Most people who are interested in buying real estate in Turkey share common questions during their quest of real estate investment.
We, at Properties Gate – the real estate portal in Turkey, are pleased to receive your queries and to discuss your options for buying real estate in Turkey, whether by phone or in person during your presence in Turkey.
To help you get started, below are answers to the most frequently asked questions about real estate investment in Turkey.
Most of the nationalities are eligible to freely buy real estate in Turkey.
There are only three countries Turkey has frozen diplomatic relations with – North Korea, Armenia, Syria.
The Turkish Parliament has issued a decree in September 2012, which gives the foreigners the right of ownership in Turkey, without taking into consideration the principle of reciprocity.
Yes, according to the Turkish law, all citizens of the countries of the Middle East, as well as North African citizens, are entitled to buy property on the territory of the Republic of Turkey. The property is then registered in the name of the purchaser of the Tapu ve Kadastro Dairesi Within Turkey.
The Turkish economy is at the beginning of maturity, and inflation has fallen from 30% to 7% manageable in the last few years has led to the survival of prices are low but started to rise. This is partly due to the interest of foreign investors and also to the increasing mortgage options that have begun to emerge for citizens in Turkey. As the mortgage market becomes more competitive, it opens up to foreign buyers as well, and prices will continue to rise.
1- Paying an advance payment to reserve the property.
2- As a legal real estate agent, we will verify the validity of the title deed, and that it is not subject to any conditions, foreclosure or any other obstacles.
3- Signing a contract between the seller and the buyer, including details of the delivery date, a schedule for paying installments, if any, and the terms and conditions. As well as the verification of the contract by a notary in Turkey.
4- Paying the first installment of the property value.
5- Apply for a security permit to allow you to own real estate in Turkey. Often times this stage will be completed by the construction company on your behalf.
6- After the security approval is granted, the ownership of the property is transferred to the name of the new buyer, and a new title deed is issued in the name of the buyer in the Land Registry Directorate.
7- The rest of the property value is paid during the transfer of ownership in the Land Registry Department, either through a bank transfer or cash payment.
1- The buyer’s passport, and a copy of it translated into Turkish and certified by the notary.
2- Personal passport size photos.
3- A tax number, which is easily extracted from any of the tax directorate branches.
4- It is preferable to open a bank account in the buyer’s name in a Turkish bank, to keep track of the payments from the buyer to the seller.
Most nationalities are eligible to own real estate in Turkey, with the exception of a very limited number of nationalities, who have restrictions subject to property’s location.
Yes, all the properties we sell in Turkey are freehold.
For the citizens of the Arab Gulf countries, the number of properties is unlimited. Moreover, more than one person can own the same property.
Concerning the period, on average, after choosing the right property, the purchase process does not take more than 3 days, yet the transfer of the ownership to the buyer needs two months at most.
If you are buying a property in a new development area, the price will be set by the developer.
Regardless of the real estate agent’s commission, you will pay the same price to the developer or to the agent you purchased through.
Registered and licensed real estate agents are entitled to receive a 3% commission as a service fee on the actual selling price of the property, from the buyer and the owner of the property separately.
But in new projects, this percentage is included in the selling price, and whether the purchase was made from the developer or from the real estate agent, the price will not differ.
Upon the completion of the fees the Title Deed is to be issued. In case the completion of paying the fees date is longer than the completion date then the deed registration is going to be once all the fees are paid.
1- To benefit from the services of a licensed real estate agent, before and after the sale, including transportation from the airport, translation, real estate consultations, real estate tours, and others.
2- Real Estate agent will show you a wide range of real estate projects that matches your criteria, in order to not restrict yourself to one real estate developer.
3- To benefit from the agent’s experience in the Turkish real estate market, as well as having an integrated team dedicated to supporting you.
They are facility management fees, known in Turkey as (revenues), and are paid to the compound’s management to cover various costs such as: cleaning, maintenance, lighting, elevators, security, running sports and health facilities, and so on.
It is estimated at 1 to 1.5 dollars per square meter. For example, the owner of a two-bedroom apartment of 100 square meters will pay around $ 100 per month.
