What do I need to buy a property in Turkey?
Turkey is one of the best countries to buy property with the easy and fast buying process. Besides, it may be the best destination in the Mediterranean for visitors with its gorgeous nature, unique cuisine, and affordable living costs. With each passing day, more and more people around the world are trying to figure out if they can buy real estate in Turkey and learn about the property purchasing procedures in Turkey.
What do you need to buy a property in Turkey?
Turkey offers an easy property buying process to international buyers and investors. There is no prior consent required to buy property in Turkey. When a foreign national wants to buy property in Turkey, the only thing they need is a valid passport. All other documentation can be prepared during their stay in Turkey. However, if you don’t have a bank account in Turkey, you will need to prove your address in your country to open a bank account in Turkish banks. To do this, an electricity, water, or internet bill with your name and home address will be enough. Related Pages; Property Purchasing in Turkey
Is it easy to buy property in Turkey?
Property purchasing procedures in Turkey are easier and faster than in most of the European countries and the Americas. If you have already transferred your money to Turkey, you can complete a property purchasing process within three days after choosing the property. However, in most cases, when foreigners buy property in Turkey, they should first open a bank account in Turkey to transfer their money from their countries. In such cases, all procedures including opening a bank account and money transfer can be completed within ten days which is a relatively short period when compared to other countries in the international real estate market.
Property purchasing procedures mainly include five main steps after agreeing with the seller. These are;
- Getting a tax ID number
- Opening a bank account
- Getting an appraisal report
- Applying for title deed conveyance
- Final signatures on the appointment date
To sum up the process, foreign property buyers are supposed to get a tax ID number from tax offices located in every district in Turkey by applying with their passports. This number is counted as an ID number for non-residents in Turkey and is used for official transactions such as opening a bank account and title deed conveyance. Afterward, an appraisal report is prepared by SPK-validated appraisers to determine the market value of the property. When the appraisal report is ready, the title deed conveyance application is done at the land registry offices with the required documents. Land registry offices set an appointment date for the final signatures and invite parties to the related office in the district. Title deed conveyance is finalized with the signatures of buying and selling parties. Related Pages; Valuation Reports When Buying Property in Turkey
When the property purchasing procedures in Turkey are examined, it is seen that buying a property in Turkey is a really simple task. Besides, buyers do not even have to be in Turkey physically to carry out these transactions. All stages of buying a property in Turkey can be completed by a proxy who holds a valid power of attorney. Related pages; TeleProperty ® | Buying a Property over the Phone
It may seem complicated to buy property abroad. However, authorities have streamlined the property purchasing procedures in Turkey to attract more international investors. Besides, foreign real estate investment is encouraged in Turkey by providing residency and citizenship programs to foreign real estate buyers in the country.
What to do when buying property in Turkey?
Although it is relatively easy to buy property in Turkey, you should still act carefully to make it a successful investment. You should be clear about what you want from the beginning in terms of location, property type, purchasing purpose, and budget. The real estate you will buy must meet your expectations so that you will make a good investment. Related pages; Is It Safe To Buy Property In Turkey?
As you have a list of your expectations, the next step is to find a reputable real estate agent. Never buy a house from a genial person that you have met by chance during your stay in Turkey. You should work with a professional real estate agent who is certified to sell real estate. A good real estate agent will save you time and money since he will guide you correctly throughout the process.
After finding the right agent, you should explain your expectations clearly. If your agent knows what exactly you are looking for, the process goes easier both for you and your agent. As real estate agents know the areas and the properties well, they can offer you suitable options according to your wishes.
Asking the right questions during property inspection tours is also important. You should learn all details of the properties and the surroundings during viewing tours. You can also take notes and photos to help you choose among the options after the inspection tours. As you choose the right property, you should negotiate all terms of the purchase before signing a sales agreement. The property sales contract should contain all terms of the agreement including sales price, payment dates, handover conditions, key delivery, property address, and features, and furniture details if it is a furnished home.
As the leading real estate agency in Turkey, Tekce Overseas A.Ş. works with professional agents who are experts in their service areas. Our company has offices in many different locations in Turkey and serves in more than 20 languages. Since the foundation of our company in 2004, we have delivered thousands of keys and title deeds to our happy customers with “Zero Failure”. You will experience a smooth property buying process with our company as we assist our customers at every step of property purchasing from the first day you contact us till your first night's sleep in your dream home.
Q: What do you need to buy a property in Turkey?
A: There is no pre-requirement to buy property in Turkey. Foreign nationals can buy properties in Turkey just as Turkish citizens do.
Q: Is it easy to buy property in Turkey?
A: Yes, it is easier than in many countries as the land registry system works fast and trouble-free.
Q: What to do when you buy a property in Turkey?
A: If you want to buy a property in Turkey, you should first determine the location and property type you want to buy. Learn about the area and the facilities it offers. Then find a reputable agent who can guide and advise you during your property search and purchase.
Q: What are the extra costs when you buy property in Turkey?
A: Appraisal report fee, title deed conveyance tax, and fees are the extra costs to be paid during the purchase. Utility subscriptions and furniture costs are the costs that you will pay after purchasing your property.
Q: Is it safe to buy property in Turkey?
A: Yes. If you are buying a property through a professional real estate company, it is safe to buy property in Turkey. However, if you prefer buying a property from someone who is not a real estate agent, you might face undesired results.
Q: Is buying property in Turkey a good investment?
A: Yes. As real estate in Turkey gains good value yearly and renting out a property brings good profit, buying a property in Turkey is a good investment.
Q: Why are the houses in Turkey cheaper than in Europe?
A: Turkey has joined the international real estate market lately. In addition, Turkey has a good construction infrastructure with thousands of construction companies all over the country and this equalizes the supply and demand. Due to these factors, real estate in Turkey is still cheaper than in European countries and the Americas.