects of taxation are directly related to property and what kind of taxes should be paid?
It makes no difference whether you are buying property as a domestic or foreign investment in Turkey. In any case, property transfer tax or real estate transfer tax (RETT) must be paid for the purchase of the property. All property such as townhouses, apartments, country houses, villas, village houses, commercial houses, residences or even land in Turkey must be subject to real estate transfer tax or RETT when transferring property in Turkey.
In general, property transfer tax is 4% of the property price. Of these 4 percent, it should take 2 percent for the transferee and 2 percent for the transferor. Property transfer tax is generally calculated as the value of the property, but may sometimes be more or less than the real value of the property, or given some regional conditions. Generally, in determining the base tax on property transfer in Turkey, with the exception of the 2% tax on property transfer that is required by law to be paid by the transferor or the seller of the property, there is usually a 2% tax of the transferee or the buyer is also paid by the transferor. Therefore, in the process of buying and selling property, the entire property transfer tax is usually borne by the seller and must be paid when the property is sold.
The stamp duty on real estate transactions in Turkey is excluded and exempt. However, the buyer and seller of property in Turkey may still agree to register a preliminary contract of sale of property in Turkey at the notary or registrar. In such circumstances they will have to use the stamp duty for the contract. The cost of the stamp is calculated at 0.825%. In addition, the public registration fee must be calculated and paid at 0.59% of the contract price. It is important to note, however, that property prices are subject to local standards and are monitored by the Turkish Real Estate Agency itself and if the property price is lower than the actual price, the cost of stamps and tolls are calculated as the actual price.
Property sales in Turkey are also subject to value added tax but are not subject to value added tax if the sale of property in Turkey is not for commercial purposes and is not intended to be profit and often residential. Property transactions in Turkey require VAT at 18% if it is a commercial activity, but if the property is owned by individuals or legal entities but is residential and has less infrastructure. From 150 meters, their value-added tax rate is only 1%.
The buyer is responsible for paying VAT. Now the buyer may deposit the value added tax directly into the tax office account and deduct the property price, or he may pay the cost to the property seller in the contract. Also, some companies, especially those in the Do not be a real estate dealer, in certain circumstances, for example if they have owned the property for more than 2 years, they do not have to pay VAT.
Another type of tax that applies to property transactions in Turkey is the tax on capital gains or the sale of property. In this case, in accordance with Article 80 of the Income Tax Act of Turkey, all indirectly acquired Turkish real estate, such as inheritance or donation, require capital gains tax. Also, if real estate in Turkey has been owned by a person or company for more than 5 years and has been owned at the time of sale of the property, capital gains tax must be calculated and paid. There is also no difference between Turkish and foreign investors. In general, capital gains tax in Turkey is calculated on the basis of the producer index (ÜFE) rate. Accordingly, to calculate the tax based on the ÜFE rate, the date of purchase of property in Turkey is calculated until the date of sale of the property in Turkey. While the tax rate on capital growth in Turkey is calculated by taking into account various factors, especially the property value, it is mainly calculated as 15%, 20%, 27% or finally 35%.
– Should the property in Turkey be held for a certain period of time or can the property be sold in Turkey at any time under the tax laws?
According to Article 80 of the Tax Code of Turkey, any person, whether a natural or legal person or a citizen of Turkey or a foreigner who invests and rationalizes property in Turkey, if the property is held for at least 5 years, the profit tax Capital will not pay for the sale of the property and will be tax deductible. Of course, this law is only specific to people who buy property in Turkey, and people who have acquired the property effortlessly and without investing, such as inheritance or donation, must pay capital gains tax when selling the property In Turkey. The reason is that land held for 5 years is not recognized as a profitable investment.
– Is it possible to withdraw capital from Turkey by selling property in Turkey?
Keep in mind that there are no restrictions on returning capital from Turkey and all investors can easily withdraw their capital if they sell their property in Turkey. Provided, of course, that they have paid taxes on the property and have no debt or other legal problems. It is worth noting that some people buy property in Turkey for the purpose of investing in Turkish real estate, who can easily withdraw their capital at any time by paying taxes.
But some are looking to invest in Turkish real estate after seeking residence in Turkey. Given that the precondition for granting a residence permit has been investment in Turkish real estate, his residence would be invalidated if he had earlier attempted to leave the country before his residence became a permanent residence in Turkey. Stay in Turkey for 3 to 5 years of buying property in Turkey, obtain permanent residence in Turkey and then withdraw your capital without losing your Turkish residence.
– if you buy a property in Turkey with one or more people renting, should the rental contract be terminated when buying the property? Or are there restrictions?
One of the problems that often causes problems for property buyers in Turkey is the subject of property leases. The previous owner of the property leased the property to one or more people, and at this time sell the land or building in Turkey to another one. Investors do not expect the property to be occupied by anyone and therefore are having trouble.
Keep in mind that in accordance with Turkish law, it is the buyer’s responsibility to check the condition of the land or property in advance. If the property is in the lease of a person or groups, the lease is considered part of the property sale contract. Therefore, you cannot evict the tenant after buying the property deed by purchasing a property in Turkey, which is at the permission of the individual. Although it may be possible for you to evict the tenant in limited circumstances, Turkish law generally gives the tenant the right.
According to Article 347 TCO, which deals with renting a roofing workplace in Turkey, the buyer must give the lessor an opportunity to terminate the lease unless the lessee intends to terminate the lease.
If the lease is temporary, the new owner of the property in Turkey must wait until the contract expires, but still have to notify the tenant that he does not intend to extend the contract. But for unlimited lease agreements in Turkey, the landlord must specify the time of eviction. However, it must notify the owner of the conditions and time of eviction before and at least 15 days earlier. Usually, long-term contracts in Turkey can be valid for up to 10 years.
However, the new owner can terminate the lease if he / she purchases the property for the following reasons:
- If the tenant fails to pay the rent for 30 days after the rent is paid, the landlord has the right to receive eviction orders through the court.
- If the tenant fails to pay his rent twice within a lease year, then the landlord can ask him to vacate the property and take action through the court if this does not happen.
- If the tenant himself declares in writing that he intends to vacate the property within a specified time, the landlord may refer the matter to the court within a month and receive a tenant eviction order to no excuse the tenant in due time for evacuation.
- If the new owner of the property proves that he intends to purchase the property, use the property individually or for one of his or her first-degree relatives. In this case, the landlord must inform the tenant a month in advance and ask him to vacate the propertywithin six months starting from the notification or within one month from the term’s end.
-Is it possible to change or remodel a property after buying a property in Turkey? If yes, do I need a special permit for remodeling property in Turkey?
TCL addresses the limitations of using independent real estate, especially if used as commercial property or office space. Article 24/2 TCL lists places known as residences or residential property in Turkey in the Public Register, including, such as, Coffee shops, cinemas and theaters, music venues, bars, ballrooms, booths, clubs, meeting halls, entertainment venues, canteens, dining halls, bakeries, and even places like a cafeteria, shop, gallery, The production plant, restaurant halls, market, etc. are subject to the decision of the property owners. Therefore, to change the structure or use of a property or to remodeling or renovating the property, first of all, the consent of all the partners or other actors in the property who are known as the owners of the property must be obtained.
Keep in mind that all the jobs and titles that are said, if created on residential real estate, they need to get permission from the property owner, and in fact if the property is owned by one person, it’s not a problem for remodeling the property or land use change and renovation. But if it is registered as a commercial property, it is subject to licensing regulations.
-In general, what costs should foreign investors pay to buy property in Turkey?
Usually foreign investors who buy property in Turkey must pay the following costs:
Attorney or Advising lawyer fees:
Usually, foreign investors use legal advice services in Turkey to buy property in Turkey, or they may even use their own brokers to buy property in Turkey. This is quite natural as buying property in Turkey requires a lot of research. Issues such as property registration history with the Turkish Property Registry, annotations, tax laws, land-related problems, purchases in some areas of Turkey, and many other issues require close scrutiny.
At the same time, a legal advice should cover issues such as permits required for the building. Especially if you intend to buy property in Turkey for renovation, remodeling, reforming, refurbishing, construction or repairs.
Other things that require a lawyer to consider are the possibility of using bank facilities and bank loans to buy property in Turkey or using a loan for property repairs.
