We will tell you the advantages of owning a property in Turkey. However, like everyone else, you may wonder about the rules of buying a real estate in Turkey. Let’s examine together what the conditions are for owning a property in Turkey
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Registration of real estate in Turkey
For registration of real estate, the professionals of AxA Pp® assist in obtaining a passport or residence permit for commercial activities, for further transactions. Obtaining a passport in Turkey is most rational through the registration of real estate. In Turkey, the title document for real estate for legal entities and individuals is TAPU.
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Our expert consultants are very successful in legal registration procedures.
Our certified specialists will help you to purchase it and correctly issue it, by the regulations in force at the legislative level. If you wish, you can make a notarized power of attorney for the realtor representing your interests in Turkey. Thus, all formalities will be carried out remotely on your behalf.
The conjuncture of the Turkish real estate market has a wide range of segments suitable for both legal entities and individuals. The growth of real estate prices is very stable, as well as GNP indicators, which indicates a favorable environment for life. Accordingly, with the development and stabilization of the economic base, the legislative base is being improved and simplified.
What are the conditions for buying a property in Turkey?
The laws regarding foreigners owning property in Turkey have been updated as of 2012. According to the law, citizens of all countries cannot benefit from the same conditions, even if there are not huge differences. In this sense, citizens of Russia, Ukraine and Belarus can easily buy property from Turkey both individually and legally.
Of course, this law has many details. Some of these you should know are:
• Russian and Ukrainian citizens cannot buy property on the Black Sea coast.
• Foreign citizens cannot buy land larger than 30 hectares in Turkey.
• Property sales cannot be made in regions determined by the state as strategic locations.
One of the most important advantages of buying a property in Turkey is that, depending on the amount of your investment, you can apply for a residence permit. However, you should not forget that buying real estate in Turkey has certain responsibilities. Annual property tax is one of them.
How to buy real estate in Turkey?
After choosing the property you want to buy, you need to sign certain contracts. As we said before, working with a professional and reliable real estate agency will speed up this process. AxA Pp® is one of the most reliable and professional real estate agents you can choose at this point.
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Contact Us Real Estate Procedures for Registration in Turkey
-The first step is to make an advance payment (5-10% of the cost).
-Further, according to the passport, a contract of sale is concluded in both languages: Russian and Turkish.
-An expert assessment of real estate is carried out (if necessary, the value is checked), a TIN is issued.
-A package of documents and an application for a change of ownership are submitted to the cadastral authority.
-Further, in the cadastral service, an official transaction is formalized within a fixed period, the residual amount is paid, and property tax is levied on the new owner (4% of the value of the property).
-On the day of registration of the transaction and payment of the tax, the new current owner is issued “TAPU” for indefinite use and possession of the property.
"This property deed gives the buyer not only a property but also the chance to obtain a residence permit in Turkey.
Real Estate procedure in Turkey
First of all, the important issue we should mention is that as a foreigner, buying a property in Turkey can be a very complex process, from legal agreements to choosing an apartment. At this point, our most important advice to you is to get help from a reliable real estate agent. A professionally working real estate agency will save you from this complex and tedious process.
Financial procedure in Turkey
As mentioned earlier, the legal registration of the transaction includes a certain list of real estate services in Turkey, and, accordingly, the costs:
- Making an advance payment to the company (5-10% of the transaction value);
- Tax payments – 4% of the value of the property;
- Payment for the services of the appraisal company;
- Bank commissions;
- Services of an interpreter who draws up a contract;
- Notarial services, in person;
- Notarial services, when issuing power of attorney for a realtor;
Registration of real estate insurance, in the event of an earthquake (mandatory procedure in Turkey, is 30 dollars).
Other services:
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