One of the most asked questions: Can foreigners buy a property in Turkey? Yes, they can. Buying real estate in Turkey has never been so advantageous. According to the latest regulations, foreigners cannot obtain a residence permit with tourist purposes for more than one year. Buying a property will give you the right to extend your residence permit. Here is a guide to help you buy a property in Turkey.
Restrictions For Foreigners
While there are a lot of advantages of buying real estate in Turkey, the government has imposed certain restrictions for foreigners when buying real estate.
- Foreigners can buy 10% of the district’s surface area in maximum
- Foreigners cannot buy military areas.
- Foreigners can buy 30 Hectare in maximum. (Country-wide).
Steps for Buying Real Estate in Turkey
Here’s a guide to help you get started with the process of purchase of property in Turkey.
Step 1- Open a Bank Account in Turkey
You need to have a bank account in one of the Turkish banks. To open a bank account, you need to get a tax number or a potential tax number which can be obtained from any Tax Offices.
Step 2- Get in Touch with a Real Estate Agent
In Turkey, real estate selling procedures are mostly dealt by real estate agents. These agents publish the real estate they want to rent or sell on websites like https://www.hurriyetemlak.com/, https://www.sahibinden.com/kategori/emlak, so you have to do detailed research over these websites, and find the right agency for you.
Step 3- Visit Real Estate Agency
Another option is to visit real estate agencies. There are a lot of real estate agencies in Turkey, one in every district. You can visit and talk to them in person, and they will make a quick visit to their available properties with you. Please keep it in mind that real estate might be brand new but the neighborhood is important as well as the real estate.
Step 4- Payment and Documents
When you find the property of your choice, you need to make sure that you have the equivalent amount of the property in your bank account. You can initiate your purchasing procedures with your landlord. Required documents are your passport’s copy (translated into Turkish and notarized), a certified translator whose presence will be needed at the land registry office with you, and your biometric photographs.
Step 5- Prepare Title Deed
To issue the title deed on your behalf, you have to go to the land registry office together with the landlord. If you are not fluent in Turkish, a certified translator will be required.
Step 6- Hypothec
Please make sure that there is no hypothec on the real estate that you want to buy. Land Registry Office will check this issue and approve it. If there is any hypothec, releasing procedures must be executed by the landlord.
Step 7- Pay Fees
There are various fees that you need to pay. The first one is the title deed fee. It costs 3% of the real estate price but both sides will share the payment. Half of the cost will be paid by the buyer, and the other one will be paid by the landlord. The second one is, if you are going to buy the property through a real estate agent, both sides will give the commission to the agent (4% of the real estate’s price). Half of it will be paid by the landlord and the other half by the buyer. The last one is the floating capital fee. It depends on the real estate but average prices ranges between 300 and 1500 TL.
Become a Resident
Turkey is the ideal place to invest and make your home. Why not become a citizen?