Buyer's Guide

Buyer’s Guide to Purchasing Property in Turkey

Turkey is an attractive destination for foreign investors and buyers looking to purchase property for residential or investment purposes. If you're considering purchasing property in Turkey, whether for a holiday home or an investment, it is essential to be familiar with the legal and procedural steps involved. Here’s a step-by-step guide to buying property in Turkey.

1. Determine the Type of Property

Before starting the property purchase process in Turkey, you must decide the type of property you wish to buy. Options include:

• Apartments: Whether in major cities like Istanbul or coastal areas like Antalya.
• Villas: Ideal for large families or those seeking privacy.
• Commercial Properties or Offices: If you're looking for a practical lifestyle or investment opportunities.

2. Check Foreigners' Eligibility to Buy Property

Not all foreigners are allowed to buy property in Turkey. According to Turkish laws, foreign nationals are allowed to purchase property in Turkey provided that the total area of properties owned by foreigners in any given district does not exceed 10% of the total area of the district.

Foreign buyers must check the eligibility to purchase property in their desired location, as some regions may have specific restrictions on purchases.

3. Obtain a Turkish Identity Number (T.C. Kimlik No)

Before starting the property purchase, foreign buyers need to obtain a Turkish identity number (T.C. Kimlik No). This number can be obtained through the local immigration office in Turkey or via the Turkish embassy in your home country. This number will be necessary for all legal transactions.

4. Work with a Trusted Real Estate Agent

It is highly recommended to work with a reputable and reliable real estate agent in the Turkish market. The agent can help you find the right property, negotiate the price, and ensure that the property is free from any legal issues.

5. Verify the Legal Status of the Property

Before finalizing the purchase, ensure that the property is free from legal issues. Some steps to take include:

• Confirming that the seller is the legal owner of the property.
• Ensuring that there are no mortgages or outstanding debts on the property.
• Verifying that the property is legally registered in the Turkish land registry.

6. Sign the Purchase Agreement

After confirming the legal status of the property, you will need to sign the purchase agreement with the seller. It’s essential that the agreement is prepared by a specialized lawyer to ensure that all terms are clear and binding for both parties. The contract should include:

• Property details (location, size, price, etc.).
• Payment terms.
• Any other agreed terms between the parties.

7. Pay Fees and Expenses

When purchasing property in Turkey, you will be required to pay additional fees and expenses, such as:

• Registration fees at the land registry office.
• Property tax (usually 4% of the property’s value).
• Legal fees: If you’re working with a lawyer or real estate agent, you will need to pay their fees.

8. Transfer Funds

Once the contract is signed, you will need to transfer the necessary funds for purchasing the property. The transfer must be made through a Turkish bank to ensure the transaction is legal and trustworthy.

9. Register the Property in the Land Registry

After the agreed amount is paid, the property documents will be submitted to the Turkish land registry (Tapu) for the property’s official registration. You will also be required to pay the registration tax.

10. Obtain the Title Deed (Tapu)

Once the property is registered in the land registry, you will receive the "Title Deed" (Tapu). This is the official document that proves you are the legal owner of the property. Make sure to receive the deed from the land registry office after completing the transaction.

11. Be Aware of Annual Taxes and Fees

After becoming the property owner in Turkey, you should be aware of annual property taxes and other fees related to property ownership, such as the annual property tax. It is essential to pay these taxes on time to avoid any legal issues.

Additional Tips:

• Consult with a Lawyer or Trusted Real Estate Agent: It’s always best to consult a specialist in Turkish real estate law to ensure the deal is completed legally and safely.
• Negotiate the Price: Buyers can usually negotiate the property price. Make sure the price reflects the actual value of the property.
• Check Neighbors and Amenities: Before making your decision, check the surrounding environment and the quality of local amenities.

Conclusion

Buying property in Turkey can be a smooth and safe process if done correctly. By following these steps and legal procedures, you can ensure that you’re getting the best real estate deal. If you need additional assistance or would like consultation on any step, don't hesitate to contact specialized real estate experts.