|Friday, March 11, 2022
The real estate market in Turkey is a first destination for Arab and foreign investors, and the interest of the.
The most important FAQ about buying a property 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 PROPERTY Group, have asked all these questions, and in this article we provide you with accurate answers to your inquiries.
Do foreigners have the right to own property in Turkey? when was that? and how?
Yes, in September 2012 the Turkish Parliament issued a resolution allowing foreigners to own property in Turkey without taking into account the principle of reciprocity.
How do I buy a property in Turkey?
After seeing the real estate offers and opportunities on the Internet and choosing some of them, you can then buy a property in Turkey by looking at the real estate 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 PROPERTY, 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 or procedures for ownership in Turkey?
First: Choosing the right property and providing the following information:
a. A copy of the title deed or the real estate statement.
B. A copy of the property's location in the municipality's plan or a location statement.
c. 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. Usually, 25% of the property value is paid until the process of transferring the 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 approval takes 45 days “if the property is in a building where a foreigner does not own it.” We advise against paying the full amount only after obtaining approval 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; However, all of these services and procedures are provided free of charge to its customers and investors by Imtilak Company, as part of the after-sales services.
As for the expenses owed by the customer and seller from the sale and purchase tax, they are approximately 3% of the value of the property. And a tax of 1% of the value of the property in exchange for an invoice for the value of the property, and this is paid by the buyer.
What is the tax number? How do you get it?
Tax number in Turkey (vergı numarsı): It is your number that is sometimes asked for in legal and official transactions or to open a bank account in Turkey. This number can be obtained regardless of whether you have an official residence in Turkey with ease, through:
a. Bring a copy of your passport and know your residence address in Turkey.
B. Go to the nearest tax department (vergı müdürlüğü) in your area and ask for this number from the relevant employee.
c. The employee enters your data into the computer and then gives you a card with your tax number.
What is the average property price in Turkey? Is there an installment system?
This varies from one city to another and from one region to another within the city, but you can own an acceptable apartment for $65,000, and the installment system is available.
Can you assign a person to manage real estate matters in Turkey?
Yes, by appointing him a legal agency through the Turkish embassy or consulate in your country, or through the notary notary if you wish to give the agency from inside Turkey.
How can you benefit from the property in the months when you are not in Turkey?
You can rent the property or offer it for real estate investment, and the tenant can transfer the monthly payments to you through the bank, all of which is provided to you by FCC PROPERTY.
And we should note to our valued customers, not to be attracted to advertisements that offer apartments in Istanbul at very cheap prices compared to the real prices, as these advertisements may be camouflaged with the aim of attracting the customer and selling them illegal apartments and they have no restrictions in the real estate registry.
We at FCC Group for Investment and Real Estate Development are keen 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.
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