Turkey, with its cultural diversity and rich history, has become one of the world's top destinations for real estate investment. The real estate market in Turkey is attractive and easy to navigate compared to many other markets, making it an ideal choice for foreigners looking to invest or reside.
In this article, we will detail the law of buying property in Turkey for foreigners in 2024, along with the ownership conditions, required documents, and the countries prohibited from purchasing property in Turkey.
Law of Buying Property in Turkey for Foreigners
The Turkish law allows foreigners to purchase properties under Law No. 2644 (Land Registry Law), which has been amended several times to facilitate foreign investment.
According to this law, foreigners can buy residential and commercial properties, with exceptions for some countries and sensitive locations like military zones.
Which Countries are Prohibited from Buying Property in Turkey?
Turkey imposes some restrictions on the purchase of properties by citizens of certain countries for political and security reasons. Among the countries facing restrictions on buying properties in Turkey are:
Syria
Armenia
North Korea
Cuba
Read more: What Nationalities Are Prohibited from Owning Property in Turkey in 2024
Conditions for Foreigners to Buy Property in Turkey
When deciding to buy property in Turkey, there are several conditions that foreigners must meet to ensure the process runs legally and smoothly.
Below are the details of these conditions with a comprehensive explanation of each step:
Obtaining a Tax Identification Number: The first step foreigners must take is obtaining a tax identification number from the Turkish tax office. This number is essential for all financial and official transactions in Turkey, including buying property. To get this number, you must visit the nearest tax office and present a copy of your passport. The tax number is used to track all financial activities related to the buyer.
Opening a Bank Account: After obtaining the tax number, the buyer must open a bank account at a Turkish bank. This bank account is necessary for transferring the funds related to the purchase.
Obtaining a Property Valuation Report: Getting a property valuation report from an accredited institution is a crucial step to ensure the actual market value of the property is determined. This report is necessary not only for the buyer but also for banks in case financing is needed. The report ensures that the advertised price of the property aligns with its actual market value, protecting the buyer from any misleading information or price inflation.
Signing the Sale Contract: Once an agreement is reached with the seller, the sale contract is signed. The contract must be notarized and certified by a notary (noter). The notarization of the contract ensures that all parties have understood the terms of the sale correctly and that there is no ambiguity in the agreed-upon terms.
Obtaining a Property Purchase Permit: The buyer must apply for a property purchase permit from the Land Registry Office (Tapu). This permit is a legal confirmation that the foreigner has the right to purchase the specified property. Obtaining this permit requires submitting all necessary documents, such as the passport, tax number, and the notarized sale contract.
Required Documents for Foreigners to Buy Property in Turkey
To complete the property purchase process in Turkey, a set of necessary documents must be submitted, which are:
Passport: A translated and certified copy of the passport.
Tax Identification Number: Obtained from the tax office.
Sale Contract: The contract signed between the buyer and the seller.
Property Valuation Report: Must be from an accredited institution.
Personal Photos: Passport-sized photos.
Purchase Permit: Issued by the Land Registry Office.
Rumeli Real Estate Company: Your Ideal Partner for Real Estate Investment in Turkey
When considering buying property in Turkey, it is always recommended to work with a reliable real estate company to ensure a smooth and secure process.
Rumeli Real Estate Company is one of the leading companies in the real estate field in Turkey, offering a wide range of services to foreign buyers, including:
Specialized Legal Consultations: Rumeli vides legal consultations to ensure buyers comply with all laws and regulations.
Accurate Property Valuation: Provides accurate property valuation reports to help buyers make informed decisions.
After-Sale Service: Rumeli ports its clients after completing the purchase to ensure their complete satisfaction.
Diverse Property Options: Rumeli offers a wide range of residential and commercial properties to suit all needs and budgets.
In conclusion, dear reader, you should know that real estate investment in Turkey is a great opportunity to achieve outstanding profits and enjoy a unique living experience, so do not hesitate to contact Rumeli Real Estate Company for the best consultations and services.
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