Buying Property in Turkiye
The process of buying property in Turkiye isn’t as complicated as it might seem. The country’s unique position as a bridge between East and West means it offers an eclectic range of architecture, from Ottoman townhouses to modern European-style coastal villas.
You’ll also find a wide variety of types of homes, from timber-built properties in the north to stone-built apartments in the south and west. As with any property purchase, it’s essential to do your research and select a trusted estate agent. Look for websites with customer testimonials and choose agencies that have been in business for a long time.
Once you’ve found a home that you want to buy, negotiate the price and terms of purchase (your estate agent can help you with this) and make a reservation deposit. This will be deducted from the total purchase price when you finalize the deal, so it’s important to be sure that you’re committed before putting down a deposit.
Another thing to bear in mind is that Turkey has a series of additional taxes and fees that apply to property purchases. These include a notary fee, land registry fee, and real estate transfer tax. Your solicitor can advise you on what these fees are and how they’ll impact your purchase.
When you’re ready to finalize the purchase, you’ll need to submit the Tapu – the certificate of ownership – to the local Land Registry office. This will also be checked by your solicitor, who will verify that all the relevant details are included. Once the Tapu has been verified, the property will be transferred to you and you’ll become the new owner.
Once you have your property in your name, you’ll need to get an official valuation report (Tapu Kaydi Sorgulama). This is required for mortgage applications and helps lenders assess the value of your property. It’s also a good idea for your own peace of mind.
Foreigners can purchase property and land in Turkey under their own names, provided that they don’t encroach on restricted military zones. However, گرفتن شهروندی ترکیه noting that you cannot sell your property or transfer the proceeds of the sale to a foreign bank account if you’re a non-resident.
One of the biggest challenges that foreign buyers face in Turkey is navigating the bureaucracy of purchasing property in a foreign country. It’s a good idea to hire a solicitor with experience working on Turkish property transactions, so they can handle the complex procedures on your behalf.
If you’re planning to live in Turkey, property investment can be a great way to secure a short-term residency permit. You’ll need to provide proof of your property ownership, along with a valuation report that shows the property meets the minimum value requirement. Once you’ve completed these steps, you can apply to the Directorate General of Migration Management for a residence permit. This is usually valid for a year or two and can be renewed as long as you maintain ownership of your property.
