We will explore in depth the ways to own real estate in Turkey, whether you are looking for a home to live in or want to invest your money in the Turkish real estate market and we will discuss the types of ownership, conditions and laws related to real estate ownership by foreigners in Turkey and we will also touch on the potential benefits and challenges you could face during the process of owning real estate in this wonderful country
Reasons for you to own real estate in Turkey
- Turkey is considered one of the best destinations for real estate investment in the world.
- Prices are acceptable compared to many European countries.
- Turkey is witnessing sustainable development in infrastructure.
- Turkey enjoys relative political stability.
- A large real estate investment in Turkey can qualify you to obtain Turkish citizenship, a Turkish passport, and enjoy the rights of Turkish citizens.
- Real estate owners in Turkey can obtain real estate residency in Turkey by purchasing a property in Turkey worth 75 thousand US dollars, in addition to the possibility of granting it to all family members.
- Turkey is a bridge between the European and Asian continents.
- Turkey combines cultural heritage and diverse religions.
- Turkey provides excellent health services.
- Magnificent landscapes of sea and mountains.
- Turkey has charming beaches on the Mediterranean and the Black Sea.
- The Mediterranean climate makes it an ideal destination all year round.
- Turkey has high-quality universities and schools.
- An advanced transportation system makes transportation easy.
- Turkey embraces a rich history and stunning architecture
- It is an attractive place to protect the value of your money.
- Real estate purchases in Turkey are simple and streamlined.
- Turkey offers high returns on investment in real estate.
- Turkey offers a variety of property types.
- Properties can be rented to visitors and tourists.
- Turkey is home to many sporting events and games.
- Turkish markets offer unique shopping experiences.
- Turkish cuisine is rich and delicious.
- Turkey offers a vibrant nightlife.
- Turkey is an active economic center.
- Providing job opportunities for foreigners in a variety of industries.
- Turkey attracts patients from all over the world.
- The decline of the Turkish lira could contribute to achieving more investment opportunities.
Steps to owning real estate in Turkey
- Look for a local real estate consultant with experience and good reputation in Turkey and they can provide you with information about the real estate market, help you choose the right property, and guide you through the process.
- Speak with a lawyer who specializes in real estate laws in Turkey to ensure that you understand all the legal aspects of the deal and your obligations.
- With the help of a real estate consultant, search for the property that matches your needs and budget.
- Once you find the right property, book it with the help of your real estate agent.
- Before purchasing, organize an inspection tour of the property to examine it and learn about its positives and negatives.
- Obtain a recognized real estate appraisal report to ensure a correct estimate of the property's value.
- After making sure that everything in the texts is clear, sign the purchase contract with the construction company.
- To buy property in Turkey, you may need to convert foreign currency into Turkish Lira through a recognized intermediary bank.
- After purchasing, you may need to request registration of the property at the Land Registry and Land Survey Directorate with the help of the buyer and seller or their representative through an official agency.
- You will have an easement title until the property is completed, giving you ownership rights pending completion.
What are the documents required for real estate ownership in Turkey?
- Tax number: The tax number can be obtained free of charge from the nearest tax directorate in Turkey.
- Passport and a translated copy: You must present a valid passport and a copy translated into Turkish and certified by the Turkish notary.
- Real Estate Appraisal Report: Before purchasing, you must obtain a recognized real estate appraisal report to ensure a correct estimate of the property's value
- Certified real estate purchase contract: Make sure that the real estate purchase contract is certified by the Turkish Notary.
- Foreign Currency Sale Receipt: You will need a receipt proving the sale of foreign currency to the Central Bank of Turkey.
- Money transfer receipt: To complete the transaction, you must provide a receipt proving the transfer of the property value in Turkish Lira to the seller’s account.
What are the methods of real estate ownership in Turkey?
- Foreigners can obtain free ownership of property in Turkey and this means that you own the property outright and have no restrictions on using or selling it.
- You can get a property for a certain period with a lease and this option is popular when buying apartments in residential projects.
- Ownership Partnership: You can form a partnership with one or another local person to purchase a property together.
- Foreigners can create a Turkish company and buy property under the company's name and this option requires additional actions
- You can obtain a real estate investment permit when investing a large amount in real estate and this type allows good rental returns.
- You can use a professional real estate agent to assist in the purchasing process and obtain advice.
- After investing a large amount in real estate or other investment in Turkey, you can be eligible for Turkish citizenship.
- When purchasing a property in Turkey, you can obtain a residence permit for a specific period that you may renew based on your situation.
In conclusion, real estate ownership in Turkey offers a variety of options for foreigners looking for investment opportunities or homes to live in and from free ownership to real estate investment, Turkish citizenship, Turkish passport, and real estate residency in Turkey with investment, Turkey offers a clear legal framework and multiple opportunities for those who wish to own real estate in this country that combines a rich cultural heritage and a thriving economic environment.
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