|Monday, October 18, 2021
The real estate market in Turkey is considered a first destination for Arab and foreign investors, and the interest of the.
Frequently asked questions about real estate in Turkey
The real estate market in Turkey is a first destination for Arab and foreign investors, and the investor's interest is focused on searching for apartments for sale in Turkey in general, and on buying apartments in Istanbul, being the economic center of the country. The real estate market in Istanbul is characterized by providing high profit returns, and it is an active and effective market. In the past few years, Istanbul has witnessed a wide urban renaissance. Hundreds of modern residential and commercial projects with a modern urban style have been established.
Through our direct contact with clients, we received many questions related to foreign ownership of real estate in Turkey, and we, in the FCC Real Estate Group, have asked all these questions, and in this article we provide you with accurate answers to your inquiries.
How do I buy a property in Turkey?
After seeing the offers and real estate opportunities online and choosing some of them, you can then buy a property in Turkey by looking at the projects and real estate on the ground after traveling to Turkey. Or, you can buy a property online through the agency of one of the approved real estate marketing companies such as FCC Real Estate, at the headquarters of the Turkish Consulate in your country, and the real estate marketing company will complete all purchase procedures and extract the title deed in your name.
What are the steps and procedures for buying a property in Turkey?
First: Choosing the right property and providing the following information:
- A copy of the title deed or the real estate declaration.
- A copy of the property’s location in the municipality’s plan or a location statement.
- Property number according to the municipality's plan (for owning land).
Second: Getting the tax number from the tax department, which is a very easy process.
Third: Translating the passport into Turkish and attesting it by the notary notary with 4 personal photos.
Fourth: Signing the purchase contract with the seller and submitting a down payment, preferably not more than 25% of the purchase value, conditional on the approval of the security authorities. In most cases, 25% of the property value is paid until the process of transferring ownership to the buyer from the competent authorities, and then the rest of the amount is paid in full after obtaining approval from the District Directorate and security authorities.
Finally: Submitting a request to transfer ownership to the security authorities, “but if a foreigner has previously owned it, the ownership can be transferred in one day and the approval takes 45 days” if the property is in a building where a foreigner does not own it. We advise not to pay the full amount until after approval is obtained. from the security authorities.
When the approval is issued, the Land Registry Department (the deed) is reviewed by the Land Registry Department (the deed) with the seller. It is preferable to bring a translator to verify the correctness of the data, property number and area; But all these services and procedures are provided to its clients and investors by FCC Real Estate Company free of charge, within the after-sales services.
What is the difference between Tapu and Court ruling?
The origin of real estate ownership is that the property is registered in the real estate records and is sorted, and this is called the Tapu. In some buildings, cases of violations of the basic report are recorded, for example, one or more floors are added to it, or the basic report is land intended for construction only, and shops, homes and more floors are built without licenses and in violation of standards. When these violating floors are sold, they are sold as they are, and the property remains registered in the real estate registry as land prepared for construction only, while on the ground there is a building consisting of several floors already built and therefore it is not possible to obtain a legal title for the new property owner to establish his rights. Both the seller and the buyer to the judgment of the court.
And we must note to our valued customers, not to be attracted to ads that offer apartments in Istanbul at very cheap prices compared to real prices, as these ads may be camouflaged aimed at attracting the customer and selling them illegal apartments and they have no restrictions in the real estate registry. In the interest of our customers, we offer the best construction projects in Istanbul, and our projects are high-end and modern housing complexes, built under legal standards where the buyer can guarantee his right and register the property in his name in the title deed if the project is ready for housing, but if the project is under construction, then The buyer obtains an easement title deed, and the easement title deed is the title deed in which each section of the property is registered separately, in other words, when the construction company plans the project and sets the plan for construction on the plot of land, and obtains approval for construction .
The project is divided into sections (number of apartments within the building), and for each apartment there is a special document showing the location and area of the apartment and the information about it.
The property type is included in such bonds (construction land) due to the non-completion of construction work. Upon completion of the construction work, the full title deed is granted.
What are the most important tips that can be known before buying a property in Turkey?
1- Choosing large cities with a large population, due to their stability, and we advise you to start your investment from Istanbul, as it is the capital of the economy in the country and the largest city in terms of population in Turkey. As for the choice of tourist cities, for example, it is an incorrect choice, because their properties are linked to indicators that change rapidly
2- Focus on the area of the apartment well, as the apartments in the 2 + 1 and 3 + 1 model are the fastest selling and renting, while the apartments in the 1 + 1 and 4 + 1 model are less likely to be sold and rented.
3- Avoid buying an apartment on the first or last floor, focus your choice on the middle floors, as they are more profitable in selling and renting.
4- If your investment is in the rent, the annual profit return in the city of Istanbul, for example, ranges between 6-10% and rises in the case of tourist rental.
5- The focus should be on the real estate area and the services available in it from the transportation network and infrastructure, as these are the most influential factors in increasing the annual profit rate.
6- Your purchase of apartments under construction provides you with a 35% increase in the price of the property after its completion.
7- Make sure that your transactions are in Turkish lira in order to avoid exchange rate changes against other currencies.
8- If your goal in buying apartments in Istanbul is to obtain Turkish citizenship, we recommend that you go to commercial properties such as office apartments, hotel apartments or shops, as they provide you with high profit returns and most construction companies offer rental guarantees for several years. In this case, you can benefit from the guaranteed returns and if you wish to resell the property after three years, and here it should be noted that the owner of the property applying for Turkish citizenship is not entitled to sell the property until three years after its purchase. And when you resell the property, you will get a profitable return from selling the property between 25-35% of the capital.
9- In the event that the investor’s capital is large, we advise him to go towards the largest investment, namely construction projects, where he can buy a plot of land suitable for construction in an area close to transportation and public facilities, and start investing in it from the first steps, it is possible to build a hotel or a commercial complex and even a residential building And all these investment options return him an ideal profit.
FCC Group for investment and real estate development in Turkey offers you more than 200 projects in Istanbul within important vital areas, suitable for all your choices for housing and investment. All you have to do is contact our advisory team to get free real estate advice and enter the world of real estate investment from its widest doors.
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