The cost of using a lawyer is very different. If you work with reputable legal experts and consultants, you may consider the cost of buying a property up to transferring property in Turkey and doing all the property related matters as a percentage of the price of the property. But regardless of the price of the property, the cost of using legal advice in Turkey varies from 250 euro to 400 euro. For this reason, it may be advisable to use your own country consultants to pay less and be available to you.
Fees for a Real Estate Agent in Turkey:
Under Turkish law, a Turkish real estate agent is allowed to receive 2% of the purchase price of the property as a commission and 18% of the property value added from the buyer and seller. For example, in order to buy a property worth 5 million euros, 100,000 euros must be paid by the buyer in Turkey and 100,000 euros by the seller in Turkey, plus 18 percent VAT. However, the parties may agree to pay this fee to one of the parties.
The cost of RETT
In general, ownership of property in Turkey is subject to an RETT fee. In this case, each party to the property transaction in Turkey must pay two percent of the purchase price of the property. The higher the property price in Turkey, the higher the cost of RETT, as it is calculated by taking into account the property price. In addition to the RETT fee that the property seller must pay two percent of, the property seller in Turkey must also pay two percent tax liability. But usually the tax expense of the property seller is pledged by the buyer. Therefore, if you buy a property worth 5 million euros in Turkey, provided that the real value of the property is not higher than that, you will have to pay 4% of the property amount in the amount of 200,000 euros by the buyer.
Value Added Tax (VAT)
Remember that selling real estate in Turkey is not subject to value added tax if it is non-commercial. But selling real estate in Turkey for commercial purposes is subject to 18% VAT. However, for some commercial real estate registered residential and under 150 meters in size, the property tax rate is only 1%. In order to pay VAT, it is usually the case that the property buyer in Turkey pays the VAT to the property seller and the property seller has to pay the fee to the tax office. Also keep in mind that if a commercial or corporate property does not have a specific business activity and is kept for at least two years it will be exempt from VAT. Therefore, if the property is commercial, and is more than 150 meters and the business is engaged in, 18% of its value added tax must be calculated and paid. In this case, if the property is worth 5m euros, 900.000 euros will have to be paid for its value added tax at the time the property is sold in Turkey.
Public registration fee for property in Turkey
3.3% of the property tax value of the property must be paid as a fee for the public registration of the property in the Turkish Property Registration Office. This is provided that the property price is correctly calculated. The cost of public registration of the property must be split equally between the buyer and the seller of the property. With this account, the buyer and seller each have to pay about 1.65% of the property tax value for land registration. Now if we consider the price of the property to be 5 million euros, the share of each parties to the property transaction in Turkey would be around 82,500 euros.
Circulating capital fee
This cost is about TRY 65 by multiplying the local coefficient by the property price. It is usually between 0.5 and 2.5 percent depending on the price of the property. This fee must also be paid by both parties equally.
The cost of notaries
Citizens of Turkey usually do not use official notary offices to buy property in Turkey unless their lawyer or legal representative is required to do the property transaction. This is why there is a need to pay for notaries as well. Typically, the cost of a notary will depend on the amount of attorney fees. However, many official offices in Turkey have their own costs.
Costs for holding real estate in turkey
What are the costs for people who invest in Turkey by buying property and intend to hold it?
In general, property owners in Turkey, regardless of whether they are commercial or residential, may be a townhouse or a rural house, a villa or an apartment etc. Some of the taxes are set as follows:
Property tax in Turkey:
Property tax is a form of tax that is received annually from property owners in Turkey. This tax should be charged to the municipalities of each district and is a form of property tax. This type of tax is determined by the terms of the property and the price of the property. Therefore commercial properties such as shops, offices, commercial buildings, and factories must pay more for property than residential buildings such as townhouses, rural homes, apartments or villas. But in general, the tax is between 1% and 6%. Commercial real estate is typically subject to 4% property tax.
Environmental cleanup tax
This type of tax is calculated for all types of property owners and is the only amount of water consumed per property that determines its rate. Environmental cleanup taxes on water bills are sent to subscribers and homeowners in Turkey. People who own commercial property must pay this fee to the municipality. The rates may vary in each region. But generally the municipalities of the big cities in Turkey calculate the rate of 26% per cubic meter of water consumed per property.
But in smaller cities and coastal areas of Turkey, the rate is usually 20% per cubic meter of water consumed. Keep in mind that the environmental cleanup tax is not the property owners’ responsibility and those who use the property must pay this tax. Therefore, if the landlord uses his own property he must pay this tax. But people who rent real estate in turkey have to pay a tax on environmental cleaning tax for the rental property.
Tax on gas and electricity consumption
This type of tax is also a kind of property tax in Turkey, calculated on the basis of gas and electricity consumption per property. Tax rates may vary in some areas, but generally account for between 1 and 5 percent of the gas and electricity tax rate in Turkey. The gas department is required to pay taxes on gas and the electricity department is required to pay taxes on electricity. The office usually adds tax on subscribers’ bills. Finally, the total tax revenue of these tax agencies should be deposited into the Turkish Tax Office.
However, real estate in Turkey may sometimes be subject to other types of property taxes, such as entertainment tax or advertising taxes, which can vary widely and must be paid by local municipalities.
You may also be subject to the following taxes if you own property in Turkey or intend to buy property in Turkey:
Rental or Lease income tax
One of the measures that foreign investors take in Turkey is to buy a property in Turkey and then rent a property in Turkey for income generation. This has been of great interest due to the growth of tourism in Turkey in recent years. But keep in mind that property Lease income in Turkey is subject to income tax. Therefore, each year the net amount of rental income must be determined and the tax on the rental income calculated and paid. In some areas tax exemptions will also be deducted from the total rental income tax. For example, according to the latest changes in Turkish law, for the income of TRY 3,900 and less there is no need to pay taxes but more is subject to tax. In general, the amount of rental property income varies depending on the interest of the lease. For this reason, taking into account the amount of rental property income, the tax rate can be calculated as 15%, 20%, 27% or 35%.
Capital gains tax
Other types of property tax are capital gains tax. Keep in mind that people who buy property in Turkey, if they have it for 5 years or more, will not be subject to capital gains tax when selling property in Turkey. But if you plan to sell your property in Turkey under 5 years, you have to pay capital gains tax. Also, if you have acquired a property such as a donation or inheritance, you must calculate and pay tax on capital gains if you sell the property. The calculation of capital gains for real estate is calculated at the producer price index (ÜFE) rate. This means that the property tax date is calculated for the property tax until the property sale date. Capital gains tax is calculated on the purchase and sale of property, taking into account the value of the property. So this tax may be 15%, 20%, 27% or 35% different.
Inheritance and transfer Property Taxes in Turkey
People who acquire property in Turkey by inheritance or by donation or transfer are also subject to tax. Inheritance tax should normally be levied by progressive rates on each heir and beneficiary. With this in mind, the inheritance tax, the inheritance tax rate and the relationship between the decedent and the beneficiary should be calculated, and the value of the property varies between 1%, 3%, 5%, 7% or 10%.
How much will it cost to hire a professional property manager in Turkey?
In general, the cost of a professional property manager in turkey varies from real estate to real estate and is often different. But depending on the property conditions and the price of the property or the area you are planning to buy in Turkey or rent in Turkey, this price may vary. The cost of hiring a professional property manager to buy a property in Turkey is set at least 3 euros and can be as high as 16 euros. This cost is particularly different for rental properties. That means you can either use a real estate professional to buy a property and pay a percentage of the property price, and you can outsource the process of renting and managing the property to a professional real estate agent in Turkey. . Usually professional real estate managers in Turkey deal with the leasing and property management of foreign investors.
Foreign investors in turkey
Is Investing in Turkey Recommended and Buying Property in Turkey is Right?
Investment plans in Turkey have changed for about a year now and the conditions are very good for investing in Turkey. Investment ceilings in Turkey have declined, and the influx of large investors and tourists into Turkey has led to a significant increase in Turkey’s real estate profits.
The prospect of investing in real estate in Turkey is very clear, but it depends entirely on where the property is located. But it is advisable to search for the best Turkish property before investing in Turkish real estate and choose the best place to buy Turkish real estate. Consulting with licensed advisors and real estate professionals can determine the best ideas and terms for buying a property for investors.
Here are some great ways to invest in Turkish real estate for foreign investors:
- Buy real estate in Turkey directly (commercial or residential property or land)
- Buy shares of companies active in Turkish real estate.
