Procedure for buying property in Turkey

Purchasing real estate abroad is a great way to invest and increase your own capital. The guarantee of a successful transaction is the knowledge of all the subtleties and features of the purchase process in the country chosen for investment.

When buying property in Turkey, we recommend that you seek help from professionals - directly from a construction company or from local realtors, whose specialists are clearly versed in the legislation and the legal nuances of concluding a sale and purchase agreement.

Of course, foreign investors should familiarize themselves with the procedure for buying an apartment in Turkey in advance. This is what will be discussed in our article.

Features of buying property in Turkey

Before choosing Turkish housing, an investor from abroad needs to make sure that he has the right to make a deal, familiarize himself with the costs of acquisition, taxes and property maintenance.

In the Republic of Turkey, the acquisition of real estate in the property is available for Russians, Ukrainians, Belarusians, Kazakhs, Uzbeks and citizens of other states.

There are some restrictions for citizens of Russia and Ukraine in choosing a place to buy property. In particular, it is forbidden to acquire objects on the Black Sea coast due to the fact that the borders of neighboring countries are a strategically important area. Also, foreigners cannot buy land plots of more than 30 hectares in one hand. In practice, for investors, these restrictions are not fundamental, since the vast majority prefer apartments on the coast of the Mediterranean or Aegean Seas.

Every year, the Turkish government's disposition towards investors from abroad is growing, which affects the simplification of the procedure for buying real estate, the absence of the need to prove the source of income, the possibility of obtaining a residence permit in Turkey. In addition, today almost every depositor can obtain a Turkish passport under an accelerated scheme if he buys a property worth at least 250,000 US dollars.

How the process of buying an apartment in Turkey looks like in practice - more details later in our article.

Choosing real estate in Turkey

At the initial stage of the search, we recommend that you study the situation on the Turkish real estate market. Read articles on this topic, pay attention to the reviews of real buyers - foreigners who have already become homeowners. After that, you can proceed to the direct selection of suitable options. As a rule, current catalogs of objects can be found on the website of licensed real estate agencies and directly from developers.

In Turkey, both agents and construction companies organize study tours for their potential clients, most of the options of which are free. Using the service of a sightseeing trip, you will be able to personally see the apartments you like, consider all the nuances, ask questions to the company's specialists, as well as get to know the city and the region better. Such a tour does not oblige you to buy the property, however, if the deal goes through, the developer will cover all costs.

The main stages of buying a home in Turkey

After you decide on the object, the preparation of the purchase and sale transaction starts.

The procedure for registering real estate in Turkey is represented by several mandatory steps:

• Conclusion of the contract and making a deposit.
• Collection and preparation of documents.
• Payment.
• Re-registration of ownership (TAPU).
• Conclusion or renewal of contracts for the provision of public services.

Let's dwell on each stage in more detail.

Signing a sale and purchase agreement

The official registration of the ownership of the property you like starts after the buyer and seller have come to an oral agreement. At this stage, a sale and purchase agreement is being prepared and signed, where all the terms of the transaction are prescribed:

• sale amount;
• official data of both parties;
• conditions and terms of settlement;
• property characteristics;
• obligations and rights of the buyer and seller, penalties in case of failure to comply with the points of the contract.

It is important to understand that the contract for the sale of an apartment in Turkey is not a basis for the transfer of ownership, and to sign it, a foreigner will need to have only a passport with him. The contract is concluded in several copies and translated into languages understandable to the seller and the buyer.

Simultaneously with the signing of the contract, the buyer transfers a deposit to the seller (usually in the amount of 5-10% of the total amount), thereby confirming the seriousness of his intentions.

Collection and execution of documents

Documents for buying property in Turkey:

• Notarized power of attorney for a realtor or his representative. This is not a mandatory item and applies only to those investors who cannot or do not want to spend personal time on the purchase procedure. The advantages of making a purchase through a trustee are obvious: specialists will take care of all the routine work, ensure the correct execution of documents, and at the same time you do not risk anything, since the power of attorney is prepared for a limited range of powers.
• An individual tax number. The presence of a TIN is necessary for all investors who buy property in Turkey. The procedure for obtaining a passport is very simple: with a passport, you need to contact the local tax office and write an application. If there is no queue, it will take only 10 minutes. In addition, you can even get a tax number online by entering your passport details on the website of the tax office.
• Opening a bank account. Of course, opening a current account in one of the Turkish banks is not mandatory for an investor from abroad. However, in practice, most real estate transactions and funds transfers are made through the buyer's Turkish account. If you are planning to live in Turkey, the current account will be useful for paying utility bills, paying in stores, obtaining a residence permit, etc. Turkish Republic.

Depending on the circumstances and conditions of the purchase, the list of documents may be supplemented.

Payment

Even at the stage of concluding a transaction, both parties are determined with the type of currency, which is prescribed in the document. Most often in Turkey, they pay for purchases in dollars, euros, Turkish liras, pounds sterling. If you plan to buy housing in the resorts of the Mediterranean Sea, it is better to do it for the euro.

As a rule, investors deposit part of the funds in cash, and the main amount through a bank. Remember that you can re-register TAPU in your name only after full settlement with the seller. If credit funds or installment payment are used, then information about the encumbrance will be stored in the register.

Transfer of ownership and re-registration of TAPU

After resolving all financial issues with the seller, both parties to the transaction meet at the appointed time at the Cadastral Chamber at the location of the property. As we have already specified, instead of you or the seller, official representatives by proxy, endowed with the appropriate authority, may attend the rendezvous. In addition to an employee of the Cadastral Department, the presence of a sworn translator is mandatory at the meeting - this ensures the legitimacy of the procedure.

A signed TAPU renewal application guarantees that you, as the new legal owner of the property, will receive a title deed in your name in just a few days.

Registering subscribers for utilities

After issuing TAPU, the owner will need to resolve several mandatory issues related to the use and maintenance of real estate. In particular, to conclude contracts for the supply of utilities - water, electricity. In the case of secondary ownership, subscribers are simply re-registered with the service provider for a new owner.

Costs when buying Turkish real estate

In addition to the cost of an apartment in Turkey, the buyer should familiarize himself with and provide for the associated costs for processing the transaction and maintaining the property. These costs include:

• Notarized power of attorney. If you plan to delegate your powers to a trustee, you will need to spend a certain amount to obtain a power of attorney. The cost of a notarial document depends on the number of characters, which are calculated according to a single price list.
• The property tax in Turkey for foreigners is 4% of the cadastral price of an apartment or house.
• State tax for TAPU is about € 200.
• Earthquake insurance DASK - the amount depends on the location of the object and its characteristics. Usually between €10 and €35.
• Registration or re-registration of subscribers for utilities: for a "secondary" - about € 70, for a new apartment - approximately € 160.

The total amount of associated costs for each specific transaction is calculated individually. However, in the vast majority of cases, the amount will be lower than when buying a home in European powers.

Nordic Property Construction Company is ready to offer you a full range of professional services for the selection and purchase of quality real estate in Alanya, including the opportunity to purchase housing completely remotely. Our specialists will answer all your questions about the rules for buying an apartment in Turkey, help you choose a suitable property in one of your own modern residential complexes, and ensure the legal and prompt execution of the transaction. We are available 24/7!