Steps of buying real state and properties in Turkey
Buying property in Turkey and the Europe has the same process. The main difference is obligatory of obtain permission from the military to purchase the property in first, and non-nationals are only permitted to buy within limited and specified areas. If you are unsure to buy the property in turkey, you can reserve it in free charge and make more opportunities to get final decision. If you have decided to buy that particular property we will prepare a legal purchase contract for you, and unlike in many European countries, a property in Turkey is transferred to a new owner at the Land Office (“TAPU Office”) only and not through a notary public. A notary public is not authorized to perform such acts in Turkey.
Upon signing the purchase contract, it is required to pay the deposit (20% of the purchase price) and then application for transfer of ownership document will be provide to Cadastre office.
Required documents and information to register and transfer document:
Passport copy, passport format photographs (4 photos), tax number which getting it is from our tasks, and in the end, the name of your mother and father.
In first step, a local TAPU Office will send the application to the national administration in Izmir to gain written confirmation. This affair is rather formality and is done to be sure that the properties are not located in a military area. Transferring a property to a foreigner takes normally 8 to 12 weeks. As soon as receiving the license, all needed and necessary affairs will take one day, and other official details are our responsibilities, such as getting the taxation value of your property from the municipalities. We regularly inquire with the TAPU Office whether the transfer to you and your Title Deed are ready. As soon as they are ready, we inform you and reserve the date and time in order to you be at the TAPU Office.
In ideal circumstances, both the buyer and the seller are present at the TAPU Office during transfer of the property, but if you cannot be present during the transfer procedure, you can grant us power of attorney which must be certified by a notary public. According to the Turkish law, when transferring Title Deed and its signature in The Cadastral Office, being present the real estate agent and the court interpreter is required apart from the seller and buyer.
Before transfer on the Title Deed, the payment of the remaining portion of the purchase price, property taxes and fees is necessary. It can be seen all fees related to purchase of a property in Turkey by clicking the text below:
Cost related to purchase of the property in Turkey
Our work with you is not finished after finishing all official affairs and transferring Title Deed, even though you already have your the keys of your home. We will do all work related to the electricity, water and phone as your agent and we will provide you with our support in furnishing your apartment or villa. Also, in order to save your time to pay different invoices like insurance and other formalities, using our facilities is possible that you make sure that all your bills are paid regularly and in time when you are not there.
Buying the real state
It is money saving, he purchase of manufacturer companies (large construction), but they do not directly present their properties to their costumer. For this reason, it should be done through real estate offices. Turkey real estate offices do not provide you special services, particularly in the area of residence, but Iranian real estate offices provide you with following services:
- Transferring from airport an within city, and free three-day stay on the condition of buying property
- Obtaining residency in Turkey
- Opening account in Turkey Bank
- Getting 50% buying house loans from Turkey banks (in certain circumstances for the Iranians because of sanctions)
- Arrange contract in Persian and Turkish language that in case of disagreement, the Persian part is able to study in Turkish court.
- Obtain Title and Deed to the name of buyer or buyers (by 2 members)
Basically, the growth value of property in turkey in little unlike Iran, and it is the strength point of Turkey that annual, monthly and daily inflation do not exist like Iran. So, they should do pre-purchase property, who want take profit from buying and selling a property:
- At the start of project on the soil
- At each phase of project development
In any case, if segregated document of property is ready to be transferred to the buyer’s name, the loan is granted and residency’s procedures are done; although the building is still not built.
The biggest question about buying property in Turkey?
I know that all Iranians and foreigners have had what problems in the way of buying process in Dubai, and Turkish government maybe know it too and would like this bitter experience not happen for a second time. So, condition to buy property is as bellow:
- You have right in the soil, unlike Dubai
- Deed is for life-long,
- Your heirs inherit from your property as the same in Iran
Terms of buying property in Turkey
Those who participated in the tour of Turkey have seen up close overall growth in the country. Turkey, in addition to growth in the tourism industry, is also growing in other areas, and clearly investing in a developing country, will bring profitability. One of the branches of investment in Turkey is buying property. Buying property in Turkey is actually an investment in economic and financial growth. Buyers of completed property and investors in constructing real states in Turkey should be aware of common laws related to selling and buying properties all over Turkey in order to get decision. Below, conditions of buying property are described in Turkey, you can contact with our colleagues at the agency for more information.
As the most important program and political developments in Turkey, it can be referred to ease of buying a home, the issuance of title deeds of pre-purchased houses before the end of the project, the official registration of property documents to the name of the buyer(s), permission for investment massively in properties in the context of real persons and legal companies, prorogate basic legal visas and tourist residency in Turkey, residency in Turkey, accelerate the process of issuing necessary permits for economic activities throughout Turkey, review and announce new rules and terms to facilitate as much as possible, especially in free trade zones in Turkey and etc. The process of these developments plays a surprisingly role in emerging Modern Turkey using bills proposed by the government and consequently adoption of “home nation” and the president (Mr Gull). Other industries like tourism, airline (Domestic and foreign airlines), market, banks, hotel are also affected significantly. Making new jobs at service part, growing the level of wage, and launching “billion Liras” to the national treasury of Turkey are indirect results of development of investment market. But among these situations, how are the conditions of buying property in Turkey?
How to pay for property in Turkey
Buyer (future owner) can pay the value of the property in different times with the consent of the seller. After determining the total amount of all payments, all amounts paid and related timing, to arrange contract and determine when to provide notarized power of attorney will take place. So the buyer can have different times to pay the amount of the purchase.
Installments and a bank loan to buy property in Turkey
The important question in this regard and due to the law can be considered is whether can we receive definitive possession or not? Answer to this question is “no”. All properties purchased by bank loan are under possession of bank and protected legally up to the final payment.
Is it possible to live at purchased property after buying it?
After the contracts and paying equal to 20% to 30% from the total amount of property, it can be done.
According to the latest statistics published on the website of Foreign Affairs of Turkey (known as Invest in Turkey) the increase of the volume and turnover of investments in real estate, is very significantly. The country’s banking section has invested the value equal to 3.5 billion Liras just in real estate field, in 2004 AD. However, the growth in investment banking reached more than 68 billion by the end of year 2011, in the country. Financial analysts suggest that the growth of current financial volume will be equivalent to 15% in 2015, with regard to economic indicators. The government of Turkey made new headlines after nearly 6 years of investing in the necessary infrastructure in “May” month of 2012. Security and growth of invest bring brought influx of money. Due to one of reports published in “Hurriyet” newspaper, the total investments from private and governmental sections are more than 600 billion Liras over 10 years ago. Tourism, transport of passengers, increasing quality of life in Turkey, and growth diversity at service section are considered as direct products of long investment in this field.