- Investing in
REITs (real-estate investment trust):
REITs (real-estate investment trust) has become the best way to invest in Turkish real estate in recent years. REITs are not generally involved in construction in accordance with the conditions and laws of Turkey. In fact, they are a company with a very strong management structure that is capable of executing very large projects and construction of large companies and factories, with investment, management, planning, accountability and ultimately activation of this kind. Projects work.
In fact, companies in Turkey are led by the board of directors of capital markets. Investing in these companies requires at least $ 30 million in capital and has its own investment constraints and conditions.
The largest company REITs in Turkey is IPO of Emlak GYO (REIT), The Company has attracted a considerable number of domestic and foreign investment proposals in recent years, and the number of these investors is increasing daily, indicating the importance of these companies in Turkey. The company has succeeded in being among the five largest Turkish investment companies IPO transactions by value in Turkey, which are of great value in the current situation.
- R Institutional investors:
Another indirect method of investing in Turkish real estate is the use of institutional investors. In this way, instead of buying property in Turkey directly, you can directly transfer your funds to these companies and get good profits in the construction projects of the company. Although the style of institutional investors in Turkey has not been much welcomed, it may be that these firms have been in the dominance of large family-owned companies until recent years. These institutional investors in Turkey are privately owned and internationally active in Turkish real estate in one-two year ago.
- Private investors:
Other ways to invest in the Turkish real estate market are to use the expertise of private investors in Turkey. Private investors were among the most successful people in Turkish real estate in previous years, and especially those who were highly reputable, attracted a lot of capital. But in recent years REITs it has gained a great deal of power and almost no opportunity left for private investors. Many people and foreign investors prefer to invest in these companies or indirectly use REITs companies.
There are restrictions on the purchase of property for foreign investors in Turkey?
One of the most important questions for anyone planning to invest in Turkish real estate or planning to buy a home in Turkey is whether there is a restriction on buying foreign property in Turkey.
Keep in mind that although there is no difference between Turkish domestic and foreign investors for investing and ownership in Turkish real estate, according to the by-laws of Turkish law, the acquisition of some real estate in Turkey. Has banned foreign investors for security and strategic reasons.
In some cases, as long as the investor can buy a property in Turkey under certain conditions, some of the guarantees are met. These guarantees mainly relate to restrictions that foreigners should consider when selling property in Turkey.
Investing in real estate in Turkey and buying property in Turkey in general by foreign investors in Turkey can be done in three ways:
- A foreigner who does not hold Turkish citizenship buys property directly in Turkey.
- A foreign company or legal entity operating outside of Turkey and subject to the laws of the foreign country or destination, invests and buys property in Turkey.
- A Turkish company registered in Turkey that is subject to Turkish law buys property in Turkey, but this Turkish company is fully registered by foreigners. That is, the shares and ownership of the foreign company are wholly owned by foreign or real persons.
Keep in mind that there is no difference in the type of property. For example, this property could be an agricultural land, a vacant property, a commercial property such as a corporation, passage, hotel or inn or a residential property such as a house, apartment, townhouse, country house, villa or even a village house in Turkey.
As mentioned earlier, the total area of land and property that any foreign investor can acquire in Turkey can eventually be up to 30 hectares. This will, of course, be if the area is 30 acres less than 10 percent of the property. Therefore, a foreign investor should not own more than 10 percent of a region’s real estate. However, the President or the Council of Ministers have the right to double this amount if the investment is in Turkey’s national interest and allow up to 60 hectares of foreign investors to buy property in Turkey.
Also, not all foreigners can buy property in Turkey, and it is the Presidency or Council of Ministers that updates the list of countries that can buy property in Turkey for a hundred years.
Companies and especially foreign law firms registered outside of Turkey and operating under the laws of their own countries can also purchase property and invest in Turkey. These kinds of companies can invest in Turkey on specific issues. For example tourism development, development of energy and oil infrastructure, recommendation of production areas and so on. However, there are no restrictions on foreign mortgages for foreign companies.
In general, foreign companies wishing to invest in Turkish real estate must submit their legal documents to the regional headquarters where property is located. These governorates conduct general inspections on whether the property is not in a strategic or military area, and may eventually be approved for purchase with the approval of the governor.
However, companies established in Turkey and operating under Turkish law have no restrictions on buying real estate in Turkey.
However, both Turkish and foreign companies need permission to buy property in some parts of Turkey. These licenses are as follows:
- Authorization of the commission of the relevant governorship if the land is in a low-grade security area
- Authorization of the General Staff of the Turkish Army if the land is in a military or high-security area.
Disadvantages and Benefits of Buying Property in Turkey
We all know that Turkey is always one of the best options for immigration and investment because of its geographical and historical location. The country has always been a favorite of investors, immigrants, and students because of its ever-expanding variety of climates, strategic positioning between the three continents, and many other reasons.
There are different ways to stay in Turkey that different people can choose from depending on their circumstances. But one of the quickest ways to get citizenship in Turkey is to buy a house in Turkey. In fact, people who have good capital can easily get a Turkish residence by buying any property in Turkey.
The fact that under the new law passed in year 2018 a foreign national can acquire Turkish citizenship by buying a house in Turkey worth $ 250,000 has led to a large population moving to buy property in Turkey. Meanwhile, many experts say buying a home in Turkey is a safe and secure investment. You should keep in mind that, given the economic growth and development of Turkey, buying a property in Turkey in addition to obtaining citizenship will increase your capital in a short period of time.
On the other hand, more than 540 million tourists visit Turkey annually, so Turkey has a high potential for investment, as it can also make a good income by buying a house and renting a house in Turkey.
In general, the following advantages for buying a home in Turkey can be considered:
- Affordable property price in Turkey relative to property value in Turkey
You know that buying a home is one of the biggest investments that every person or family has made in their lifetime. Nowhere in the world is home, property and land cheap. Even in the United States of America with its vast expanses of land, there are many homeless people.
So investing and buying property is not cheap in any part of the world, and that includes Turkey. But buying property in Turkey is a great value. In Turkey you can buy bigger and better houses with better conditions and structure for the price you pay. While in other parts of the world, such as Europe, buying property also has additional costs, such as expert valuation, attorneys, tolls and reconstruction costs, if homes are worn out.
But in Turkey, not only are the houses cheaper than Europe, but you can also get a luxury villa or apartment if you have enough capital. Seaside villas, with the lush landscape and tranquility you are always looking for. Many properties in Turkey are modern and made with the finest materials. Their designs are standard and most of them are marble floors. In many parts of Turkey, one who can buy a small apartment or one bedroom apartment in the UK, can buy three or four good best villas in turkey with the exact and same invest!
True, the beauty of England is unique, but Turkey is also one of the most beautiful countries in the world! So you should consider the price you pay for the value you get. While Turkey is seeking to be added to the EU, if this is achieved, it does not appear that property values will remain at their current levels and will grow significantly. In this case, you cannot buy high value home equity, current home or property and you will lose this potential profit while growing. An issue that is unlikely in any part of the world.
- Great climate
We said Turkey is beautiful. Imagine living in a country where, like the Swedes, you don’t have to worry about snow and ice! Vitamin D, which we all know is good for health and vitality, can be obtained free of sunlight. Of course, we admit that the climate of any country is not perfect. There are problems in Turkey as well. In Turkey, as in the rest of the world, there is heavy rainfall, but winters rarely reach below 5 degrees Celsius. The beauty of the climate and the pleasantness of the climate is a major reason many people around the world are buying property in Turkey.
- Low cost of living in Turkey compared to European countries
No matter where you live in Turkey, you will have access to whatever you need. Costs are lower than many countries around the world. More importantly, with any budget you can get a home in Turkey, for about $ 50,000 you can also buy a home in Turkey. From compact one bedroom homes to 5 or even 6 bedroom villas with private pools and stunning courtyards! You can buy a variety of villas, townhouses or even luxury first class apartments at affordable prices. You can go for a simple house to pay less and you can spend and put on the best quality. You can even save a lot of money by renovating the old houses in Turkey.
The point is that even if you give up on the biggest houses, you will still pay a fraction of the price of European homes. For example, paying £ 30,000 you can buy a one bedroom apartment with a shared pool. If you are aware of the housing market in the UK, for example, this is the only cost to pay for a home like this in London to borrow!
In general, buying consumables and snacks in Turkey is very reasonable. Turkey is a country that, as one of the intermediary countries of Europe and Asia, is home to many commodities that have significantly reduced the cost of living in Turkey.
