The Turkish real estate market is booming recently. So, it can be a great opportunity for foreigners who want to buy property in Turkey. Well, investing in real estate in Turkey for foreigners can be very intimidating. It is because there are certain rules and regulations that you should consider before you buy a property in Turkey.
With proper planning you can wisely invest though. And, that’s why we are here to help. Keep reading below if you want to know how to buy real estate in Turkey as a foreigner.
Before we start, let’s discuss why Turkey is an ideal location to invest. After that, we will discuss the laws and other crucial things.
Why choose Turkey as your destination?
Turkey is a very popular destination for foreigners. It has everything that you look for in a country to settle down and make it your home.
It offers Everything from an amazing Mediterranean Sea coastline, fantastic historical cities, and much more. You can also enjoy many other things such as good weather throughout the year with mild winters.
In short, Turkey is one of the most amazing countries in Europe where you will not only find great infrastructure but also friendly people.
Turkey offers a very quick and easy procedure for purchasing real estate, which is open to residents of 129 countries. If you keep your property in Turkey for 5 years, there is no capital gains tax, and foreign purchasers are exempt from VAT.
Real Estate in Turkey for Foreigners
Before buying any property in Turkey there are some important things that you should think about:
Turkish Law states that non-Ks cannot purchase land or real estate in Turkey. The ks stands for Turkish citizens in the country
However, foreigners can buy real estate in ownership form (freehold) or lease with a maximum term of 49 years and minimum 30 years.
You might also not be able to sell your property within the first five years after purchasing it. If you are looking to resell your property then keep this rule into consideration before buying any home.
And lastly, all foreign owners must have a registered company that has been active for at least 3 months. Also, it should be before purchasing their properties unless they’re married to a Turk. If so then no need for that either! Make sure you do some research on how much it costs an International Company registration?
Let’s get started:
If you are looking to buy a property in Turkey, ask yourself
- How much money do I have?
- What kind of property am I interested in finding?
- Am I ready for this investment now or not yet at all.
If yes, then go ahead and find your dream home. And if not then wait until when because it’s going to be an exciting life experience that you will never forget.
What are the laws when purchasing property in Turkey?
When purchasing a piece of land the seller must provide legal documents proving he has clear ownership over the said piece of land. The buyer is responsible to make sure that the title deeds prove 100% clear ownership. In case he finds out after buying it that the seller doesn’t own the land, then the buyer will lose all his money.
The legal process of purchasing a piece of property takes time to finalize. It depends on many things but usually it takes 30 days from when both parties sign their contract agreement.
However this can be quick if you pay more. The penalty fee for not completing your transaction smoothly with real estate agents could cost up to an additional 20%. It depends on how smooth or slow they are going about doing business.
If someone tries to take advantage of you by selling an illegal construction or any other problem buildings etc,. According to Turkish law one has only ten years from purchase date for taking legal action against such person/company otherwise your legal rights will be gone.
The only people who are allowed to buy real estate in Turkey are citizens of the country. Foreigners with a KS number can also buy properties unless they have an official company which can act on their behalf legally.
This rule goes for everyone including the children but make sure you check your own country’s rules about buying property. It is because some countries like Canada, USA etc don’t allow its residents to purchase any properties outside their homeland.
So these were just a few things about Real estate in Turkey for foreigners that you should consider before buying a property. It surely isn’t as difficult as it sounds and much easier than many other countries where there are no clear laws regarding such matters. However if you are looking for houses for sale in Turkey or have any questions, feel free to contact us!