Most people who are interested in buying real estate in Turkey share common questions during their quest of real estate investment.
We, at Properties Gate – the real estate portal in Turkey, are pleased to receive your queries and to discuss your options for buying real estate in Turkey, whether by phone or in person during your presence in Turkey.
To help you get started, below are answers to the most frequently asked questions about real estate investment in Turkey.
Frequently asked questions about real estate investments for foreigners in Turkey:
Who can buy real estate in Turkey?
Most of the nationalities are eligible to freely buy real estate in Turkey. There are only three (3) countries whose citizens are not entitled to buy real estate in Turkey for political reasons, they are: North Korea, Armenia, Syria.
There are other countries, such as Russia and Greece, whose citizens are not entitled to buy in specific Turkish cities.
Do Syrians have the right to own property in Turkey?
Any Syrian can own property in Turkey only if this property is registered in the name of a company he/she establishes in Turkey. The procedures for establishing a company for Syrians in Turkey are easy, fast, and at a reasonable cost.
What are the stages of buying real estate in Turkey in general?
1- Paying an advance payment to reserve the property.
2- As a legal real estate agent, we will verify the validity of the title deed, and that it is not subject to any conditions, foreclosure or any other obstacles.
3- Signing a contract between the seller and the buyer, including details of the delivery date, a schedule for paying installments, if any, and the terms and conditions. As well as the verification of the contract by a notary in Turkey.
4- Paying the first installment of the property value.
5- Apply for a security permit to allow you to own real estate in Turkey. Often times this stage will be completed by the construction company on your behalf.
6- After the security approval is granted, the ownership of the property is transferred to the name of the new buyer, and a new title deed is issued in the name of the buyer in the Land Registry Directorate.
7- The rest of the property value is paid during the transfer of ownership in the Land Registry Department, either through a bank transfer or cash payment.
What are the required documents for buying a property in Turkey?
1- The buyer’s passport, and a copy of it translated into Turkish and certified by the notary.
2- Personal passport size photos.
3- A tax number, which is easily extracted from any of the tax directorate branches.
4- It is preferable to open a bank account in the buyer’s name in a Turkish bank, to keep track of the payments from the buyer to the seller.
Are there any restrictions on buying a property in Turkey for foreigners?
Most nationalities are eligible to own real estate in Turkey, with the exception of a very limited number of nationalities, who have restrictions subject to property’s location.
Will property ownership be free in Turkey?
Yes, all the properties we sell in Turkey are freehold.
Common questions about real estate prices in Turkey
Who determines the price of the property in Turkey?
If you are buying a property in a new development area, the price will be set by the developer.
Regardless of the real estate agent’s commission, you will pay the same price to the developer or to the agent you purchased through.
How much is the real estate agent commission in Turkey?
Registered and licensed real estate agents are entitled to receive a 3% commission as a service fee on the actual selling price of the property, from the buyer and the owner of the property separately.
But in new projects, this percentage is included in the selling price, and whether the purchase was made from the developer or from the real estate agent, the price will not differ.
Why is it preferable to buy through a real estate agent in Turkey?
1- To benefit from the services of a licensed real estate agent, before and after the sale, including transportation from the airport, translation, real estate consultations, real estate tours, and others.
2- Real Estate agent will show you a wide range of real estate projects that matches your criteria, in order to not restrict yourself to one real estate developer.
3- To benefit from the agent’s experience in the Turkish real estate market, as well as having an integrated team dedicated to supporting you.
Common questions about real estate costs and taxes in Turkey
What are the monthly fees that the property owner in Turkey must pay to the compound’s management?
They are facility management fees, known in Turkey as (revenues), and are paid to the compound’s management to cover various costs such as: cleaning, maintenance, lighting, elevators, security, running sports and health facilities, and so on.
It is estimated at 1 to 1.5 dollars per square meter. For example, the owner of a two-bedroom apartment of 100 square meters will pay around $ 100 per month.
What are the annual costs of owning real estate in Turkey?