- Very good transport infrastructure
In recent years, there has been a great deal of investment in Turkish transport infrastructure, with easy access to almost all areas, cities and towns of the country. Transportation in Turkey is affordable and good. You will have access to a number of airports throughout the year. Trains run regularly between major cities such as Istanbul, Ankara and Izmir. Turkish air travel is also regular and cheap. Many Turkish airports also have international flights!
All land routes are asphalted and public transport in Turkey can be found in all towns and villages. The quality of buses and trains or even taxis in Turkey is high international. In general, by buying property in Turkey in any part of the country you can easily access the major cities of the country and from there fly directly to most parts of the world or even by high quality ferries to navigate many parts of the world. Bus service is also provided to many of the neighboring countries, of course.
- Obtaining Turkish Residence by Buying Property in Turkey
The Turkish government is currently adopting a policy that attracts investors. When you purchase and register your preferred property in Turkey, you will be eligible to apply for permanent residence in Turkey. As an owner in Turkey you will have much more freedom if you apply for a residence permit, especially if you want to spend more time in Turkey. If you own a villa in Turkey and intend to use your home as a holiday home with a tourist visa, there will be restrictions on the length of time you are allowed to stay in Turkey. But if you live in Turkey, you can move freely. If you wish to stay in Turkey for the rest of your life, you can also offer your Turkish citizenship if you are a resident.
In general, buying a property in Turkey for at least $ 250,000 provides you with the conditions to obtain a Turkish residence without having to be in the country permanently. Even if Turkey enters the European Union, Turkey’s visa and stay in Turkey will be extraordinarily valuable.
- No need to pay home VAT
If you are buying a house, villa, apartment, town house or any other residential property in Turkey and you intend to live in this property, if you own this property for more than 5 years and do not sell the property under 5 year in Turkey, you will be exempt from VAT. But if you sell your property for less than 5 years, you will have to pay VAT.
The law does not apply to homes and real estate that are passed on to others through inheritance or donation, but are subject to value added tax. For this reason, people who intend to reside in Turkey, unlike many other countries, are not subject to tax if purchasing property in Turkey and holding it for more than 5 years, but in other countries they must pay up to 20% VAT at any time when the property is sold.
- Full ownership of the property in Turkey
Whatever land you buy in Turkey you will legally own one hundred percent. Whether it’s a commercial or residential property, a large apartment in the middle of Istanbul or a large independent villa; you own it and the land on which it was built. This gives you a lot of freedom when you are trying to sell a property in Turkey or renovate a house in Turkey.
- Turkish cuisine
At first glance, buying a home in Turkey cannot be directly linked to Turkish cuisine. But when it comes to buying a property in Turkey, living and staying in Turkey matters. Food is one of the most important human needs and it is a fact that in every country their food style cannot be easily enjoyed. But who has never tasted and loved Turkish food? For example, Turkish kebabs that are on fire in most streets of Tehran? Or the barbecue itself, which is probably rooted in Ottoman Turkey. There are restaurants in Turkey for every budget. All food is locally fresh. Chemical additives are not used much. In most parts of Turkey where the real estate owners love and roam there, authentic Turkish food is cooked and at least a few fast food shops blink. After a meal, a full-bodied teapot will also bring you Turkish original tea in the original Turkish cups! This shows that the culture of eating in Turkey is not much different from Iran and can easily be mixed with the culture and principles of Turkey that are very similar to Iran.
What types of real estate can be purchased in Turkey?
According to Turkish Land and Property Law No. 35, adopted in year 2012, a foreign national can purchase any property and land in Turkey, provided that the total area of this land does not exceed 30 hectares and also within the military area.
According to this law, foreigners can, upon request from the relevant authorities, and unless there is a special prohibition on its citizens, any property, such as residential, commercial or land, such as a house, townhouse, apartment, villa, coastal villa, Rural house, village house, shop, hotel, inn, commercial passages, office buildings, farmland, all kinds of plant or center stay greenhouse, livestock, poultry and fish farming, and many types of built, semi-built, property Buy a pristine or vacant land.
You can inquire about the property or land you intend to purchase by visiting the Land Registry in Turkey, if you need, you can change the subject and use of the property if needed, or change several properties as one property and Demolish and rebuild a project.
Foreigners must begin construction within two years if they purchase the land and submit the project to the relevant ministry within two years. Business projects also need to go through their administrative steps and take the necessary actions before starting the project.
How can the property purchase agreement in Turkey be canceled?
Failure to comply with the following will result in the termination of the property purchase agreement in Turkey:
- In case the purchased property violates the laws of the Republic of Turkey.
- If the property in question is not approved by the relevant Ministry or security agencies.
- Completion of the legal deadline to start the project.
- No completion of work according to the plan submitted to the relevant ministry.
Foreigners who wish to purchase a home in Turkey must also be a citizen of one of the countries authorized to purchase property in Turkey. Nationals of Iran are allowed to buy real state in turkey.
The buyer or his legal representative must submit his application form to the relevant ministry for the legal process of transferring the document and administrative matters prior to the transaction and contracting.
Delays in submitting this form will result in delays in document transfer.
Documents required to buy a house in Turkey:
- Property Document and all information including the exact location of the property, address, land coordinates, as well as confirmation of the property registration document on property ownership in Turkey
- Buyer’s documents including passport and ID card which has been officially translated into Turkish and confirmed by Notary.
- Payment of municipal tolls in the area where the property is located
- Two pieces of six-in-four photo by buyer and seller
- Two witnesses for the buyer and two witnesses for the property seller in Turkey
- Attendance by presenting the original and copy of the power of attorney with an official Translation approved by the Ministry of Justice and the Ministry of Justice.
- The presence of an official translator
Buying a House in Turkey:
Visa-free Iranian nationals can stay in Turkey for 90 days. But buying a home in Turkey is one of the sure ways to obtain residence and citizenship in Turkey.
It’s worth noting, however, that you can get a Turkish residence for less than $ 250,000 by buying a house in Turkey, but you will not be granted citizenship.
Citizens are only entitled to foreign citizenship if the value of the property they purchase in Turkey exceeds $ 250,000.
Those who buy a home in Turkey for less than $ 250,000 are first extended for two years and then for three years, and after completing 5 years from buying a home in Turkey, one can go to the Immigration Office and request for own permanent residential.
Those who receive a two-year residence permit and then a three-year residence permit are unlikely to refuse a permanent residence application. These persons will receive Turkish passport after 5 years and will enjoy Turkish citizenship.
According to new laws passed in year 62018, those who buy property in Turkey worth over $ 250,000 will receive their passport and permanent residence within three months. We recommend that you seek qualified and experienced people before buying a home in Turkey, as you will live in this home for at least 5 years, so consider the differences before buying. For example, amenities, access to public transport, and more.
You can stay in Turkey without a visa for 90 days so you have the opportunity to test all aspects and choose the best options. And most importantly: In Turkey, the transfer of ownership takes place only through official documents in the notary office, with the signature of both parties, namely the buyer, seller or their legal representative.
Choose the right property in Turkey according to the available facilities
In order to be able to own a home in Turkey, you first need to specify the location of the property depending on how much you want and can afford to buy the property. If you have the money needed to buy a property in Turkey you can buy the most expensive and stylish Istanbul property. If not, you can choose from other parts of Istanbul or other cities in Turkey depending on your capital and income, depending on your work and taste.
But the most important thing for buying a property in Turkey is to know that you cannot find the right property in all parts of Turkey.
To buy property in Turkey you need to pay more attention to your property and area. Property type, material used in the building, facilities such as water, electricity, telephone, sewage and internet, number of bedrooms, kitchen, wallpaper or interior and exterior type, bathroom, and many more These are the things that you or your lawyer should evaluate before buying the property.
But as for the region, you have to consider what kind of people the region you choose, what is the culture of the region and if it matters to you that they are mostly Muslims or Christians? It also has facilities such as access to utilities, hospitals, health centers, train and bus stations, quality roads, access to schools and dozens more.
Of course, all of the above depend on your motive for buying a property in Turkey. For example, if you are planning to buy a holiday home or are looking to rental house in Turkey, it is a big differences when you are planning to buy a home in Turkey for living.
Price per square meter of residential property in different cities of Turkey
The most expensive area of Istanbul is the Besiktas area. The price of each meter of property in this area is about 8731 Turkish lira. The Bebek neighborhood, located in Besiktas, is the most expensive neighborhood in the area, and each meter is 16596 Turkish lira. Price per square meter of apartment in the most interesting point of Istanbul is 2126 Turkish lira. Each square meter of apartment in Çankaya is the most expensive point of Ankara-Lire and on average in the city of Ankara reaches 1456 Turkish lira per square meter.
