Buying an apartment in Turkey.
Who can become a buyer and what can you buy? Until 2012, the so-called «principle of reciprocity» operated in the Turkish country, according to which only those foreign citizens in whose country a similar permit for Turkish citizens could be accepted on the territory of the country. Since 2012, this principle has been abolished for 129 countries. Today, residents of Russia, Belarus, Ukraine, Azerbaijan, Turkmenistan, Kazakhstan, Kyrgyzstan and other countries can become an owner on Turkish soil.
The buyer can be either an individual or a legal entity. As for objects, there are some restrictions on this issue for foreigners The maximum area of a plot acquired by a foreign citizen should not exceed 30 hectares. Citizens of Ukraine and the Russian Federation are prohibited from buying land plots on the Black Sea coast – in Samsun, Zonguldak, Trabzon and other cities located on this border area.
These restrictions rarely create real practical difficulties when buying a home in Turkey by foreigners, since the maximum interest of such buyers is focused on proposals located on the coasts of the Mediterranean and Aegean Seas, as well as in large cities, for example, in Istanbul. And in these locations there are no restrictions for foreigners.
Legal considerations when buying Turkish real estate by foreigners There are certain legal options and responsibilities associated with the acquisition of real estate. We propose to briefly consider the main ones, because if you plan to become the owner of a home or other premises in Turkey, you need to know what such a purchase gives you and what it requires: Acquisition of ownership of real estate in Turkey is the basis for obtaining a residence permit in this country. At the same time, there are no restrictions and thresholds on cost. Whatever is bought – a cozy studio, a luxurious penthouse or an office, the buyer has the right to issue a residence permit. But if the acquisition cost exceeds $ 1 million, then the owner has the right to immediately apply for citizenship.
Search for a suitable property in Turkey
To prepare, you should study the Turkish market, educate yourself about local legislation, clarify current prices and popular locations. After receiving general information, you can proceed to the selection of a specific option. It can be housing on the secondary market or a new building. You can find great deals from developers. For example, the company İMMOALANYA offers a selection of apartments in our newly built residential complexes.
The offers you found must be evaluated according to the parameters that are important to you: Location; Square; Number of rooms; Year of construction; Condition, etc. Self-selection of an object in Turkey is not an easy task, because most of the options have to
Stages of the procedure for buying Turkish property Regardless of whether you make the purchase yourself or turn to professionals for help, the procedure will consist of the same steps: Conclusion of a sales contract; Preparation of documents; Payment; Transfer of ownership and receipt of TAPU; Registration of contracts for utilities. Each of these stages involves the solution of a set of important issues, so we propose to consider each of them in more detail.
Stage 1: conclusion of the sales contract At this stage, a meeting between the seller and the buyer is organized. Between them, a sale and purchase agreement is drawn up and signed, which contains data on the participants in the transaction, the object, the terms and conditions of payment, the rights and obligations of the parties. To draw up such a document, the buyer must have a passport on hand. The document is drawn up in duplicate in the languages of the parties.It must be understood that such an agreement is not the basis for the transfer of ownership. That is, after its conclusion, the buyer does not yet become the new owner of the property. All transactions are registered at the state level. A notary can only draw up a contract, but for it to take effect, it must be registered.
When drawing up the sales contract, the deposit is also transferred. Usually it is 5-10% of the transaction amount and can act as a guarantee that the transaction will take place. Therefore, the amount of the deposit and the fact of its transfer must be indicated in the sales contract, as well as possible sanctions for both parties in case of violation of the terms of the contract. For example, if the buyer cancels the deal, the seller retains the pledge. And if the seller refused the transaction, then he undertakes to return the deposit to the buyer in double the amount
Stage 2: preparation of documents After signing the purchase and sale agreement, you need to start preparing important documents for registering the transaction: Registration of a power of attorney. Many foreign buyers prefer to entrust their representatives with the solution of documentation issues. For example, the specialists of the İMMOALANYA company, by proxy, solve all the issues of their clients.
Obtaining a Turkish TIN. This document is required to register a transaction. It is relatively easy to get it. It is enough to contact the regional tax office with a passport and a corresponding statement. Bank account. As a rule, all payments are made through a bank account. In addition, the bill will be useful for paying utility bills in the future. Therefore, foreign buyers are advised to open an account with one of the Turkish banks. To do this, you need a passport with a photocopy, a local TIN, an internal passport with registration. The account can be in dollar, euro or Turkish lira. It can be opened in a matter of minutes, and you can deposit any amount at once.
