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Guide To Buying The Right Turkish Property

3 February 2021
Guide To Buying The Right Turkish Property

Q: 1.Can we get residency after buying turkish property?

Ans: Turkey has a straightforward process of providing citizenship to property holders. According to Turkish law, you can get residency here if you buy real estate Turkey. You can get up to a one-year residence permit, which can be renewed annually. Grab your chance of making Turkey your second home and not just your holiday destination.

Q: 2.What is the cost of the Title Deed after I pay my installation for the property?

Ans: Once you've completed the process of paying, your Title Deed will be issued. If completing the payment of fees takes longer, deed registration occurs when all the costs are cleared.

Q: 3.Are people of foreign origin allowed to buy a property in Turkey?

Ans: Purchasing turkish property is very convenient for both residents and non-residents of the country. People with turkish nationality have an easier way and process of buying properties here than people of foreign origin. For the latter, the process takes a bit more time.

Q: 4.Can there be my partner’s name on the Title Deed?

Ans: If you decide to take a joint property with a partner, you can have both your names in the deed.

Q: 5.What is Freehold Title Deed?

Ans: Freehold Title Deed usually means giving full ownership rights to the real estate Turkey. It gives you the freedom to become heirs, trade, or lease your property whenever you wish to do it. Buying property in Turkey has specific benefits and perks that you will enjoy.

Q: 6.What are the major cities in Turkey ideal for a property?

Ans: Being a great tourist attraction, Turkey includes a few exotic locations you can consider for the right kind of property.  Here is a list of all the major cities in Turkey-

  • Istanbul, the best of all.
  • Antalya, a great hotspot.
  • Ankara, the capital.
  • Izmir, the cosmopolitan hub.
  • Trabzon
  • Bursa, known for its heritage.
  • Fethiye, coast for Mediterranean Sea.

Q: 7.Is it safe for people outside Turkish nationality to buy a property here?

Ans: Buying property the right way is safe for all property buyers, regardless of their nationality. The purchasing process becomes a bit easier for turkish nationality; however, if you follow specific guidelines while buying a property here, it is safe. Always seek the help of a licensed real estate agent and a reputed lawyer before you begin with the procedures.

Q: 8.What are the essential tips for an ideal property search?

Ans: If you follow a few tips to buy property in Turkey, you will never regret the decision-

  • Know your finances- if you are looking for affordable choices, look for properties at a sale.
  • Research work- take a tour in Turkey looking for that perfect property. Consider your lifestyle, purpose, and budget while on a hunt for a property.
  • Look for sales- you can get a myriad of options in Turkey if you are looking for villas and apartments for sale. Research well to find the right one.

Q: 9.What are the restrictions on buying Turkey property by foreigners?

Ans: When it comes to buying Turkey property by foreigners, Turkish law puts certain restrictions-

  • Foreigners can buy property in Turkey in areas where private property is allowed.
  • If, as a foreigner, you have taken land instead of an already built property, you will need to apply in public administration within two years of your purchase if you wish to develop a project in your land.
  • For foreigners, there are a few restricted zones, namely the military zone in Turkey. You cannot buy property there.

Q: 10.How do I issue the residence permit after buying a property in Turkey?

Ans: As mentioned above, you can quickly get residency after purchasing turkish property. You must apply to the Immigration Department to obtain residency here. Usually, they process the application within a month.

Q: 11.Can I buy my property in installments?

Ans: There is a particular scheme under which you have to buy a property in Turkey if you wish to pay in installments. The Paying installment plans for under construction scheme and complete projects enables you to pay for your property in installments. However, if you are buying furthermost completed projects, it does not provide an installment option.

Q: 12.Should I invest in the Asian side or the European side of Istanbul?

Ans: Statistics and research suggest that buying a property on the European side is more suitable for investment than the Asian side for several reasons. It has historic and more diversity. Secondly, it is known for its commerce and famous as the business capital. Therefore, you can prefer buying a property on this side of the city.

Q: 13.What makes investment in Istanbul worth the price?

Ans: Istanbul, being a major city in Turkey, gives specific reasons for being an ideal place for investment-

  • Istanbul is generally safer than all many cities with a peaceful working environment.
  • Istanbul is the only city that connects two continents.
  • Istanbul is known for its reasonable and affordable prices compared to other cities.
  • Istanbul witnessed fast growth, making it one of the fastest in the world.

Q: 14.What is the total tax amount I need to pay when we rent a property in Turkey?

Ans: Taxes are mandatory for all residents and property buyers in Turkey. The annual tax amount is 15% of the total amount of the rent. You have to pay your taxes when in the country of Turkey.

Q: 15.Is there any other tax amount that requires us to pay when buying a property?

Ans: Besides paying 15% of the total amount, you have to pay for the Contract Stamp Duty and the Yearly Property Tax that is a total of 0.01% of the price.

Q: 16.Are there any principles I need to follow when making an investment in real estate in Istanbul?

Ans: There are a few principles to follow-

  • Due diligence that is a duty to mange such as title deed and off-plan.
  • Future expectancy
  • The property's value varies based on how close or far it is linked to the transportation networks.

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