How to acquire real estate in Turkey?
Turkey's excellent climate, along with a high level of living comfort, has made this country a major destination for real estate investment. Adding to the above the standard of living and culture in the country, as well as almost year-round sunny weather, it becomes clear that Turkey is so popular among investors.
The choice of real estate on the Turkish market is huge. These can be villas, cottages or townhouses, as well as studio apartments or multi-room apartments. And if such an object is located on the coast of a seaside resort, then its popularity and demand are guaranteed.
Buying real estate in Turkey is very simple. The land registration department comes to the rescue in this matter. For citizens of foreign countries wishing to purchase real estate in this country, a number of restrictions apply. So the purchase of land is limited to 2.5 hectares. In addition, a foreigner purchasing real estate or land must be a citizen of a country that has a mutual agreement with Turkey. And most importantly, the acquired land should not have an important strategic purpose, be military territory or cultural value of the country.
First stage:
To begin the purchase procedure, you need to go to the Turkish Ministry of Defense and get a certificate of permission to purchase land or real estate there. You can purchase housing in Turkey in person or with the help of a lawyer. In this case, the lawyer must have the appropriate qualifications and rights to practice law. When transferring legal rights to real estate, a notary and a Turkish translator must be present. After this, the lawyer or representative of the buyer has the right to all operations related to the acquisition of real estate (registration, insurance, etc.).
Documents required for the procedure of transfer of legal rights:
- passport of the person purchasing the housing;
- full names of the buyer's parents;
- address and contact numbers;
- two photographs of the buyer.
The cost of the procedure itself is 90 €, of which 60 is payment for notary services and 30 is payment for translation of documents.Next stage:
To fully implement the purchase procedure, a foreign citizen must first open a bank account with a deposit of 1,200 € and obtain a residence permit in the country for a period of at least 6 months. After this, a tripartite alliance is concluded on the part of the buyer, seller and real estate agency. The agreement is drawn up in two languages. After this, the buyer makes a deposit specified in the contract and receives a document confirming the ownership of the purchased property. This document is issued by the cadastral department within three to six months, and only on its basis can a citizen be considered an owner. The cost of the cadastral document is estimated at 100 € plus a state fee of 172 $ . There are two types of real estate tax in Turkey - one-time and annual. In this case, the one-time payment is paid immediately after purchasing the property; its size is 3% of the sale price. Annual tax - paid annually and is 3% per year.
Finally, all that remains is to renew the contracts with utility and maintenance services. Re-registration cost:
- electricity supply – 40 €;
- electricity supply – 40 €;
- satellite TV – 35 €;
- telephone – 10 €.
It is interesting that apartments for local residents and for foreign citizens differ from each other. Residential complexes for foreigners include mandatory laundry, dry cleaning and a swimming pool. In addition, the presence of security in such complexes guarantees residents complete safety. All this compensates for the small area of housing and its higher price. The apartments of local residents have a large area, but low quality construction with a cost of approximately 400 € per square meter.
The cost of economy class housing offered in Turkey can vary from 25.5 thousand € to 100 thousand € . Such apartments include a bedroom, living room and kitchen, and their price depends on the included and adjacent infrastructure. The distance to the sea also plays a big role here. It is known that within four hundred meters from the sea, the price of housing starts from 39 thousand € per square meter.
The cost of business class apartments ranges from 65 thousand € to 250 thousand €. This type of apartment offers European standard renovation, intercom, air conditioning and high-speed Internet, as well as location in a single complex.
Duplexes (two-level apartments) with prices ranging from 125 thousand € to 5 million € are considered luxury apartments. Housing includes three bedrooms, a living room and a kitchen and is considered the most expensive in Turkey.
