|Thursday, January 12, 2023
The real estate sector is considered one of the most important and fast-growing economic sectors in Turkey, which b.
Is buying real estate in Turkey safe?
The real estate sector is one of the most important and fast-growing economic sectors in Turkey that is attracting foreign investors, but many people ask us if it is safe to buy real estate in Turkey, and the answer is yes if you do things the right way.
In the past years, when Turkey first opened the real estate market to foreign nationals, there were many bad experiences of people who lost their savings because the system did not protect the buyer. However, the Turkish government changed the buying process for foreigners by putting in place stricter controls and immediate penalties which deterred potential scams, and over time these problems have been rooted out. Now it is a very tight way to protect your investment if you follow the recommended guidelines.
Tips for buying real estate safely in Turkey:
Find a reliable real estate company:
Buying real estate is an important and expensive matter, so every real estate investor must consult with an expert, who gives him investment advice and helps him check the validity of all legal procedures, papers and documents, in a way that preserves his right, and helps him choose the right property for his requirements and budget.
Confirmation of property specifications:
Before applying to buy any property, you must check and verify the correctness of the images used in advertising and promotion, and the investor can add requests that he deems important and guarantee his rights to the sales contract concluded with the real estate company.
Buying Earthquake Insurance All property owners are required by law to purchase annual DASK insurance so in the event of an earthquake your investment is safe.
Confirmation of land registry information:
The basic information of the real estate report and all legal notes related to the property must be checked.
Confirmation of the seller of the property:
It must be ensured that the seller of the property is the real owner of this property, and check whether the information contained in the aforementioned document matches the information recorded in the real estate records
Verify the type of property:
It must be checked whether the property is residential or commercial, according to the property you want to buy, because it is possible to buy a property for trade and you want it for housing and not for trade, and then the investor may face unexpected problems in the future.
Ensure that you obtain a property title deed in your name:
This is to ensure that the previous owner did not make any form of transfer of ownership, and to ensure that there are no rights arising from him.
It is worth noting here the procedures for transferring ownership of real estate in Turkey, which are easy and fast according to the following steps:
1. Submitting the application: The property owner in Turkey will book an appointment at the Land Registry Directorate to complete the procedures for transferring ownership.
(The initial appointment is booked electronically, before 12 noon, to obtain a serial number) Booking the appointment is either through the website of the Land Registry Directorate. https://randevu.tkgm.gov.tr
As for the documents required for the transfer of ownership:
1. The title deed of the property in Turkey, which includes (the detailed address of the property).
2. The passport in addition to its translation.
3. The average real estate values report in the region. This report is issued by the municipality.
4. Real estate appraisal report in Turkey,
5. Earthquake insurance policy for the property in Turkey.
6. A personal photo of the seller in addition to two photos of the buyer.
7. A sworn translator in case one of the parties is not fluent in the Turkish language.
8. In the event that the purchase procedure is carried out through an agency concluded outside Turkey, at the consulate or embassy, the buyer needs a translation thereof certified by a sworn translator, attached to the original copy of the agency.
Do Not to risk investing in a real estate that has fundamental problems:
Some properties have problems or defects, whether in the property itself, the complex or the area, so you should check everything before buying.
Real estate ownership restrictions in Turkey for foreigners:
The abolition of the reciprocity protocol on real estate ownership for foreigners does not mean giving them these rights at all. Rather, there are a number of conditions that must be observed, which are:
1. The area of real estate in Turkey owned by a foreigner must not exceed 30 hectares.
2. Real estate in Turkey owned by foreigners within the boundaries of the administrative region must not exceed 10% of the total area of the administrative region.
3. Obtaining security and military approval from the competent military authorities in the area where the property is located.
What are the cases under which real estate ownership contracts for foreigners in Turkey are canceled:
- The contract to purchase real estate in Turkey for a foreigner is canceled if the purpose or objective of the property is violated when buying it at the beginning of the matter. For example, if the property was purchased in Turkey for the purpose of housing and stability and was used for business, the competent authorities will cancel the sales contract and consider it as if it had not been.
- Contracts for owning real estate in Turkey are null and void if it was purchased in a twisted manner far from the laws and regulations established in the country.
- In the event that the period specified for the start of the project has expired and nothing has been implemented on the ground, the purchase and sale contracts for real estate in Turkey do not exist at all.
Turkey is a state of law and the law includes provisions to protect the rights of all parties to equality, whether the person is Turkish or foreign, so investing in Turkey is safe and an opportunity for those wishing to make a guaranteed financial profit. Article 35 of the Turkish law - concerned with the right to property - gives the foreigner the right to own any field of real estate in The country, as long as the property is not located within the scope of military areas, rural areas, or any state land in general.
We at FCC Real Estate guarantee you and help you to choose a property that is suitable for you and your desires, in compliance with the conditions of Turkish citizenship, and doing everything that facilitates the investment process for you to the maximum.
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