How to Buy Property in Turkey
Many people have inquired about the purchasing process. Foreigners wishing to buy a home in Turkey, on the other hand, can use our services with confidence. Homebuyers can have their keys in the door in as little as three weeks, depending on their purchasing conditions, such as available cash, location, and property type. This article examines what prospective purchasers should know and offers advise on buying property in Turkey.
Turkey has long been a popular tourism destination for visitors from throughout the world. However, it has recently attracted investors from all around the world, particularly in the real estate sector. Many reasons contribute to this high attractiveness, including the great location in the heart of two continents.
In July 2021, 107785 homes were sold in Turkey, with 4495 of those sold to foreigners. Iraq, Iran, and Russia were the top three nationalities in house sales in Turkey in July 2021.
People are becoming more ready to invest in Turkey and buy property in this lovely country as a result of these crucial insights. So, if you’re thinking about making a wise investment in Turkey, here are some helpful guidelines to follow.
Determine what you need.
Before you start looking for the qualities of your ideal home, figure out what you want to get out of it. Are you looking for an attractive investment possibility or are you looking for a relaxing time where you can spend your vacations with your family in your own home whenever you want? Perhaps you want to relocate to Turkey and start a family.
This is critical in identifying the best property for you. After you’ve established your goal, you should assess the features of your target property in light of your tastes, needs, and family profile. Think about the view, the number of rooms, the size, and the floor…
After you’ve set all of these exact specifications, you should weigh them against your budget to maximize your chances of receiving the home that best fits your needs.
Get to know the country.
Perhaps you’ve been doing some internet research or hopping from one website to the next. A fast visit, on the other hand, might be beneficial. Although your presence is not required and the transaction can be completed from anywhere in the world, if you have never visited Turkey before, it is preferable to organize a brief visit and try to examine the areas as a possible resident or investor rather than touring as a tourist.
In fact, you might want to spend every day of your vacation admiring the famed Bosporus scenery. As a resident, however, going to work in the shortest time feasible is more crucial to you; also, an investor is more concerned with the property’s investment worth than its size or number of rooms.
Consider new options
When you first begin your search for the ideal property in Turkey, you may already have an image of the ideal home in your mind, influenced by advertising materials or previous experiences. However, you may discover that it is insufficient for your requirements.
Don’t be discouraged by this predicament; instead, be open to assessing new possibilities that might be the best exact fit for your profile. An expert’s assistance would be beneficial in this circumstance.
Don’t be discouraged by this predicament; instead, be open to assessing new possibilities that might be the best exact fit for your profile. An expert’s assistance would be beneficial in this circumstance.
Have an idea about buying process
The complicated and numerous instructions they must follow while purchasing a house in their own nation can discourage people in such situations. What if you’re buying in a foreign country where you’re unfamiliar with the laws?
As a result, begin by acquiring information from a reliable source.
Here are some guidelines that may be useful.
Make a reservation for the property.
Due to the great and ongoing demand for real estate in Turkey, particularly in some of the larger cities such as Istanbul, prices and availability are always shifting. So, if you have some time before your future trip to Turkey or if you can’t leave right away, this step may be useful to ensure you don’t miss out on a fantastic deal and an investment opportunity. The deposit is usually 1% of the property value, and it is valid and refundable for a period of time determined by the owner. You will receive a receipt with the amount and date after paying the deposit.
Sign the contract
It’s a legal document that outlines the property, the sale price, the deposit, and the payment arrangements between the buyer and the seller. When the buyer is not a Turkish citizen, the contract must be signed in the presence of a sworn translator and a notary.
Make the payment
The payment should be made via bank transfer, either from your own nation or via a Turkish bank. Customers who wish to apply for Turkish citizenship through real estate investment must send funds from their personal account using their identity information. However, if they desire a tax exemption, they must transfer the money in hard currency from a foreign bank.
Get a power of Attorney
If you are unable to be present during the selling process or during specific steps, you can issue a power of attorney to a lawyer or a trusted person to handle the processes on your behalf. A power of attorney must be signed and mailed from the Turkish consulate or embassy in your home country.
Title deed
You can get your property’s title deed once the payment is totally completed. After submitting all of the required documentation to the Land Registry office, this step usually takes about 6 weeks.
Get a reputable advisor
The more Turkey’s real estate market grows, the more agents and real estate agencies spring up on a daily basis. To avoid being duped, you must choose a company with a solid track record and impressive credentials. As a result, an expert advisor will accompany you through each step of the process and offer you with accurate information and service anytime you require it.
