Foreign Property Ownership in Turkey
The best guide to learn about foreigners ownership property in Turkey, as well as the latest updates real estate analyst on properties prices rates.
Foreign Property Ownership in Turkey
A remarkable growth record for the real estate sector in Turkey, during the past six years, since the change of property law for foreigners, in 2012, allowing them to own immovable property
Turkey, which was signed by the World Bank on Tuesday, has achieved a growth rate of 6.7% this year, which is a key destination for investors and owners of Arabs, and others, are interested in the implementation of investment projects or purchase housing and others.
The city of Istanbul (north-west) is the most prominent destination for investors in the real estate sector in Turkey, followed by Antalya (Southwest), and then the cities of the Bursa, Ankara, and Izmir, according to monitoring by the Anadolu Agency.
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Property Ownership in Turkey- Sustained Growth
Figures published by the Anadolu Agency for Statistics of Turkey show that the total number of properties sold in Turkey during the first 11 months of last year amounted to twenty thousand and seventy properties.
The number of properties sold during that period grew by 21.3% compared to the period from 2016.
According to Article 35 of the Turkish Right of Property Law, a foreigner has the right to own property (house, land, farm, etc.), provided that what is purchased is not movable or located within a military zone or any land belonging to the state in general.
Since 2012, foreigners have been able to own property in Turkey, after the repeal of the reciprocity law has been approved, and the Syrian ownership is temporarily suspended due to the current events in their country.
Can Foreigners Own Property in Turkey?
To buy a house and complete the transfer procedures, only one day is enough, according to officials at Istanbul real estate sales offices who met with the Anadolu correspondent.
Anyone who wants to buy has only to take the following five steps to acquire a property in Istanbul:
- The buyer's presence in Turkey to sign the contract of purchase of the property, and can send his/her representative through an official agency.
- The tax number is extracted from the Istanbul Tax Department, which is given to every foreigner in Turkey, to facilitate its official transactions (half-hour process).
- Opening a bank account in a Turkish bank, to transfer the amount of money from the resident country to the Turkish bank (one hour).
- Provide a translated copy into the Turkish language of the buyer's passport, certified by the notary, and cost about 100 Turkish liras (about 27 US dollars).
- The seller and the buyer go to the real estate office (Tabu), so the seller hands over the property for the buyer, and receives the last title of the property, a process cost 200 Turkish liras (about $ 50) and takes about one hour only.
If the property is not ready for delivery, such as buying a house under construction from a real estate company, the title deed is not delivered to the buyer until the house is handed over to him.
This is also the case for those who buy houses from real estate companies in installments, where the buyer does not get the title of ownership, only after paying all the premiums incurred.
The real estate tax in Turkey is about 4% of its price and is paid at 2% by the seller, as well as by the buyer.
The buyer of the title deed has the right to obtain a "real estate" from the Turkish Ministry of the Interior for a period of one to three years, which is granted exclusively to foreigners who own properties inside the country.
According to the Directorate General of the Turkish real estate registry, in October last, the number of foreigners who own real estate in Turkey was 150 thousand and 832.
The citizens of the European Union (28 countries) represent about 44% of foreigners who have investments in the real estate sector in Turkey.
Edit: Imtilak Real Estate ©
Source: Arab TRT
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