1- Fees for maintenance and facility management services, estimated at about 1 to 1.5 dollars per square meter per month, paid to the compound’s management.
2- Property tax, which is about 0.2% of the property value per year.
3- Compulsory insurance against earthquakes, and it is up to 80 dollars per year.
What are the costs and taxes of buying a property in Turkey?
- The property purchase tax equals to 4% of the selling price, usually divided between the buyer and seller, or as agreed.
- “VAT” 1% tax of the sales price. (If the area of the apartment is greater than 150 square meters, it increases to 18% of the sale price).
- Insurance fees for subscribing for utility meters (electricity, water, communications, gas) of about 500 $
What is the capital profit tax when selling a property in Turkey?
The capital profit tax rate ranges between 15% to 35%, payable only if the property is sold within 5 years from the date of purchasing the property in Turkey.
How much tax is paid to own a property in Turkey? Is it annual?
A property ownership tax in Turkey amounts to 4% of the total property value.
It is paid only once, at the Land Department and Land Registry, when registering the property in the name of the new buyer, and issuing the title deed in his name
It is not an annual tax, but a one-time tax, as mentioned above.
Frequently asked questions about real estate investment in Turkey
Can I rent the real estate I buy in Turkey?
Sure you can. The owner of the property is eligible and free to rent his property any time. There are high peak tourist seasons in which the search for renting real estate in Turkey increases, and the property rent is to the discretion of the owner.
Can the property be sold in Turkey at any time?
The property can be sold any time.
Can I sell my property in Turkey before the project is completed?
Yes, you can sell your property in Turkey during the construction phase, but there may be a commission paid to the developer if it is mentioned in the sales contract, and its percentage ranges between 2% to 3%.
Is it possible to buy real estate in Turkey in installments?
Yes, in most new real estate projects, an installment payment plan is available, whether it is off-plan properties, projects under construction, or even ready-made projects.
The down payment value often starts from 35% or more.
Common questions about bank financing to buy real estate in Turkey
Is it possible to get a mortgage in Turkey?
Real estate financing is mostly provided by Turkish banks, so the applicant must have regular income in Turkey.
However, we will do our best to help with that upon request, as some major real estate projects in Turkey, or projects with government guarantees, provide special privileges.
Is it possible to buy a property in Turkey through bank financing from an Islamic bank?
Yes, after obtaining the necessary financing from your bank abroad, then the full amount or monthly installments will be transferred to the company’s account in Turkey.
Common questions about real estate ownership in Turkey
What is the title deed in Turkey?
The title deed in Turkey is called “Tapu”, and all real estate transactions for foreigners are carried out exclusively through the branch of the Land Registry Directorate of the region in which the property is located.
How long does it take to buy a property in Turkey and receive the title deed?
After choosing the suitable property, all procedures can be completed in just a few days.
Is it possible to buy a property remotely in Turkey without coming to the country?
It is possible. Real estate can be bought remotely without coming to Turkey, through a legal power of attorney for whoever acts on your behalf in Turkey, and the power of attorney is issued at the Turkish embassy in your place of residence.
Are two or more persons entitled to participate in the ownership of one property and can it be registered in the name of all buyers?
Yes, the title deed of the property is registered in the name of all the buyers, with the ownership shares specified for each of them.
Common questions about real estate residence in Turkey
Is it necessary to obtain a residence permit before buying real estate in Turkey?
No. Most real estate buyers do not need to obtain a residence permit in Turkey before purchasing, except for Palestinians who hold travel documents, and citizens “without nationalities” who do not hold nationality of any country, but who hold travel documents, such as the “without nationalities” brothers in Kuwait, who are entitled to buy real estate in Turkey, provided that there is a residence permit in Turkey.
Can I obtain a residency permit in Turkey if I buy a property?
Yes, the foreign owner of the property in Turkey obtains a real estate residence that is renewed annually for himself and his family.
Edited by: Properties Gate – real estate portal in Turkey
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