Procedures for transferring property ownership in Turkey to foreigners

Real estate in Turkey has become a magnet for many foreigners and those interested in investing and collecting abundant profits. As a result of the many components that this country possesses, it has been able to be in a very advanced position, superior to many other countries, especially European countries.

Based on the importance of the Turkish real estate sector, many inquiries have been raised in this field, the most important of which are (about the correct way to transfer real estate ownership to foreigners) and this is what we will explain in this article.

What are the procedures for transferring property ownership in Turkey to foreigners?

The following procedures are required for foreigners who want to buy a property in Turkey:

1. The foreigner must obtain a residence permit from the Turkish authorities and usually the residence permit is obtained with the work permit.
2. Once the foreigner obtains the residence permit, he/she can open a bank account in Turkey and transfer the purchase price of the property from his or her home country to Turkey.
3. The sales contract must be signed by both parties in the presence of a Turkish notary, and the contract must be written in Turkish and must be approved by the Ministry of Environment and Urbanization.
4. After signing the contract, the foreigner must apply for a military exemption certificate from the nearest Turkish consulate or embassy.
5. The title deed (Tabu) of the property will be transferred to the foreigner's name at the Land Registry Office.

Documents required when buying real estate in Turkey

The following documents are required when buying a property in Turkey:

- Passport or national identity card

- A tax number obtained from the local tax office

- A title deed (Tabu) stating that the seller is the legal owner of the property. The title deed must be registered at the Land Registry Office (Emlak Katastro)

- A contract of sale (satış sözleşmesi) signed by the seller and the buyer

- Receipt of payment of stamp duty (damga vergisi) which is 1% of the purchase price

- Receipt of payment of the real estate agent's fees, if any

- Receipt of payment of notary fees.

What are the advantages of foreign ownership of real estate in Turkey?

There are many advantages to foreign ownership of real estate in Turkey. One of the main advantages is that it gives foreign investors the opportunity to purchase real estate in a country with a rapidly growing economy.

Turkey has been one of the fastest growing economies in the world over the past decade, and its real estate market has boomed as a result. Property prices have quadrupled in some areas, and there is still plenty of room for growth.

Another advantage of investing in Turkish real estate is that it is relatively easy to obtain financing. Banks are willing to lend to foreign investors, and there are a number of government programs that provide incentives to invest in the country's real estate sector.

Finally, Turkey offers a number of attractive tax benefits to foreign investors and these include exemption from capital gains tax on profits from the sale of property and preferential treatment on inheritance taxes.

Steps for foreigners to own real estate in Turkey

The process of buying real estate in Turkey has become easier for foreigners in recent years. However, there are still some steps to follow to ensure a smooth and hassle-free purchase:

- The first step, of course, is to find the right property for you and it is important to have a clear idea of ​​what you are looking for before you start your search and consider factors such as budget, location, size and type of property.

- All foreigners who want to buy a property in Turkey must obtain a tax number and this can be done by submitting an application form at any tax office in Turkey. You will need to provide your passport and details of the purchase you intend to make.

- If you intend to live in Turkey permanently, you will need to apply for a residence permit before purchasing a property and this can be done online or at the nearest Turkish embassy or consulate in your country and you will need to provide proof of income, health insurance and residence in Turkey.

Where do foreigners buy real estate in Turkey?

There are several reasons for foreigners to buy real estate in Turkey. The country has a beautiful coastline along the Mediterranean and Aegean seas, which attracts retirees and second home buyers. Turkey also has a diverse landscape, with mountains, forests, and rivers. The country's popularity among tourists is also increasing, which Leads to increased demand for vacation rentals.

The most popular areas for foreigners to buy real estate in Turkey are Istanbul, Antalya, Bodrum and Fethiye. Istanbul is the largest city in Turkey and has a thriving economy. Antalya is a major tourist destination, with its sandy beaches, clear waters and year-round sunshine. Bodrum is an elegant resort town on the Aegean coast, while Fethiye is a picturesque fishing town on the Mediterranean.

Tips for foreigners when buying real estate in Turkey

Find out some important information about foreigners owning real estate in Turkey, especially if their goal is to obtain a profitable real estate investment, the most important of which are:

- Get a good lawyer who speaks your language and knows the Turkish real estate market.

Research the area in which you want to buy and make sure it is a growing area and has potential for appreciation.

- Understand the Turkish real estate market and be aware of any risks it may involve.

- Get a mortgage from a Turkish bank if possible, as they will be more familiar with the process and related paperwork.

- Make sure all papers are in order before signing anything.

Apartments are the best selling real estate in Turkey

The Turkish real estate market is booming and despite the global pandemic, people are still buying and selling apartments at a record pace.

In fact, apartments are the most popular selling property in Turkey at the moment and this is likely due to the fact that apartments are more affordable than homes, and they offer a lot of amenities that people are looking for.

If you are thinking of buying an apartment in Turkey, here are some things you should know, the most important of which are:

- The location of your apartment will determine its value and how easy it will be to sell in the future. Make sure you choose a location close to public transportation, schools, and other amenities you need.

- Apartments come in all shapes and sizes so it is important to choose an apartment of the right size for your needs. If you have a family, you will need a larger apartment than if you live alone.

- Many apartments have amenities like swimming pools and gyms and these facilities can make your life easier and more enjoyable, so be sure to keep them in mind.

Advantages of buying real estate through Binaa real estate company:

-We own a distinguished group of real estate in Istanbul that satisfies and suits all tastes and meets all needs.
- Our team specialized in the Turkish real estate market accompanies you on your trip to buy a property in Turkey and protect you from fraud.
-We can help you find the best real estate deals in Turkey at the most suitable prices due to our strong relationship with construction companies.

For your distinguished investment opportunity, contact our experts at Binaa Real Estate Company to provide you with suitable offers and important consultations. You will also be with us on field tours to visit the most important residential projects available.

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