Things to know before buying a property in Turkey
Be it residential property, commercial property, or agricultural land, if you are looking to buy a property in Turkey then you need to be aware of a few rules. Law no.2644 of 2012 or the Land Register Law is a set of conditions for buying any type of property in Turkey.
In this blog, we share a few laws that you need to follow if you are looking to buy a property in Turkey.
Why buy property in Turkey?
Turkey is a perfect location and has the influence of both the Eastern and Western worlds. While the country is known for its scenic beauty, it also offers a significant ROI on real estate. Turkey is undergoing a sea change when it comes to real estate and has several land developments in the suburbs and penthouses in coveted neighborhoods. Additionally, it is a hub of tourism, education, and business industries. All these factors make Turkey a hot place for investing in properties.
According to statistics, from 2013 to the present over 40,000 Turkish properties have been bought by foreigners.
The best part about buying a property in Turkey is that you don’t need to be a Turkish resident or citizen. However, it doesn’t mean that a foreigner can simply buy a property and start living in Turkey. A foreigner wishing to buy property in Turkey will have to apply for a visa or resident permit.
Where to buy Turkish properties?
Here are a few cities that offer lucrative property investment opportunities to foreigners.
- Istanbul
- Antalya
- Ankara
- Bursa
- Sakariya
- Trabzon
- Kocaeli
What is the cost of the property in Turkey?
The cost will largely depend on what you’re buying and the location. However, property prices in Turkey are lower than in the UK.
Basic Requirements to Buy a Property in Turkey
Visas and Residence requirements
Buying a property in Turkey doesn’t permit you to obtain a work or residence permit there. Moreover, to buy a property in Turkey, you will also need to have a residence permit. If you don’t have a residence permit, you will first have to get your Foreigner Identity Number from the TNP Foreigners’ Department. Only then you can proceed to buy properties in Turkey.
Paperwork and Bureaucracy
According to Turkish laws, the property transfer can be held at the Land Registry Directorates. You may need to sign a title deed and a land deed. These deeds can be obtained once you get your habitation certificate. You can seek help from your real estate agent in Turkey to obtain your habitation certificate. Make sure the agent is reliable and trustworthy and specializes in arranging properties for foreigners.
How to find a property in Turkey?
One of the best ways to buy Turkish properties is to find a real estate agent. Many people speak English and so it won’t be much of a problem to find a real estate agent or agency according to your requirements.
Suga Property is a reputed real estate agency that can help you find the right property in Turkey. Whether you are looking for commercial or residential properties in Turkey, we are your one-stop solution. For more details feel free to contact us.
