Real estate in Turkey is the strongest way and the most important factor to strengthen the link between the investor and.

All about the real estate ...

Date:

Friday, December 3, 2021

Real estate in Turkey is the strongest way and the most important factor to strengthen the link between the investor and.

All about the real estate market in Turkey

Real estate in Turkey is the strongest way and the most prominent factor in strengthening the link between the investor and the Turkish labor market, and real estate in commercial Turkey would be a new additional resource, as all investors desire multiple sources of income, in addition to the fact that buying a property in Turkey and residing in it makes The investor is closely following his affairs and opportunities, as real estate in Turkey helps in securing regular residence in an important country such as this country, according to the laws in force and in force.

Ownership in Turkey is lifelong ownership, and foreigners have the right to inherit the property in Turkey to their families and to register the heirs’ file in the housing department in the city in which the property is located. The buyer also has the right to invest his property on a monthly or daily basis.

What are the advantages of buying real estate in Turkey?

* Obtaining a real estate residence permit in Turkey.

* The possibility of obtaining a strong Turkish passport globally, after acquiring Turkish citizenship.

* A safe, comfortable and beautiful place, where the investor can live comfortably and blissfully.

* Facilitating livelihoods in Turkey by buying a property there.

* Opening the way for investors to link their foreign investments between East and West.

* A profitable return on investment based on the attractive tourism power in Turkey, where the possibility of renting apartments during the multiple tourist seasons throughout the year.

* Create an opportunity for children who are the builders of the future to study in Turkish universities, with the availability of international schools in various languages.

* The cost of living is relatively low compared to Europe and the countries of the region, with high quality and strong infrastructure.

* The possibility of applying for Turkish citizenship, if the property is worth 250 thousand dollars, and this feature is one of the most important advantages of buying a property in Turkey. On the morning of Wednesday, September 19, 2018, the Turkish government issued a new law regarding real estate ownership for foreigners, which stipulates The new law allows foreigners to obtain Turkish citizenship in return for their entry into real estate investments in Turkey with a minimum of 250.000 US dollars.

Property Taxes

Real estate value tax:

It is a one-time tax that is paid when buying a property, with a value ranging from 1 to 18% of the property's market price. It is collected on homes that are sold for the first time, and is included in the property price. This tax is paid by the company that creates the property for one time.

Real estate title deed tax and other related fees:

The real estate title deed tax is a tax that is paid when registering the property in the Real Estate Registry Department in Turkey, and its value is equivalent to about 4% of the property price in the market. It is paid equally between the seller and the buyer {2% on the seller and the same on the buyer}. It is also necessary for the heirs, when carrying out the procedures for transferring ownership of the property, to pay the value of the previous tax.
In addition to the title deed tax, there are other fees to be paid when carrying out the procedures for transferring ownership of the property, including:

Notary Fee.

Sworn translator fees.

Real Estate Gains Tax:

It is a tax that the seller must pay when he sells a property that has not been owned for five years, but if the period of ownership of the property exceeds the five-year barrier, this tax is canceled. The value of this tax ranges from 15 to 35% of the declared net profit when selling the property.

Stages of buying a property in Turkey:

After fulfilling the buyer's wishes and obtaining his final approval to purchase apartments in Turkey or real estate through a real estate company, the legal procedures are directly initiated, which are as follows:

- Obtaining a tax number for the buyer from the relevant tax department.

- Opening an account in one of the banks that have agreements with Middle Eastern banks.

- Signing the contract between the seller and the buyer in the company’s office, and a lawyer can be appointed for those who wish.

- Attached to the primary contract is the title deed of the property, and it is in the name of the owner of the property in Turkey who signed the contract or his official representative, in addition to a copy of the project building permit, two personal photos of the buyer, a translated and certified copy of the buyer’s Turkish passport and a copy of the identity card of the seller of the property in Turkey Also, a part of the property value is paid as a deposit to reserve the property."

- After that, we perform the procedures that take an average of 30-60 days to register the apartment, due to sending the documents to the security departments of the Turkish army to obtain the security approval.

- After the security approval is issued, a summons is made to go to the real estate ownership department and complete the property’s registration of assets” by the state employee and in the presence of a sworn translator to explain the terms of the contract.

- The title deed and the key are duly delivered in the presence of the real estate consultant, and the rest of the property value has been transferred or delivered in conjunction with the transfer of ownership of the property.

- In the case of buying a property in Turkey in installments, the buyer must, according to the initial purchase agreement, after booking the apartment, pay the first payment agreed upon with the construction company at the time specified under the contract, usually within two weeks from the date of signing the contract.

- When paying the installments, the buyer must come within a short period to receive the title deed and the apartment key.

In cases where an apartment is purchased in an apartment complex or an ordinary building, and the complex or building has obtained military approval in advance, the customer can receive the Tapu directly upon paying the value of the apartment, or when paying the last installment in the event of buying a property in Turkey in installments.

Some precautions before you start buying real estate in Turkey:

- You must check well the eligibility of the seller or the person responsible for selling the property, in terms of having the right to carry out the sale process, before starting any procedures.

- Ensure that there is no other owner or buyer of the property.

- You must also check well that the real estate you intend to invest in is free of the rights resulting from the mortgage, rent or any other rights.

- You should Visit the property's location to ensure its validity and suitability for use, whether in housing, work, or the private purpose of purchasing it.

Obtaining a copy of the property ownership contract to ensure that the previous owner did not carry out any form of transfer of ownership, as well as to ensure that there are no rights arising from it.

- Ensure that the area, specifications and information contained in the title deed match the shape of the property on the ground.

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