Process of buying a property for foreigners
Buying real estate in Turkey has never been easier thanks to the professionalism and expertise of our company Beytturk, which has made many sales in the market to foreigners with no failures.
Khaleej Türk is an agency of the Rea Group that offers the most reliable projects in Istanbul to its foreign clients. Offer the best service to its customers, qualified staff and industry experience.
This article will be presented as a guide to help you have an idea about the process and the required documents to investment in real estate in Turkey.
Above all, the buyer must be from the country whose citizens can acquire a property or be limited to a real right in Turkey and meet the required conditions.
The owner of the property or his authorized representative must make a preliminary request to the Land Registry Branch.
Property detail: Property Title deed of the property or information on village/district, block, building plot,
Real Estate Value Statement: “Property Value Statement Document” to be provided from the relevant municipality.
Mandatory Earthquake Insurance (DASK) : Compulsory earthquake insurance policy for the buildings (house, office, etc.)
Photos of Seller and Buyer: 1 photo of the seller, 2 photos of the buyer (within
last 6 months, 6×4
ID or Passport: Identification document or passport (Together with its translation).
If one of the sides cannot speak Turkish; two witnesses and a certified translator is required
If the power of attorney you prepared abroad; a notary certified translation and original power of attorney is required.
Application and Procedure
First of all, before beginning with the purchase process, the buyer has to make sure that:
- The property or land he’s going to buy is registered by the name of the person you are buying from.
- The property or land does not have any problems.
- The property is located in town, not villages or rural areas.
- The property is located within the boundaries of a municipality.
- The property must be outside of a military zone.
- It should be noted that The Turkish Land Registry Law number 2644 restricts foreigners from buying real estate above the 10% of district surface area and a total by foreigners maximum 30 hectare countrywide. Though the Council of Ministers can extend this limit.
If you plan to buy land for normal usage or for farming as a real person (not a company or legal entity), a project plan on the land must be submitted to the ministry.
After having made sure of the above, then the purchase process goes as follows:
- When dealing with a real person (not a company) it is important that any agreement you do must be made in a public office (The selling of the property can be done in either a Land Registry Office or in a Public Notary) to protect yourself from any fraud.
- After having done that, sign the deal and pay what you owe.
- Then go to the contract of the property to the Land Registry which the land or property belongs to.
- Acquire the title-deed of the property from the Land Registry.
- Pay your taxes and other fees.
Expenses during the process of buying a property.
Property Acquisition duty: %3 of the price of the property as of October 2018. The price of the property cannot be less than the Real Estate Value Statement in this tax.
- Earthquake insurance: compulsory insurance and is calculated on a square per meter basis. The fee varies between 150-25
- 0 TL depending on meter square.
- Property insurance: it provides financial reimbursement to the owner of the structure in cases of natural disasters.
- Electricity, Water, and Gas Internet fees:
- When you open the electricity, water and gas subscription for your property you will have to deposit a certain amount of money. You will be able to get this money back in case you wanted to close your subscriptions.
- Regional Revenue Asset Fee (2018: Max. 103.5 x 2.5 TL)
- If you found the property through a real estate office they receive 2% + VAT services from both buyer and seller.
- Property Tax: paid every year and is 0.2% in metropolitan municipalities likes Istanbul and 0.1% in non-metropolitan areas. The tax rate of commercial properties is 0.4% in urban districts and 0.2% in non-metropolitan areas.
This article covers the most basic important things about the process of buying property for foreigners in Turkey, but you can also contact us by phone, email or by dropping into one of our offices if you have more questions and want to speak one-to-one with a sales representative.