In Izmir in Cheshme area, the most expensive point of Izmir is 1473 Turkish lira per square meter of residential property and on average 1479 Turkish lira per meter for sale. In Antalya, Turkey, for the most expensive conjectural point, every square meter of residential property is priced at 1422 Turkish lira and on average in this city, for sale at 1134 Turkish lira per square meter.
Buy cheap property in Turkey
If you want to buy cheap property in Turkey, you can look for the property in the outskirts of cities and remote areas. The prices offered at the top not lopsided and are constantly on the rise. If the property needs special conditions, homes with more amenities like a pool and a private sauna, 25% to 35% of the cost is usually the most expensive. However, more mature properties or those that are about 30 to 40 years old are not expensive. Many people invest in buying and selling old property in Turkey by renovating, reforming, remodeling, refurbishing and repairing, and then either renting property in Turkey or reselling this type of property makes a lot of benefits. You can even buy these deteriorated properties in Turkey and rebuild them at a much lower price.
After searching for the perfect and ideal property you should apply for a home purchase permit. You must go to the official law office to get a license.
Obtain registration and purchase of property in Turkey
In order to buy a home in Turkey you have to register it in your name. For this reason you will need to go to a law firm to arrange and sign a property purchase application and eventually get a home registration permit. You will need to register your tax number and utility and telephone number on their system. At the law office, you must register the name of the dealership you intend to purchase.
After you receive your tax number and go through all the steps to get the property document, the document will be registered in your name. It is best not to pay the full cost of buying the property in Turkey until the property is finalized in Turkey and the land is not registered in your name and pay the seller the rest after the property is transferred to your name.
Who buys property in Turkey?
Three groups of people buy property in Turkey:
- The first group are those with relatively good finances and buying a property in Turkey covers a small portion of their cost. Usually the purpose of buying property in Turkey for these people is to obtain a Turkish citizenship, to have a second home, a vacation home or a house as a rental house in Turkey. Perhaps the weather, or the good condition of the country, and the more favorable economic conditions in the country, may be influenced by their decision.
- The second group is a group whose purpose is to invest and work in Turkey. They have been successful in their jobs in Turkey and invest part of their income in buying the property. Or they may even want to start a business in Turkey and invest some of their capital to buy property in Turkey. The economic conditions and the excellent status of Turkey and the possibility of obtaining Turkish citizenship and residence and a better job market in Turkey are usually the main motivation for these people. While almost the same amount of capital to start a business in Iran or buy a commercial property can also be purchased in Turkey and benefit from better conditions and freedom or global trade in Turkey.
- The third group is people who intend to buy property in Turkey through credit or banking facilities. This group will pay between 20% and 30% of the cost of buying the property and will pay the rest over a 3 year period. Purchasing a property with short and long term installments and staying in a beautiful country is the main motivation for these investors. It can be said that Turkey has good conditions for housekeeping in Turkey and buying houses in Turkey for people with poor financial conditions, which has created a great deal of motivation among different people to buy houses in Turkey.
Security Tips before You Buy Property in Turkey
- Speak with a qualified lawyer or adviser
- Ensure the legality of the purchased property. The property may have a legal problem or be in a range where it is not possible to sell the property in Turkey.
- Ensure you have any tax liabilities or power bill arrears, such as utilities and telephone, before paying the full amount.
- Make sure that the property in question is not mortgaged to the bank or court or anything else.
- Find out any neighbors in the area about any property problems. Neighbors will provide you with complete information about legal obstacles and property problems.
- Be sure about municipal issues and permits and property completion. A document that is not completed will not be awarded.
- Study the rules and regulations for obtaining a license and obtaining a document, and after making sure that the transaction is legal and without issue and having the right property to buy it, take action and live a life of pleasure and happiness.
- If you are considering buying a dilapidated property for reconstruction, alteration, remodeling, or reforming or any type of renovation, it is best to make sure that the property or area you are considering can be reconstructed and licensed before buying.
- Keep in mind that in most parts of Turkey you can buy a property, so choose the best one for buying property in Turkey, considering the budget you have. This means that if you are not sure about the property you need to buy, it is best to choose another one.
Best Turkish cities to buy property in turkey
It can be said that most of Turkey’s income is from tourist attraction, but today due to difficult economic conditions, Turkey’s residence has also increased and has greatly helped its economy. Turkey has many beautiful cities, each with its own characteristics. If you are also planning to obtain a permanent residence in Turkey or even buy home in Turkey, please follow us to find out the conditions of different cities in Turkey.
The number of immigrants to Turkey is increasing day by day, including countless German, Russian, Swiss, Japanese, Iranian, English, French, Belgian and Arabic speakers.
If you are one of those people and have decided to emigrate, you have to choose the best city that is in line with your mood and is suitable for life and work. There are many areas in Turkey where many immigrants live, and you can help them choose the best place to live and buy property in Turkey with their help and experience.
In which city is buying property right in Turkey?
Each of the Turkish cities has its own advantages or disadvantages that you have to choose from depending on your purpose of buying property in Turkey. Here’s an analysis of the Turkish cities that most Iranians choose to live in or buy property in Turkey.
Buying a House in Istanbul
In fact, Istanbul is the most populous city in Turkey and has a population of about 20 million and is the heart of Turkey’s business and economics, and a vibrant city that lives every hour of the day.
In addition to the monuments, the beautiful nature and the many shopping malls are the number one choice for tourists. That is, you can find whatever you expect in life in this city.
Istanbul is a city where you have to live at least once. Who hasn’t heard of the famous Hagias Sophia? A magnificent church that became a symbol of Constantinople or the Blue Mosque in the 17th century.
Istanbul is known as the largest city in Turkey and its bustle is evident. Istanbul has been known as the European hub for Asia for thousands of years. It doesn’t matter if you love art, food, religion or just a rich culture, you’ll find everything in this city. Although not the capital of Turkey, Istanbul is widely known as the central intersection of East and West.
The beaches, mountains and transportation are all within easy reach of this beautiful city. One of the best things about this ancient city seems to be its people from different cultures that have made a great difference here.
If you are looking for a short getaway or trying to live in a small piece of paradise, Istanbul should be your destination for buying a home in Turkey.
Istanbul is good both in terms of business and investment and excellent in life. Turkey’s largest economic metropolis is Turkey’s most populous city. Anyone who wants to have a job or is a shareholder chooses to live in Istanbul and invest to buy real state in Istanbul, the economic heart of Turkey. Even if you do not buy your home in Istanbul for investment purposes, after a few years you will find that you have made a lucrative investment, and Istanbul is also a city with a rich history.
Istanbul, almost twice as big as Tehran! With the exception of a few wealthy areas whose homes are mostly historic, you will also find that the traditional and traditional strata of Turkey are living and rich.
Almost every stratum of society lives everywhere in the city, and Istanbul is a city where you can find all your daily necessities in your neighborhood, and there are luxurious shopping centers in almost every neighborhood. If you are planning to buy a home in Istanbul and do not want to have indigenous texture around your home, the best choice for the west of Istanbul would be neighborhoods like Beylikdüzü, Bahçeşehir and Snort.
Because of these new Istanbul districts, they have modern streets and urbanization, and everything you would expect from modern urban life is in these areas, plus proximity to highways and public transport systems close to the sea shore centers. Luxury shopping is one of the other benefits of these areas and most importantly, the property is very affordable compared to its amenities like luxury and five star hotels and most of the homes in these areas are luxury towers and residences or very secure and high-end townships.
Another advantage of buying a home in Istanbul is that whenever you decide to sell it you can easily convert it into cash and not be the first and last customer in Turkey like other cities.
Another benefit of buying a home in Istanbul is the mega-projects under construction that the Turkish government has made a special investment in, and all of these projects should be completed by the year 2023, celebrating the 100th anniversary of the Turkish Republic.
Projects such as the Istanbul Canal, the new airport that will be completed with the largest airport in the world and all of which will make your property in Istanbul more valuable.
Buy Property in Bahçeşehir Turkey
Bahçeşehir district is the European region of Turkey and very stylish and pleasant weather in Turkey. The area boasts excellent weather, luxurious amenities, and Turkey’s largest water park. Luxury villas and tall towers, wide and wide streets, and very large luxury and shopping malls are available in all areas.
