Buying property in Turkey
The Republic of Turkey is characterized by the simplicity of the procedure for purchasing real estate. A passport and the required amount of money are all you need for this. Türkiye is considered a favorable country for foreign investors.
The legislation of the Republic of Turkey provides for the purchase and registration of real estate (villas, houses, apartments, plots of land) as your own. The maximum period for registration is 3 months.
There are four stages of purchasing real estate:
- - selection of the property you like;
- - execution of the contract;
- - obtaining permission to purchase real estate;
- - the procedure for preparing title documents, the registration of which takes place in the cadastral department.
Another plus is that information about Turkish real estate has a very extensive news aspect and is easily accessible in all media.
The geographical location of the republic plays a significant role in the demand for Turkish real estate. It occupies the southern part of Asia, partially affecting the lands of Europe. The climate of Turkey is mountainous with some continental characteristics. A well-developed tourism infrastructure provides a significant portion of income to the country's budget. This is one of the most important reasons for the significant interest in real estate from foreigners.
Convenient conditions exist for residents of Russia, since Turkish real estate agencies employ a large number of professionals who know Russian well.
Before buying foreign real estate, you should check the reliability of the organization with which you plan to cooperate. It is very important to review the official information about the agency: how long it has been on the real estate market, and how clients respond to the work of this organization.
Registration procedure
The procedure for registering real estate as a property is quite complicated. To make the process a little easier, you should study all the nuances of Turkish legislation and seek help from a specialist. It is important to consider the following subtleties:
- The purchase and sale agreement is concluded in two languages, and all conditions of the transaction must be described in detail.
- For a foreigner, it is necessary to obtain a certain permit to purchase real estate. This requires writing an application to the Main Cadastral Office, the period for receiving the result is up to 5 months.
- A citizen of another country needs to obtain a residence permit (the period is up to 6 months).
- The last stage is registration of the purchased property in the Cadastral Office. It involves registering a transaction with a given government agency with the subsequent issuance of title to the happy owner.
The main advantage of purchasing such real estate is that in the territory of the Turkish state, property cannot be taken away from its foreign owner.
As for cash payments, all financial transactions are carried out using bank transfers. First, a tax number is issued. To do this, use the original and a photocopy of the international passport, an application for obtaining the number itself. After receiving a tax number, a foreign passport and a residence permit are added to it - for presentation at the bank. If everything is available, you can successfully open an account in any of three monetary equivalents: US dollars, euros or Turkish lira. The advantage is that when opening an account no one requires a sum of money.
Recently, purchasing Turkish real estate at the construction stage has become a practice. This is a fairly convenient transaction due to the buyer’s ability to independently choose the color and quality of the desired materials and furniture. For these types of sales, payment in installments is considered relevant. It is necessary to indicate in the contract: the procedure for payments, the percentage of the down payment, the responsibility of both parties if any obligations are not fulfilled. It cannot be said that such operations are completely safe; there is a slight risk. In order to minimize it, you need to thoroughly familiarize yourself with the documentation for the land, with the documents that permit construction, check the documents of the selected developer and have an idea about his previous work.
We can conclude that buying real estate in Turkey is a fairly promising and profitable investment, which, like all other acquisitions, should be made carefully. After all, there is nothing complicated in completing a transaction; the main thing is the desire to delve into this matter and bring it to the end correctly. Do not forget that when purchasing real estate in Turkey, you not only get housing in the famous resort, but also personal housing where you can work and enjoy your vacation all year round.
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