1- Fees for maintenance and facility management services, estimated at about 1 to 1.5 dollars per square meter per month, paid to the compound’s management.
2- Property tax, which is about 0.2% of the property value per year.
3- Compulsory insurance against earthquakes, and it is up to 80 dollars per year.
-The property purchase tax equals to 4% of the selling price, usually divided between the buyer and seller, or as agreed.
-“VAT” 1% tax of the sales price. (If the area of the apartment is greater than 150 square meters, it increases to 18% of the sale price).
-Insurance fees for subscribing for utility meters (electricity, water, communications, gas) of about 500 $
Tax number in Turkey (vergı numarsı) is a number of your own; you are sometimes asked for it in legal and official transactions or when opening a bank account in Turkey. You can get this number, regardless of the existence of the residence permit in Turkey, easily through the following:
You must get a copy of your passport and provide your address in Turkey.
Go to the nearest tax directorate (vergı müdürlüğü) in your region and ask for a tax number.
In the tax directorate, they will enter your data into the system and give you a card with a tax number of your own on it.
The capital profit tax rate ranges between 15% to 35%, payable only if the property is sold within 5 years from the date of purchasing the property in Turkey.
A property ownership tax in Turkey amounts to 4% of the total property value.
It is paid only once, at the Land Department and Land Registry, when registering the property in the name of the new buyer, and issuing the title deed in his name
It is not an annual tax, but a one-time tax, as mentioned above.
Sure you can. The owner of the property is eligible and free to rent his property any time. There are high peak tourist seasons in which the search for renting real estate in Turkey increases, and the property rent is to the discretion of the owner.
The property can be sold any time.
Yes, you can sell your property in Turkey during the construction phase, but there may be a commission paid to the developer if it is mentioned in the sales contract, and its percentage ranges between 2% to 3%.
Yes, in most new real estate projects, an installment payment plan is available, whether it is off-plan properties, projects under construction, or even ready-made projects.
The down payment value often starts from 35% or more.
Real estate financing is mostly provided by Turkish banks, so the applicant must have regular income in Turkey.
However, we will do our best to help with that upon request, as some major real estate projects in Turkey, or projects with government guarantees, provide special privileges.
Yes, after obtaining the necessary financing from your bank abroad, then the full amount or monthly installments will be transferred to the company’s account in Turkey.
The title deed in Turkey is called “Tapu”, and all real estate transactions for foreigners are carried out exclusively through the branch of the Land Registry Directorate of the region in which the property is located.
After choosing the suitable property, all procedures can be completed in just a few days.
It is possible. Real estate can be bought remotely without coming to Turkey, through a legal power of attorney for whoever acts on your behalf in Turkey, and the power of attorney is issued at the Turkish embassy in your place of residence.
Yes, the title deed of the property is registered in the name of all the buyers, with the ownership shares specified for each of them.
No. Most real estate buyers do not need to obtain a residence permit in Turkey before purchasing, except for Palestinians who hold travel documents, and citizens “without nationalities” who do not hold nationality of any country, but who hold travel documents, such as the “without nationalities” brothers in Kuwait, who are entitled to buy real estate in Turkey, provided that there is a residence permit in Turkey.
Yes, the foreign owner of the property in Turkey obtains a real estate residence that is renewed annually for himself and his family.
Yes, you can by authorizing your attorney in your country, translating the authorization (sworn translation) and getting it authenticated by the Turkish Embassy in your country.
Yes, they are. Property insurance against earthquakes is available by international branches of known insurance companies.
After the disaster of the 1999 earthquake that hit the city of “Izmir” located in the Marmara Sea area near the city of Istanbul suffered heavy losses of Turkish state, the state worked to lay the foundations and new methods of construction in Turkey, until the decision to amend by the Ministry of Labor and Works Turkish In the year 2007 to impose new standards on building permits in order to avoid a similar disaster in the future, and the city of Istanbul has now gone a long way in this field as all construction companies comply with these new geological studies and other field application known as TS 500 and (Deprem Yönetmeliği) a decision is also the old buildings restoration work and strengthen the pillars and foundations.
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