The bus currently runs to all parts of the city and the subway will be completed in about six months. Its proximity to the world’s largest airport in Istanbul has attracted numerous investments from Iranians, followed by Qatar, Kuwait and other countries. And because of this, the facilities have turned this area into a luxurious and Iranian-friendly area, with the only drawback being that the tower is overcharged, with 90% of the towers and seats charging over 350 lire.
Buy property in Beylikdüzü and Esenyurt area
The regions of Beylikdüzü and Esenyurt are both located in the western European part of Istanbul. The first is on the E5 southbound and the second on the northbound E5. Beylikduzu with its beautiful beaches attracts the attention of the citizens and tourists and the spectacular landscapes of these beaches include hiking, cycling and fishing.
It has great shopping malls like Marmara Park and Thorium. The prices are very good for the quality and facilities. Excellent access via the metrobus has boosted the region’s growth, with most foreigners investing in the region due to its affordability and affordability, and because of its large population in the area over the next two years, economic growth and business growth have increased. This is the area. . There are so many Iranian restaurants and businesses in the area that you will not feel strange in the area.
These areas are both the safest and busiest areas; despite this commute, there is no news of heavy traffic in the area and this is one of the top concessions in this area for people who plan on investing in real estate such as villas, townhouses, houses, apartments, beachfront homes, etc. Or business through the opening of a variety of chain stores, cafes, restaurants, cafes, caravans, hairdressers, supermarkets, fast food and so on. Launching diverse jobs at a lower cost in this area is more reasonable than downtown Time has the best return for investors
Buy a house in Ankara
Ankara is the capital of Turkey and the second largest city in Turkey and has a large number of Turkish universities. Ankara is a city full of modern greenery and, while at first glance different, they are a symbol of independent Western values.
The city is famous for Ataturk, the remnant of which is still undeniable. The most famous part of the city is the Ataturk Tombs, a large tomb and a memorial to the first Turkish president to announce Ankara for the first time. Don’t forget to include hiking in historic streets in your daily routine, as strolling the narrow streets surrounded by old red houses in the Ottoman era is very strange.
Given Ankara’s attractions, you have to keep in mind that among the travelers of this city, you see fewer people looking for fun and entertainment; most travel to business and work purposes; With ministries, defense and military companies, aerospace agencies, factories and public and private agencies all congregating in the city, staff and students from other cities also have to go to Ankara to do some of their administrative work.
The city has been booming for centuries, exporting a variety of livestock and agricultural products to the city and other countries, and today is Turkey’s most important business and administrative center.
So if you are looking to register a business in Turkey or for any other commercial purpose you are looking to buy property in Turkey, Ankara is exactly where you should invest. Although property prices in Ankara may be slightly higher than in other Turkish cities, buying property in Ankara will give you access to the heart of Turkey and the best business district in Turkey.
There has been a significant movement in the real estate sector in Ankara over the past few years and many are interested in buying property in Ankara. Although Ankara is the capital of the Republic of Turkey, most travelers are unfamiliar with different areas of the city because of its lack of tourism.
If you are interested in buying a property in Ankara and want to stay in Turkey at the same time, the Çankaya area in Ankara is a great offer. The area is in fact the most expensive part of Ankara’s city center. It covers an area of 268 square kilometers and is the busiest part of Ankara. Luxury residential complexes as well as expensive villas are located in different parts of the area, and many prominent Turkish people reside in residential complexes in this part of Ankara.
But these days, investors and those interested in buying property in Ankara are eager to buy and invest in Çayyolu and Eskişehir yolu that are new areas of the city and there is also significant growth in urbanization and quality of homes in the other two areas, İncek and Bağlıca.
Preferred reasons for purchasing in these areas include modern residential complexes with good facilities and affordable prices, as well as expansion of urban development in these areas, the existence of universities, shopping centers, convenient roads and access to different areas of the city.
Buy Property in Antalya
Antalya, like Istanbul, is the most popular region in Turkey. Antalya is a good city for living and investing for all immigrants from different countries. The city is located by the Mediterranean Sea and is popular with tourists. Especially the beaches of this city are very famous.
In Antalya there are many green areas and landscapes that have attracted tourists. There are also beautiful areas in terms of history and archeology, the most famous of which are the Yili Monument, the Muradpasha Mosque, the Old Clock Tower, and the Old College City.
In addition there are countless shopping malls in Antalya. So you can buy what you want at the best quality at any time.
If you are looking to buy property in Antalya or live in this city you should know that the areas of this city are not much different. In other words, the neighborhoods of Antalya are not opposed to each other, if you are looking for silence in one neighborhood you will only get noise or vice versa. All neighborhoods share almost the same traits and only some have more and some have less. Below we have tried to introduce you to two of the best areas of Antalya which were the most popular among foreign buyers.
Buy property in Lara of Antalya
Lara’s coastal area is one of Antalya’s favorite tourist areas. This place has attracted so many foreigners that they have chosen to settle there permanently. Lara’s sandy beach and soft waves and warm Mediterranean waters are one of its biggest attractions.
Although the Lara Beach has chosen as the 8th best beach in Turkey, is not the only reason for choosing Lara as a place to live permanently, and we all know that human beings need more than sea waves to improve their quality of life.
If you are looking for a warm and social life and you enjoy being active everyday buy home in Lara is the perfect option for you. This place has a variety of bars, restaurants, clubs and shopping centers. It’s almost not what you need and can’t find in Lara. Awesome annual events also take place in the area where you can participate and enjoy the joy of living. Whether you’re looking for day-to-day, weekly and local markets, or enjoying shopping in the modern, gigantic lounges, you can find your favorite shops and center shop in the area.
But what is so special about this region is that after October and tourists leave Antalya, life in the area is still as it used to be.
Of course, given the popularity of the area, you may think that Lara is a busy neighborhood, but it’s actually interesting to note that Lara’s residential neighborhoods are very quiet. In addition, watching the sea and the mountain scenery will give you a sense of peace that will not simply disappear with the hustle and bustle. That is why we consider Lara one of the best Antalya areas for living and buying houses in Turkey and Antalya.
Lara’s climate is Mediterranean, warm and pleasant, and in the rainy season it is pleasant. The houses in this area are a bit more expensive than other parts of Antalya.
If you are worried about commuting to or from this neighborhood and other parts of the city, do not worry at all. Lara buses operate from 6am to 11pm and one of the best and most extensive Antalya bus systems belongs to this neighborhood. You can get yourself anywhere with a bus line from almost anywhere you are. This will save you a lot of money.
In addition, some buses also have free Wi-Fi and you can surf the Internet while traveling. Antalya buses are free on certain days of the year. If you know the exact Antalya bus schedule you can arrive from the destination in the shortest possible time. The Antalya Card app can help you with this, and you can also charge your bus card.
If you are concerned about proximity to medical centers, you should know that some of the best Antalya hospitals such as Anadolu Medical Center and Memorial are located in this area and you do not even need to leave Lara for special treatments and operations.
If you are looking for a good investment property in Turkey, buying a home in Antalya and especially in the Lara area can be a great choice. Although you need to spend a little more to buy a home in Lara, rest assured it’s worth it. Lara divides itself into different sectors or neighborhoods, which these days are the focus of investor interest in buying a property. Although not very different in these neighborhoods, the following are the most important for you to know.
One of these places is GozelOba. The neighborhood is near the airport and is said to be more expensive than other Istanbul neighborhoods. Most tourists choose the area for their stay, and economic growth is predicted to be very good in the future.
Chalayan is another neighborhood in the Lara region, one of the most luxurious in Lara. The houses in the area are by the sea and therefore have many fans and are more expensive than other Lara neighborhoods. It also has an average-priced Fener neighborhood and is one of Lara’s best neighborhoods to live in. You can find the Murad Pasha municipality and the Terracity complex in this neighborhood.
And finally, Shirin yali area is one of the most luxurious apartments in the area. There are many shopping malls and hotels in the neighborhood. Of course, other neighborhoods in the area have also received much acclaim in the past year.
Buy a house in KonyaaltıAntalya
After Lara, one of Antalya’s best places to live and buy property in Turkey is Konyaaltı. The area is about 20 minutes to the airport. The area’s sandy beach is also among the top tourist destinations and is known as the cleanest beach in the world, but the value of buying a property in Konyaalti is more than that. This area is one of Antalya’s growing areas, which is why investors often tend to buy property in this neighborhood as they anticipate rapid and large growth.
