How to Buy in Turkey

How to Buy in Turkey


Property Guide – Turkey

As Turkey being fairly new to the overseas real estate market, it is essential for a buyer to learn the initial procedure for  buying a property.

Either for holiday (to spend a quality time for a small amount of money) or investment (to rent out, or to sell for a higher price in the future), there is a growing demand on properties in Turkey.

Working with a well established and professional agent who will assist the buyer in every single step of the way, is one of the main factor one must consider.

Viewing Trip

Esmeralda Real Estate will arrange a trip to view our projects on the site, which will provide more relevant information and a clear picture in our clients minds.

Esmeralda Real Estate will arrange a pick up from the airport to the hotel. Once you are ready, with one of our agent, you will start your specially crafted viewing trip. This trip will include the projects you are interested in; apartments, houses, and any other related property.

With the help of our agent, you will not only view the projects but also have an idea of daily living, by visiting the places close to the property.

Inspenction Trip

Esmeralda Real Estate will organize an inspection trip if asked by the client. This trip will include more technical insights of the properties that we promote.

Please contact Esmeralda Real Estate for more information

Important information on the procedure for buying property in Turkey is detailed below

Procedure for Purchase

There are couple of procedures you can expect/follow once you have decided the property you would like to buy.

 

Reservation Contract

The property will be taken off the market for a period of 2 – 4 weeks for an appointed legal advisor to complete the required searches.

There is a fee to be paid before hand for the reservation which varies between 3000 to 6000. One can always change mind and cancel the procedure, but there will be no refund on reservation fee.

If you would like to move to the next step and buy the property, then the reservation fee will be accepted as a part of the payment.

Preliminary Contract

A report including legal checks will be presented to you after your reservation contract and payment. Regarding to this report, you will be asked to sign the preliminary contract and to pay the deposit.

If you are buying a new property the deposit is usually around %30, if it is a resale property then the amount will be around %10 of the actual price of the property.

The vendor of the property should apply for a permission during this stage, if it is necessary.

If asked by the developer, the payment of the property can be arranged according to the stages of the construction.

Completion

The tax payments for the property should be paid by the buyer (please see FAQ for more information) and the title deed (Tapu) should be signed. By singing the title deed at the land registry office, both sides agree on the transfer of the ownership of the property. After the signatures, the deed will be registered to the land registry.

Financial and Legal Services

Esmeralda Real Estate will provide, finance solutions for buying a property and legal assistance with related activities.

  • Loan Arrangements
  • Legal Advise
  • Establishing a Company in Turkey
  • Accounting
  • Professional Real Estate Valuation Report
  • Title Deed Survey
  • Business Plan (for investments)

Esmeralda Real Estate will provide information and help with your application for a loan from the banks according to your financial status, detailing the payment plans.

Please contact us for further information.

Foreigners buying a property in Turkey

As long as the legal restrictions are complied, foreign nationals can buy a property in Turkey. (please FAQ for more information)

Legislative Framework

Reciprocity: In relation with the Article 35 of the Land Registry Law No: 2644; Reciprocity principle can be defined as; by the acquisition rights given by a foreign country to its own citizens and to the commercial companies of that country, it should be given to citizens and companies of Republic of Turkey, according to the laws of these countries.

As a citizen of a foreign country the total area one can own in Turkey is limited to 2.5 hectares (25000 m2), which can/may be increased to 30 hectares by the permission of the Council of Ministers with regard to a certain law.

According to the ‘Implementing Development Plan’ (Uygulamali Imar Plani) and the ‘Local Development Plan’ (Mevzi Imar Plani), total of the lands owned by foreign nationals cannot exceed %10 of that particular town’s land.

Guide for the application

Where to apply for buying the property?

The Land Registry Directorate of the municipality of your property.

How to apply and what are the necessary documents?

If a foreign national would like to buy a property in Turkey, he/she should be there personally (if not speaking Turkish, should have a certified interpreter with him/her) or attain an authorized representative. When making an preliminary application to the Land Registry Directorate, you will be asked certain documents which are detailed below.

Documents needed to buy a property in Turkey

Title deed of the property (if not available, following information will be required: detachment, building plot, district  or the oral declaration of the property owner)

Passport /  ID (and translation to Turkish)

Two (2) passport sized photos (with appliance to the passport photo guide: taken within 6 months and 6 x 4 size)

For Representatives / Power of Attorney:

Document underlining the confirmation of the authorization from Power of Attorney.

You will not need to apply for this document if you can provide an Power of Attorney document bearing ‘Apostille’ issued from your own country. If your document does not bear an ‘Apostille’, you can always obtain the necessary certification from the Turkish Consulate.

Representative’s ID/Passport.

One (1) 6×4 size photo.

Title Deed Fee

With relation to the Charges Law No: 492; both seller and the buyer should pay a tittle deed fee.

Relevant municipality will issue ‘Property Statement Value’ which will underline the minimum payment amount. Title deed fee will be calculated according to this document.

After this documentation and calculation, you can proceed with your payment only through bank.

Money Transfers

Incomes from your property, either cash or foreign currency can be exchanged and transferred through banks.

Residence Permit

If you buy a property in Turkey, you will not need to have a residence permit up to one (1) year.

If you would like to spend the whole year in Alanya and make this beautiful town your home, then you will need to apply for a residence permit.

Esmeralda Real Estate will be happy to help you with your residence permit applications, which requires a small fee.

 

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