Investing in Turkey can be a savvy decision for those looking to acquire property with an ideal geographic location, pleasant climate, and secure environment. The Turkish government makes the process of purchasing your dream home straightforward. By following these steps:
- Researching desirable locations.
- Make sure you have all the required documentation.
- Setting up an overseas account if needed.
- Ensuring ownership transfers smoothly with help from professionals like real estate agents or lawyers.
With some planning, anyone hoping to make their mark in Turkey will find owning property here both rewarding -and achievable.
Steps to buying a property in Turkey:
- Pay an amount to reserve the property for an agreed time till full payment is settled.
- Sign sale contract ( can be done remotely).
- Transfer the money via bank transfer in foreign currencies; money transfer can be done through an international bank or a local Turkish Bank with the help of Greater Turkey team.
- Issue a tax number. A tax number is an ID number given to foreigners who don’t have a residency permit to be able to use this ID number to sell, buy, and do any other business transaction (link to CBI Article if possible).
- Doviz alim belgesi must be issued by the receiver’s bank to show that the buyer exchanged the money received in foreign currency to Turkish Lira according to the day of transition’s exchange rate. And according to the Turkish government regulations.
- Issue the evaluation report which is done by a third party company authorized by the Turkish Government to state or proof the Real Price of the property chosen by the buyer.
- Title deed registration application; After the developer receives the total amount, he can proceed with the title deed transfer application.
- A copy of the buyer’s passport
- Four personal photos
- Tax number
Types of real estate in Turkey:
- Residential real estate: houses, apartments, palaces, or villas.
- Industrial real estate: warehouses or factories.
- Commercial real estate: shopping centers, administrative buildings, or shops.
- Agricultural real estate: orchards or farms.
Important tips when buying a property in Turkey:
- Choose a suitable property in a relevant area with investment value.
- Determine the property’s value before buying
- Ensure the property’s eligibility through the land registry department to ensure that it is not in violation, has no debts, loans, or seizures, and that the seller has the legal right to sell.
- Research and obtain information about purchase procedures, the Turkish real estate market, and investment in Turkey.
- Consult real estate professionals in Turkey, and take advice from reliable companies or people with long experience in investment in Turkey.
Taxes & Fees Associated With Buying Property:
Taxes and fees are associated with buying property in Turkey. These include property transfer tax (at a rate of 4%), municipal tax (at a rate of 0.002%) from the property value on annual basis, notary fees (can be for notarizing the sales contract and for some Power of attorneys that will be needed for the buying process ), and VAT (which varies depending on the property Type). It is important to note that these fees apply to foreign buyers and Turkish nationals.
Turkey is a hotspot for those looking to invest in real estate. From the set of advantages offered by its government to be one of the most developed countries around – it’s no surprise why foreign investors have increasingly turned their sights on property here. With excellent facilities and an abundance of available housing options, Turkey has become more than just a desirable destination; it’s now seen as one of the best places to own real estate for residence and investment-wise!