The real estate sector in Turkey is now considered one of the best investment destinations, especially for investors.

A guide for foreigners to ...

Date:

Thursday, October 28, 2021

The real estate sector in Turkey is now considered one of the best investment destinations, especially for investors.

A guide for foreigners to buy a property in Turkey

The real estate sector in Turkey is now considered one of the best investment destinations, especially for foreign investors in the recent period, as they always seek to benefit greatly from the advantages of buying a property in Turkey to achieve profits within the Turkish real estate market.
But when foreigners seek to buy a property in Turkey, they must know the documents they need and understand some legal issues that make it easier for them to complete the purchase process safely and securely.
This article provides a simplified guide to the steps of buying a property in Turkey for foreigners, from the birth of the idea to the completion of the happy deal.

What are the guidelines to start realizing the dream of owning a property in the paradise of the earth?

- Finding a suitable property:

There are a lot of properties for sale in Turkey, but we advise you to do a comprehensive search of your own for the area that meets your desires and needs and according to the budget available with you.

- Talking to a real estate agent:

The real estate agent can provide you with free real estate advice and present you with many options to choose from which suits you. FCC Real Estate Company provides a series of real estate advice constantly, through its website and communication networks, in addition to the ease of communication with us, and seeking advice in all real estate affairs on the land Turkish, through a specialized real estate consultancy team.
It is worth noting here that you have to pay close attention when buying on your own without any real estate broker or agent, but the overall risks of the process of buying and selling a property in Turkey, the investor can overcome if there is a certified and licensed real estate agent with professional experience in the Turkish real estate market, providing its clients With the best real estate services, and the client is confident that his procedures are guaranteed and in compliance with the latest decisions issued by the Turkish government.

What conditions make a house "legal"?

In order for homes in Turkey to be completely legal, they must meet three requirements:

- The first of these conditions is to have a legal title deed, or the so-called "Tabu".
- Secondly, it must have an official building permit or the so-called "reconstruction".
- The last of which is that the house obtains a certificate confirming its suitability for housing, or what is called “housing”. Therefore, the foreigner must review the Land Registry Office “Tapu Department” or what is known in Turkish as “Tapu Dairesi” to ensure that the property he intends to purchase is legal, and that his title deed is free of any fines or owed debts associated with it, such as if it is mortgaged or seized It is what is known in Turkish as ipotek.

The foreigner, if the property he intends to buy is located in a new building, must ensure that the name of the land owner in the title deed is transferred to the name of the contractor who is selling. He must not pay the full price of the property until after an official title deed is issued in his name. Turkish banks provide a guarantee of security of funds for both parties during this process.

The "Iskan" certificate also proves that the house is habitable and that it was built in accordance with the required standards and in accordance with earthquake resistance systems. The foreigner can verify that the chosen house has obtained this certificate through a coded mark in the box on what is known as “kat mülkiyeti”.

Title deeds in Turkey are issued with either blue or red borders. The one with blue borders refer to ownership of land or land that includes a detached house, while bonds with red borders refer to ownership of condominiums or apartments located in an apartment complex, referred to as the “location”. An important point to consider when buying red boundary bond homes is to know the common monthly maintenance fee called "returns" that homeowners must pay.

- Know the new laws that have entered into force

One of the new demands related to buying and selling real estate in Turkey, which has been in effect since the beginning of 2020, is to obtain an energy performance certificate known in Turkish as "Enerji Kimlik Belgesi", which shows the energy efficiency of the building. The foreigner also needs to obtain electricity and water for his owned home, registration in the Compulsory Earthquake Insurance known as "DASK".

If the foreign owner plans to sell his property within five years of purchase, he will be subject to capital gains tax, which is a low rate calculated according to the expected profits. His property will also be evaluated by a private company and he will pay 4% of the real value of taxes, with the aim of putting an end to misrepresentation of the actual price paid in the property to avoid paying exorbitant taxes.

The foreigner also needs a foreign identity number "yabancı kimlik numarası" in addition to a certified translation of the passport. And he can make an official power of attorney for a citizen to avoid these two requirements. In rare cases, a foreigner may have to obtain a military permit that takes about a month to obtain, if the building to be purchased is close to a military base or strategic location.

Foreigners who intend to buy land are restricted to an area of no more than 30 hectares, and it is worth noting that there are strict regulations in Turkey regarding building permits on purchased land. In July of this year, the construction of "summer houses" on agricultural land was banned. As of September 19, 2018, it was approved to grant Turkish citizenship to foreigners who buy real estate worth 250 thousand US dollars, provided that these properties are not sold before the lapse of three years.

The General Directorate of Land Registry and Land Registry Directorate of the Ministry of Environment and Urban Planning recently launched a website called "Your Guide in Turkey". It is a great and useful informative website for foreign property buyers that allows them to browse in six different languages: English, German, Arabic, French, Russian and Spanish, and contains all the necessary information and exact details about buying real estate in Turkey for foreigners. It can be visited through the link www.yourkeyturkey.gov.tr.

Advantages of owning a property in Turkey:

- The property allows the person to obtain a renewable real estate residence as long as he does not sell the property.
- In the event of buying real estate worth 250 thousand dollars, the investor can obtain Turkish citizenship.
- Real estate prices in Turkey are relatively cheap compared to the size of the country, its stability, and its long-term residential and tourism advantages.
- Taxes for owning a property in Turkey are symbolic amounts and one of the cheapest countries in the world.

We at FCC Real Estate provide our clients with real estate consultancy and after-sales services that guarantee the customer comfort and safety during his trip to buy the right property, so we accompany him from the airport until after receiving the property!