The Most Important FAQ's for Buying Property in Turkey

Turkey's real estate market is a major destination for Arab and foreign investors, with investor interest mainly focused on finding apartments for sale in Turkey and buying apartments in Istanbul, the country's economic center.

The Istanbul real estate market is characterized by high yields and is an active and efficient market. In recent years, Istanbul has undergone an extensive urban renaissance. Hundreds of modern urban style residential and commercial projects have been constructed.

Through direct contact with our clients, we receive many questions related to foreign ownership of real estate in Turkey, we ask all of them at Property Superiors Group, and in this article, we will provide accurate answers to your questions.

Do Foreigners Have the Right to Own Property in Turkey? When is That? How?

Yes, in September 2012, the Turkish Parliament issued a resolution allowing foreigners to own property in Turkey without regard to the principle of reciprocity.

How to Buy Property in Turkey?

After looking at real estate offers and opportunities on the internet and choosing some of them, you can buy Turkish property after your trip to Turkey by looking at real estate projects and local properties.

Alternatively, you can buy a property online through an agent from one of the licensed real estate marketing companies such as Property Superiors at the Turkish Consulate Headquarters in your country, who will complete all purchase procedures and extract the title deeds on your behalf.

What Are the Steps or Procedures to Buy a Property in Turkey?

First: Choose the right property and provide the following information:

A. Copy of title deed or property declaration.

B. Copy of property location on community plan or location description.

C. Property number according to the municipal plan (for owners).

Second: Get a tax ID number from the tax office, which is a very simple process.

Third: Passport translated into Turkish and notarized by a notary public with 4 personal photos attached.

Fourth: Sign a sales contract with the seller and pay the deposit, if possible, no more than 25% of the payment, but subject to the approval of the public security organ. Usually, the relevant authority pays 25% of the property value before the title is transferred to the buyer, and the rest is paid in full after receiving approval from the regional bureau and security authority.

Finally: Submit an application for transfer of title to the security department, "but if the foreigner has previously owned it, you can transfer the title within one day", the permit takes 45 days, "if the property is located in a foreigner does not own this." We advise against Full payment is only made after approval from the security department.

If approved, the Land Registry Department (deed) will be checked with the seller by the Land Registry Department (deed). It is advisable to take a translator to check the correctness of the data, object numbers and areas; however, all these services and procedures are provided free of charge by Imtilak to its customers and investors as part of the after-sales service.

The sales and acquisition tax fee owed by the buyer and seller is approximately 3% of the property value. And a 1% tax on the property value in exchange for a property value invoice, payable by the buyer.

What is the Tax Number? How to Get It?

Turkish Tax ID Number (vergı numarsı): Your Tax ID Number is sometimes required when conducting legal and official transactions or opening a bank account in Turkey. Whether you have an official residence in Turkey or not, you can easily get this number by:

A. Bring a copy of your passport and know your address in Turkey.
B. Go to your nearest tax office (vergı müdürlüğü) and ask the staff for this number.
C. The employee enters your details into a computer and then gives you a card with your tax ID number.

What is the Average House Price in Turkey? Is There an Installment Payment System?

This varies by city and area within a city, but you can have an acceptable home for $65,000 with an installment payment system.

Can You Appoint One Person to Manage Real Estate Matters in Turkey?

Yes, appoint his legal representative through the Turkish embassy or consulate in your country, or through a notary public if you wish to provide representation within Turkey.

How Will You Benefit From the Property During Your Months Away From Turkey?

You can rent the property or use it for real estate investment, and the tenant can wire your monthly payment to you through the bank provided to you by Property Superiors.

We should advise our valued clients not to be lured by advertisements that offer Istanbul apartments at cheaper prices than they actually are, as these advertisements may be masquerading as the purpose of attracting clients and offering them illegal apartments and selling them. There are no restrictions on the Land Registry.

Our real estate senior investment and real estate development group is committed to providing the best construction projects in Istanbul for the benefit of our clients, our projects are high quality and modern residential complexes built according to legal standards, the buyer can guarantee their rights and register when the project is ready When moving in, the property in his name is on the title deed, but if the project is under construction then the buyer will receive an easement deed.