FAQ when buying a property in Turkey

frequently asked questions when buying a property in Turkey

FAQ when buying a property in Turkey
06-05-2021
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Last update 25-12-2022
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Turkey has not only been one of the most important tourist countries in the world but has also become one of the most important investment destinations as it has succeeded in attracting large numbers of investors from all over the world, especially within the real estate market in Turkey, which has made great achievements and was able to move the real estate sector to another level. Of quality and efficiency, and this is reflected positively on the Turkish economy on the one hand, and the image of Turkey, on the other hand, visiting Turkey and buying a property there has become a dream for many.

Certainly, as a result of the great demand for real estate ownership in Turkey by foreigners, a set of laws and procedures necessary to organize the process have been put in place, and this has resulted in numerous inquiries and repeated questions in this field, and therefore we will review today the most common questions during the real estate buying process in Turkey. With her reliable answers.

 

  • What are the nationalities that are allowed to buy a property in Turkey?

Any non-Turkish foreign person can buy a property in Turkey, except for people from countries not recognized diplomatically by Turkey, such as North Korea and Armenia.

 

  • What documents are required to purchase a property in Turkey?

- A copy of the title deed (tapu) of the real estate with a statement of the location and the property number
- Extracting the tax number from the tax department in Turkey.
- Translation of the passport and its attestation by a notary.
- Recent personal photos.
- The signature of the two parties, the seller and the buyer, on the identification papers in one of the government departments, and then submitting a first payment of the agreed price, which is usually 25% of the price of the property, and the payment process is completed after the ownership of the property is completely transferred to the new owner.
- Submit the ownership transfer papers to the concerned security authorities, and after approval, the payment process is completed and the title deed extracted for the new owner, and here it is imperative to seek the help of a lawyer in the event of lack of knowledge of the real estate market to ensure that all the information contained in the documents is correct and legal.

 

  • How can I obtain Turkish citizenship by buying a property in Turkey?

Many new amendments have been issued to the Turkish nationality law, as the minimum real estate investment has been reduced, so a foreigner can apply for Turkish citizenship when buying a property with an amount of at least 250 thousand dollars, and this can be by buying a single property or a group of real estate after That its value be proven through the real estate appraisal document that was issued to prevent cases of fraud and deception as it is only issued by reliable companies approved by the government to determine the appropriate purchasing value of this property.

You can also obtain Turkish citizenship by buying a property in instalments, provided that you pay the full amount before submitting the citizenship application, and as soon as you obtain Turkish citizenship, you can grant it to your wife and children under the age of 18 years.

 

  • What is better: buying a property under construction or a ready-made property?

The answer to this question follows many considerations, the most important of which is the primary goal of purchasing the property and the period in which you are thinking of receiving the property. If you want to move directly and live in the apartment, you must choose the ready property, as the waiting period may be lengthened until the property under construction is ready.

But it must be noted that you can buy the property under construction at a price much lower than its real value, and later you can sell it to achieve large and abundant profits, as it is the best option for those who want to invest or do not have a lot of money.

 

  • What is the consequence of selling the property if desired after the increase in its price in the real estate market?

Many investors are rushing to sell the property after its high price within the real estate market in Turkey, but it is necessary to pay attention to some points:

If the property is sold before 5 years have passed since its purchase, the seller must pay a tax, the percentage of which varies according to individual segments, but ranges from 15 to 35% of the net profit value.

Whereas in the case of companies, the rate is fixed and is 20% of the net profits.

If the property is sold after this period, the seller does not have to pay any kind of taxes.

 

  • Is it possible to obtain a residence permit by owning a property in Turkey?

Certainly, this can be done, as after completing all the steps and procedures to own a property in Turkey, you can apply for a permit to reside in Turkey, you and all your family members, including father, mother, wife, and children, and through this permit, mobility can take place in Turkey. They can also learn the Turkish language and open a private company, but about working within the private sector in Turkey, they must obtain permission from the Ministry of Labor located in Ankara before starting work.

 

  • What about the inheritance of the property belonging to a foreign owner who does not have Turkish citizenship?

According to Turkish law, a foreigner is treated as a Turkish concerning the inheritance of real estate, and the private ownership of his real estate is transferred directly to his legal heirs completely without any decrease.

 

 

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