But if you are not looking for a long-term investment in Turkey, and just looking for a suitable place to live in Turkey, Konyaalti will also meet your need. The apartments in this area are more modern than Lara’s because it is a newer neighborhood than Lara’s.
This neighborhood has many of the social amenities we mentioned for Lara. There are plenty of bars, cafes, restaurants and shops in Konyaaltı too. Whether single or married or old or young, this neighborhood will keep you happy.
Olympus Hospital is also located in this neighborhood and is one of the best Antalya hospitals. In addition, Ak Deniz University, Antalya’s best public university, is also located in the neighborhood.
It is very convenient to get around by bus. Like Lara, buses run on the street from 6am to 11pm. On the side streets, they may be available for longer distances, but you can find their exact time in the Antalya Card app. These buses cover most of the Konyaalti neighborhood. Don’t worry about your banking problems in this neighborhood. All banks have branches here.
If you are planning to invest and buy property in this area it is not bad to know that most investors choose the following areas:
- Horma: The houses in this area have a beautiful view. If the view of your apartment or house is your priority, you can think of this neighborhood.
- Lyman: This area is one of the most luxurious in Antalya. Most of the apartments in this area are newly built. It is interesting to know that most Russian immigrants live in the area.
- Sarisu: Free beach this area is one of the most beautiful beaches of Antalya. The subway shop also has a branch in the neighborhood.
Buy a house in Kepez Antalya
Kepez has no beach. So people may be less likely to live in this neighborhood than in other parts of Antalya. Although the area is cheaper than many other areas, it is one of Antalya’s growing areas and investment will be lucrative. In addition, Kepez is more spacious and can be built in the area. Until recent years, most of the population was native to Antalya, but in recent years the number of foreigners has increased as new homes have been built.
So we can bring Kepez to one of Antalya’s best places to live. Even in this area there are old houses with low price, which can be bought and then renovated, refurbished or repaired.
There are many shopping malls in the area and a subway shop in the Kepez area. Kepez health centers are also among the best in Antalya. Ophthalmology and healing hospitals are examples. At Kepez you have two options for bus and tram transportation. Most buses can be found on the street from 6am to 12pm, covering almost all of Kepez. The tram also covers the main streets of Kepez. Since most of the locals are native to the area, weekly and daily markets are booming in the neighborhood, and you can find them anywhere any day of the week.
The following is a brief summary of some of the Kepez neighborhoods that have the best popularity and prestige in Antalya, Turkey:
- Altai Nova: This neighborhood is near the airport and there are big shopping malls and brands in the neighborhood. Popular car dealerships and exhibitions are also in the area.
- Gogsu: This neighborhood is one of the fastest growing areas in Kepez, where luxury apartments can be found.
- Dokuma: The tram covers a large part of this neighborhood and you will have no problem commuting.
Remember that Antalya is the same as Istanbul, which is very popular among Turkish cities for investing and buying property. Antalya is a good city for living and investing for all immigrants from different countries. The city is located by the Mediterranean Sea and is popular with tourists, so you can count on this area to buy property as an investment and to rent it.
In Antalya there are many green areas and landscapes that have attracted tourists. There are also beautiful areas in terms of history and archeology, the most famous of which are the Yili Monument, the Muradpasha Mosque, the Old Clock Tower, and the Old College City.
In addition there are countless shopping malls in Antalya. So you can buy what you want at the best quality at any time.
- Buy property in Izmir Turkey
Izmir has one of the fastest economic growths among Turkish cities. Izmir has many attractions, one of which is the Roman ruins of Pompey. There are many other sights in Izmir that have attracted many tourists.
One of the reasons that encourages tourists to buy property in Izmir is its advanced subway systems that connect all parts of the city.
The brave and welcoming people of this city were also very welcoming and warmly welcomed by tourists and those who intend to immigrate to Turkey. The city is also cost-effective, and its four-season mild climate has saved costs and energy costs.
Izmir is Turkey’s third most populous city. The locality, the amenities, the presence of various companies and factories and the readiness for a decent living have made it easier to buy property in Izmir and foreigners are eager to live and invest in the city.
If you are looking to buy property in Izmir, you can choose from different areas of the city depending on the budget you are considering. Although Izmir is a large city, the newly built areas of the city that are most favored by investors and property buyers are just a few of the areas that will be mentioned below:
Izmir konak Neighborhood
Located in the city center of Izmir, Konak is one of the main squares of the city. The famous clock tower, which was built in Izmir in the 6th year, is located in the same square. The Conak Yali Mosque, Kemeralti Market, Izmir Cultural Complex including the Opera House, the Academy of Music, and the Museum of Contemporary Art are among the sights of the square. In the traditional Kemeralti market you can visit and buy traditional Turkish goods. One of the cool things you can do in this neighborhood is to buy seeds and feed the birds.
Izmir Bornova neighborhood
Bornova is the third largest neighborhood in Izmir. Bornova is located 8 km northeast of Izmir and 5 km off the coast of Izmir Bay. The main campus of the Aegean University and one of Turkey’s largest hospitals are located in the neighborhood. The proximity of the Bornova neighborhood to the city center and the earthquake-resistant homes have made it a popular place to live. Bornova is also a commercial district with two large Izmir shopping centers.
The reason for the importance of this area is the existence of a public university as well as a private university in the city of Izmir, where modern complexes are built at affordable prices, most of which have one-bedroom units suitable for student accommodation. Price of residential complexes in this area of Izmir is more suitable than any other area and you can buy affordable new units in this area.
Izmir Alsancak Neighborhood
Alsancak is one of Izmir’s vibrant and exciting neighborhoods. This neighborhood has many shopping malls and boutiques and has become one of Izmir’s most popular shopping districts. You can find some of the most famous brands in the world, such as Zara and Mango.
Izmir Altindag neighborhood
Altindag is one of Izmir’s most popular neighborhoods. Altindag in Turkish means “Golden Mountain” and people believe the name was given to the area because of the presence of Greek soldiers and longtime residents of the area hiding their treasures in the mountain. Altindagh, once once full of gardens, had become a favorite place for immigrants. Altin Park is one of the most beautiful attractions in the area.
Izmir Karşıyaka Neighborhood
One of the luxurious areas of Izmir is Karshiyaka, located by the sea. This neighborhood has a quay due to its proximity to the sea and can be reached by boat to the Konak neighborhood. The neighborhood has fewer restaurants and shops than other Izmir neighborhoods, so it’s more relaxed; it is also one of the popular residential areas. In addition to the quay, public transport stations such as the bus, subway and tram can also be found in the area.
Ataturk Street of Izmir
One of the most famous streets of Izmir for buying property in Turkey is Ataturk Street. And it is also one of the city’s popular tourist attractions. This street is along the coast and because of this feature has become a popular place for walking. A shopping mall is located on this street, featuring boutiques of famous brands and a movie theater. However, the price of buying a property on Ataturk Street is much higher than in other areas.
Buy property in Alanya Turkey
Another city that has gained popularity among tourists and investors these days is Alanya, a suburb of Antalya.
In addition to its beautiful surroundings, it has a special reputation for seafood restaurants, historic buildings and hotels that have attracted more tourists and investors. Numerous tourists are eager to buy property in Alanya for the purpose of spending a holiday in this sunny city.
10% of the city’s economy comes from tourism and 30% from foreign property purchases in Turkey. Due to the location and beauty of Alanya, it has attracted many tourists, including Greeks, Romans and Ottomans. Working conditions are also better for immigrants in Turkey’s Alanya.
Alanya presents your dream of a Mediterranean lifestyle. Turkey has three weather conditions and Alanya has one of the top three climates with mild winters and cool summers. This climate is a great choice for outdoor dining, if combined with a stunning sunset, one of the best of its kind in the world. Another important aspect of Mediterranean life, the healthy new diet and informal bread of Alanya as the Turkish capital of Citrus, is a great indication of the region’s food and agricultural habits. Fertile soil conditions have given rise to many Saifis such as tomatoes and cucumbers and turning the weekly market of local farmers into one of the highlights of the community.
Olive oil, a staple of Turkish cuisine, comes from Turkey’s Aegean coast, as Alanya is a coastal region and fresh seafood is always on the menu.
