| Date: | Thursday, January 12, 2023 |
The real estate market in Turkey attracts foreign and Arab investors and has increased in recent years.
The real estate market in Turkey attracts foreign and Arab investors, and in recent years the percentage of foreign ownership of real estate in Turkey has increased widely due to the prosperity of the Turkish real estate market and the high profitability it provides on an annual basis. In addition to being a safe and stable market.
Through our direct communication with clients, we have received many questions related to foreign ownership of real estate in Turkey, and we, in turn, in the FCC Group, have asked all these questions, and in this article we provide you with accurate answers to your inquiries.
What are the best Turkish cities for real estate ownership?
Istanbul is one of the most important Turkish cities as it is the economic and tourist capital of the country, and it is the largest city in terms of population. If the purpose of buying is an investment, we advise you to buy a property in Istanbul, and if you are looking for apartments for sale in Turkey for the purpose of spending holidays and recreation, we recommend choosing tourist areas with a beautiful nature, away from the hustle and bustle of the city.
How do I pay for the property ?
The price of the property is often paid by a bank transfer from the buyer’s account to the account of the property constructing company or the owner of the property, and bank transfers are the safest method for the seller and buyer.
Is a foreigner entitled to buy more than one property in Turkey?
The Turkish government has made many amendments to the decisions of foreign ownership of real estate, as it lifted the ban on some Arab nationalities that were not entitled to own property in Turkey and facilitated the purchase process for investors and the possibility of owning more than one property.
- Can the property owner obtain residency in Turkey under ownership?
A property owner in Turkey can obtain a two-year renewable residence permit by purchasing a property in Turkey
- What are the conditions for obtaining Turkish citizenship?
You are entitled to obtain Turkish citizenship by purchasing apartments in Turkey with a value of $250,000 or more, and you are not entitled to sell the property until three years have passed.
What are the property purchase taxes?
The value of the property registration and transfer tax is 4% of the property price and is paid only once and is often distributed equally between the seller and the buyer.
Can the property be resold ?
A foreign property owner can sell his property at any time he wants. We advise our valued customers, when they intend to sell the property, to coordinate with a reliable real estate company or office, and we can help them in this through the FCC Real Estate Investment Group, where we provide property management services.
Is a foreigner entitled to buy a property in any Turkish city ?
Foreigners have the right to own real estate in all Turkish cities, and we advise our clients wishing to buy real estate in Turkey to choose the city of Istanbul, where the ingredients for successful investment are available.
- What are the conditions for owning real estate for foreigners in Turkey?
If the investor wants to buy apartments in Istanbul, for example, he has the right to own more than one property, whether it is residential or commercial, without restrictions or any conditions. In the event that the investor wants to buy land and reclaim it, he must submit his project and reclaim the land within two years.
Can foreigners insure property with Turkish insurance companies ?
A foreign property owner in Turkey can insure his property, and there are many internationally recognized insurance companies and Turkish local institutions that provide property insurance services.
- How to subscribe to service establishments (gas, electricity, and water)
When buying a property in Turkey, the value of insurance and connection of gas, electricity and water services is paid once by visiting the relevant institutions, which are simple procedures. We at FCC can help you by providing all the necessary services.
- Who manages the residential complex and what are the fees that must be paid monthly?
Each residential complex has an administrative committee specialized in management matters, its mission is to provide all services to the residents of the complex, to maintain the security and cleanliness of the complex, and to carry out maintenance and care for gardens and service facilities within the complex.
As for the monthly fees, they are simple fees paid for the services provided by the complex’s management, and are determined according to the total area of the apartment. It is worth mentioning that if the apartment is rented, the tenant is responsible for paying the fees.
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