All You Need to Know About Purchasing Property in Turkey
Turkey has always been a popular place for foreigners to call home because of its amazing climate, nature, culture, and history. The country has become a popular place for foreigners to buy a property for living or starting a business. As a result, Turkey provides many opportunities for all individuals and business professionals to come to visit or invest in real estate.
If you're thinking about buying property in Turkey, whether it’s your first time or not then have no worries. We've put together this comprehensive guide that will walk you through the ins and outs of the process.
Pitfalls & Advices: What You Need to Know About Buying Property in Turkey
There are many reasons as to why one should buy property in Turkey. There are various types of real estate from cheap houses, apartments, lands, and even commercial properties. The prices are relatively cheaper compared to other countries as the cost of living is low. Buying in Turkey is ideal for long-term investments and has many benefits such as obtaining Turkish Citizenship. The buying process is also easy and simplified as explained below.
• Start with research. There are hundreds and thousands of properties for sale all over Turkey, but first, you would have to decide on a location. There are numerous destinations to buy Property in Turkey so where is the best place to buy property in Turkey? There are many cities to consider based on what you’re looking for. Istanbul is the most common city as it is the largest and most popular making it a hub for investors due to the different industries it provides. Antalya follows as it is the number one tourist spot with thousands of foreigners wanting to live in the beautiful coastal areas. There are also other cities such as Ankara, Bodrum, Trabzon, and Bursa.
• Once a location has been decided, finding a professional and reliable real estate company to help you avoid potential pitfalls is the next challenge. Make sure you have researched the company you are dealing with. Check for customer testimonials and reviews. Then consult the company who will provide a suitable real estate agent for the best deal possible, and to help with negotiating and assist with title deed procedures. Having an agent who speaks your language is an added bonus as there has to be a mutual and clear understanding between both parties.
• The next thing you want to do is request a viewing/inspection tour to explore the available properties. You would want to know what the place is like, the neighborhoods, and the surroundings. It is good to visit as many properties as possible to explore your options. Nowadays it is possible to view properties virtually as a way to cope with the pandemic by means of communication technologies. Through our TeleProperty service, you can view properties via Facetime, Skype, Whatsapp Video Call, etc.
• Negotiate the price and terms & conditions for the purchase, reserve the property and finalize the payment. It is recommended here to get lawyer support. A lawyer would serve your best interest only and would check the legal terms of the title teed and would verify that there are no outstanding financial debts from the seller. You can also save time by appointing a solicitor by power of attorney to conclude the purchase on your behalf.
• After agreeing upon the terms with the seller, and final payments have been made, there are final procedures to be done for drawing up the contract and application of the title deed. You can find more information and step-to-step guide in our blog posts: What do I need to buy a property in Turkey? and How to Buy a Property in Turkey?
What You Need to Know About Buying Property in Turkey
• The process has become quick and simple. In the past, foreign buyers had to obtain authorization from the capital city to complete title deed transactions. However, there has been a change in the system recently, so after submitting your application with the relevant documents, it takes one to two days to complete without the need for referral, depending on the workload at the Land Registry and Cadastre office.
•There are some restrictions on property purchasing by foreigners in Turkey:
-Foreign nationals must belong to those countries that Turkey clears for property acquisition. Only five countries are prohibited from purchasing property in Turkey: Syria, North Korea, South Cyprus, Armenia, and Cuba.
- A foreign national cannot buy property in military forbidden zones and security zones. Renting a property in these zones is only possible with special permission.
- A foreign national can buy maximum 30 hectares of property in Turkey in total.
• A lot of people wonder if buying a property in Turkey is safe, and the answer is yes if done correctly. When Turkey first opened its real estate market to foreign nationals, there were several stories about people losing their entire life savings because the system failed to safeguard the buyer. However, the Turkish government revised the buying process for foreigners, and if you follow the advised requirements, it is now a very secure option to protect your money. It has become a reasonably simple process, however like in any other country, one should still approach it with caution to ensure profitable investment. To make a solid investment, the real estate company you work with must satisfy your expectations from the start in terms of location, property type, reason of purchase, and budget. To read further on this topic, read our blog titled; Is It Safe To Buy Property In Turkey?
In conclusion, as long as you do your research fully and have a good real estate agency by your side then buying a property in Turkey is a fairly easy process. Tekce Overseas has a wide range of agents that speak multiple languages and will help you throughout the whole process and answer any of your questions.