Visitors to Alanya use Antalya or Gazipasa Airport, both airports that are modern, up-to-date and efficient transport hubs. Antalya Airport, which is more crowded than any other airport, offers domestic and international flights, thereby connecting the region with other parts of Turkey and many European and Middle Eastern countries. Of course, if one is scared of flying, the Alanya State Bus system will service many locations around Turkey as well as near. Cheap ticketing costs, including the use of drinks, free WiFi, and comfortable seating, make many foreigners realize that this system is much better than their own transportation system. Drivers also use the D400 coastal road and rent out attractive car options. The road, which connects Alanya to the southeast as well as other parts of the Mediterranean and Aegean, is the most popular road trip in Turkey.
Many global financial experts say the real estate sector is the best long-term investment because of the lower risks. This is the area that Alanya proposes, as apartment prices start from around fifty thousand euros for a two bedroom property. Some of these apartments are close to the beach and offer stunning views of the sea and have the latest décor and design. Apart from the flats, the town house, seaside villas or medium villas and luxurious villas can be found in Antalya Bought at a reasonable price. People who are looking for long term investments are eagerly buying all the properties at these prices because similar properties in their own country have a much higher price. Others turn to rental income through marketing their property for short and long term stays.
It is easy to buy cheap property in Antalya and then by renting it out to tourists every night earn a lot of money. The Mahmutlar Alanya area is one of the best places to buy property in Antalya, which has benefited immense profits by buying and renting property from foreign real estate buyers in Turkey. . With all the facilities at home, as well as the beach, the atmosphere and the climate make it one of the most popular neighborhoods in Alanya.
You might think that cheap apartments are the main trend in the real estate market, but Alanya also attracts wealthy people who are looking for luxury homes. Especially in some district, where architects showcase the latest international style of building. The talk of luxury has even found its way into everyday life with the help of well-known brands that sell their items in boutiques in downtown Alanya within a 2-hour drive. In Alanya, restaurant menus feature great food, and Alanya is part of Turkey’s Riviera, so wealthy boat owners often pack their boats in the harbor and enjoy quality luxury life.
The best areas to buy property in Alanya
Although in recent years Alanya has become the main center of property buying in Turkey, many investors in Turkey are looking to buy property in Alanya due to the weather and its location and can accommodate more than 100 He advised the area in Alanya to buy the property, but keep in mind that many of these areas are losing their reputation for investment.
Last year, more than 30% of foreign investors chose Alanya to buy property in Turkey. An area that has witnessed significant growth of different immigrants from different countries.
However, to buy a property in Alanya, Turkey we recommend going to one of the following four areas and choosing your property in these areas.
Buy property in Mahmutlar Alanya
This area is the most popular Alanya area for buying property in Turkey. Mahmutlar coastline is one of the best coastal areas in Turkey and the world. Property prices per square meter in the area are excellent, and this has encouraged more foreign investors to buy property in Mahmutlar. Residents of the area are only 8 kilometers from the city’s main transportation network, and the local council has greatly improved infrastructure and transportation networks in recent years. Mahmutlar has been the main development area of Alanya, the varieties of bananas, citrus gardens and foreign and domestic Turkish shopping malls have been established in the area and the business is thriving. Mahmutlar to Gazipasa Airport is only 25 minutes away.
Every year many travelers and tourists travel to Turkey to see Alanya. All types of houses, townhouses, villas and country houses can be purchased in this area at a good and reasonable price and can be easily obtained by renting property in Mahmutlar.
Buy property in Avsallar Alanya Turkey
In the center of Alanya Downtown is a small area of Avsallar. A seaside area with wonderful beachfront homes, villas and townhouses with spectacular exterior views. However, a little farther from the beach there are also very modern and stylish apartments. The Mediterranean climate in this area is well-known and the vivacity and vitality can be seen well in the area. Buying a property in Avsallar can lead a relaxed, stress free life with great facilities. All kinds of amenities have been provided in the area in recent years, with a variety of shops, cafes, restaurants, banks, luxury shopping centers and public transport facilities in the area.
Given that Avsallar has one of the most beautiful Mediterranean beaches in Turkey, then you should expect tourists to buy property in Avsallar Alanya, especially in the tourist seasons. This, of course, is recognized as an opportunity for investors in Turkish real estate. Many investors are renting a property in Avsallar by buying a home in the area of Alanya and making a good profit. Many also provide themselves with a great holiday house or buying second homes and rent the holiday homes in most of time.
Buying a variety of commercial property in Alanya and in the Avsallar area promises to be a great income. The area has high potential to launch tourism-related businesses and could well yield high returns for domestic and foreign property investors in Turkey.
The most important thing about buying a property in Alanya is the affordable property prices in Avsallar. Although the region has been experiencing price increases over the past two years due to changes in Turkish government policies, property prices in the area are still affordable. This is because Avsallar is a little further from downtown Alanya, while it is a very beautiful area with a bright future.
Buying property in Tosmur Alanya
Residents in Tosmur live in one of the best areas in the world. An attractive and spectacular area with a mix of beaches and riverside and a variety of tourist and natural attractions. There are lots of amenities in Tosmur such as shops, restaurants, cafes etc. There is everything available to the locals and a beautiful tourism area with a great potential for growing tourism in the area. Tosmur is only 6 km from the center and only 6 km from the western part of Mahmutlar.
One of the best opportunities available for investors to buy property and invest in property in Turkey is to buy property in the Tosmur Alanya area. The area has shown that in recent years, it has had the power to attract many tourists. Living by the beach or by the beautiful riverside of this area has created a wonderful vibe. While all the amenities to live in this area of Alanya are provided, yet you can even make the most out of letting property in Alanya by buying property as a second home or holiday home, this is because many tourists visit the area every year and pay a good price for a night’s stay in Tosmore. You can buy a variety of villas, townhouses, country houses or villas with your own views of the area.
The most expensive and cheapest cities in Turkey
In general, living in Turkish cities is cheaper than in many European cities. However, there are many differences in living in Turkey in urban areas, especially in large Turkish cities and small towns. For example, living in Istanbul or Antalya is more expensive than living in other Turkish cities, and the cost of buying a property in Turkey in this cities is also higher. Turkey has many provinces and cities. But according to research, Istanbul is the most expensive city in Turkey. Turkey is the most expensive food in Istanbul; Istanbul is also the most expensive city for food and non-alcoholic beverages. The cheapest cities in this group are Gaziantep, Adiyaman and Kilis. Istanbul also ranks first in terms of property, water, electricity, gas and other fuels.
The most expensive city in terms of public transport is Ankara; those who live in Ankara have to pay more to travel than most other cities. Ankara is also the most expensive city in Turkey in terms of furniture, home appliances, and sanitation, restaurant and hotel services.
The cities of Siirt, Bateman, Mardin and Shernak are also the cheapest cities. The most expensive cities are garments, Trabzon, Urdu, Gearson, Rize, Artvin and Gumshawana. In this case, the cheapest cities are Zonguldak, Karabuk and Bartin.
In the field of cultural and recreational services, the cities of Balikesir and Chanak are the most expensive cities and the cheapest cities are Chanley Orfa and Diyarbakir.
Things to consider when buying a property in Turkey
These days the fever of buying property and investing in Turkey is very hot between Iranians and many other countries. The country’s growing economy and bright future have led many to buy property in Turkey to increase their capital. One thing that may come to mind is Turkey’s property purchase laws, which have been detailed in the past. However, observing some of the points in some of the statutory provisions needs to be taken into account or taken into consideration, which we will address in the following.
Permission to Buy Property in Turkey
The laws on the purchase of property in Turkey should refer to Note 35 number 2644 of the Land and Property Law adopted on May 18- 2012. According to this note, only a certain number of foreign immigrants have been allowed to buy property and in this case, restrictions have been imposed. Many countries except those authorized to buy property in Turkey unless they have problems in their diplomatic relations with Turkey that must consider this well before deciding to buy property in Turkey. They buy land to build property in Turkey, they have to start building a project introduced to the Ministry within two years.
It should be noted that foreigners can buy and own up to 30 hectares of Turkish land and there is no difference between countries in this regard. Also, these people will not be allowed to buy property in the military and security areas of Turkey. This is so that only 10% of the land in each area can be bought by foreigners. It is important to note that any foreigner or legal entity outside of Turkey can apply for a credit purchase in Turkey from Turkish owners or reputable institutions; the law does not contain any restrictions. It should also be added that foreign citizens can purchase any type of property including: house, commercial, land and land upon request from the relevant authorities. So a very important point to keep in mind is that when buying a property, your country should be on the list of permitted properties to buy in Turkey or invest in Turkey.