The Perfect Options for the Best Turkish Properties
December 24, 2019
Before committing most of the customers to wonder and rightly so, about the laws and procedures for buying an apartment in Turkey. Here are the most common questions and their answers:
Does the law allow the purchase of an apartment in Turkey?
This depends on the nationality of the claimant and the location of the property. Nationalities are divided into two categories. The first can invest freely. North Africans, as well as Europeans, fall into this category. For the second category, the investment is not allowed. This is particularly the case for the Syrians and the Afghans. With Turkish Citizenship you can find the best deal for the Turkish Houses now.
Finally, concerning the location of the property, there are areas in Turkey called sensitive areas where the acquisition of real estate is strictly prohibited to foreigners. For more details, you can go to this official Turkish site.
Is the property temporary or permanent?
Unlike some countries, notably those in the Gulf, the property is not limited in time, and even in the event of death, the inheritance is guaranteed to the beneficiaries. When you buy an apartment, your share of the land on which the project is built is mentioned on the deed of ownership.
Does buying an apartment in Turkey entitle you to residence?
On the basis of a deed of ownership, it is possible to request and obtain residence for all members of the family. After five years it is also possible to claim nationality.
Can we open a bank account before obtaining a residence?
It was easy a few years ago. Today and following the problems linked to terrorism and another money laundering it has become very difficult to open an account without the intervention of a guarantor. Concerning our customers, we offer of course this assistance.
Can we buy on credit?
Foreigners can obtain bank loans under certain conditions. However, they can benefit from supplier credits. In this case, the private promoter allocates the credit in general until the completion and delivery of the project. The state also allocates credits for its own projects usually 5 years.
Where and how are payments made?
Prices are generally in Turkish Lira (TL). Buyers pay in Turkey, they can do it in cash or by bank transfer. They can also make transfers from abroad to the promoter’s account. When paying in cash, the currencies Euro or Dollar are converted into Lire according to the daily rate of the Turkish Central Bank.
Procedures for buying an apartment in Turkey and files to provide
It goes without saying that the purchase of real estate anywhere requires the production of various documents. Turkey is no exception to this rule. We will explain the procedure for buying an apartment in Turkey and without going into too much detail here listing the files to be produced and followed by the various administrations for the completion of the purchase and ultimately obtaining the deed.
- Registration with the tax authorities and obtaining a tax identity.
- File with the security services to obtain the Negative
- Procedures with the cadaster for the deed of ownership.
- For subscribers on government projects the TOKI file state body for the management of the real estate.
- Opening a bank account, compulsory in case of purchase by a facility for the payment of maturities.
Do not panic. We have provided these explanations for informational purposes only. The client gives us a notarized purchasing power of attorney signed in the presence compulsory of a translator.