Authorization from government agencies. In some situations, a purchase requires permission from the military to authorize the transaction. It is not always necessary to obtain such permission. For example, if the request has already been considered since 2011, then you do not need to obtain permission. Therefore, this point can be called formal. Stage 3: purchase payment You can settle with the seller in Turkish lira, in US dollars, in euros or in British pounds. Apartments on the coast are most often priced in euros, while in Istanbul it is customary to pay in dollars. You can choose the currency in negotiations with the seller.
The most common payment method is through a bank. You can transfer funds from Russia. To do this, the bank can request a sales contract. To obtain a TAPU and transfer ownership, the property must be paid in full If borrowed funds or an installment plan are involved for the purchase, then the encumbrance is prescribed in the certificate of ownership, which will be removed only after full payment Stage 4: transfer of ownership and receipt of TAPU At this crucial stage, the buyer, seller (or their representatives by proxy), the state translator and realtors meet at the Cadastral Office.
Here, the transfer of TAPU, the main document confirming ownership, is carried out. It contains the following information: Address of the object; Photo of the owner; Information about registration in the Cadastre; Data from the Cadastre about the state of the object; Square; Type of ownership; Cost; Information about previous owners; Information about the new owner; Date of acquisition by the current owner; TAPU registration number of the previous owner; Registration information TAPU; Cadastral department stamp; Authorized employee signature.
The seller submits an application to the Cadastral Office. Within five days, the buyer can receive the TAPU and become the full owner of the subject of the transaction. Stage 5: registration of contracts for utilities After the actual transfer of ownership, the new owner must complete or renew contracts with utility providers. When purchasing a new building, the first thing to do is get an Iskan, or a technical passport for an apartment. It is issued once upon the first purchase of an object. Any home on the secondary market should already have an Iskan.
To draw up a contract for utilities, you need:
Copy of the passport;
Copy of TAPU;
A copy of the individual Iskan;
Insurance policy with compulsory earthquake insurance;
Water meter numbers;
Application for connecting utilities;
Power of attorney for a representative certified by a notary, if necessary. After the contracts for the supply of utilities are completed or reissued, the purchase of housing in Turkey can be considered fully completed.
Is it possible to buy an apartment in Turkey remotely?
Yes, it is quite possible to become the owner of Turkish real estate remotely. Modern technologies allow you to maintain contact from any corner of the world. Therefore, it will not be difficult for the buyer to choose an object according to the presented photos, descriptions, maps, as well as to issue a power of attorney for Turkish specialists who will completely take over the solution of all issues related to the transaction. Thus, it is possible to become the owner of real estate in Turkey without visiting the country. Moreover, if necessary, İMMOALANYA is ready to take on the responsibility of finding tenants and managing the rental of your Turkish apartment.
This will allow you to generate income from your purchase without any hassle. Accompanying costs in the sale and purchase of real estate in Turkey Housing in Turkey is in high demand not only because of the wonderful climate, luxurious coastline and favorable prices, but also because of the relative ease of transactions and minimal associated costs. They are, as a rule, noticeably lower than in the case of similar transactions in European countries. Usually additional costs do not exceed 5 – 7% of the price of the object. This amount includes:
Purchase tax – 4% of the cadastral value, which is below market value. State fees – approximately € 300 for the payment of fees for issuing TAPU and the services of a government translator. Execution of a notarized power of attorney – about € 100 - € 150. Realtor services. There is no flat rate for such services. The size of the commission is determined individually. And in the İMMOALANYA company, buyers are provided with a full range of transaction support services completely free of charge. Getting Iskan – from € 300 to € 1000 depending on the object. This item is relevant for buyers of new buildings.
DASK insurance – from € 15 to € 150, depending on the coverage and characteristics of the object. This insurance against natural disasters and earthquakes is compulsory for all owners. Connection of utilities - € 200 - € 300. Renewal of contracts for a new owner will cost 30-50% less. Conclusion Any citizen of Russia, Belarus, Ukraine and other countries can become the owner of Turkish real estate. To do this, you only need to have the desire and the necessary budget. Specialists of the İMMOALANYA company are always ready to help you with the selection of offers and competent passage of the entire purchase procedure. Learn more about how to profitably and correctly buy housing in Turkey
you can contact us by phone +905510300041. We will be happy to help you!