A step-by-step guide to buying properties in Turkey as a foreigner
Can a foreigner buy property in Turkey? This is what many foreigners ask when they are told of the excellent lucrative nature of the properties in Turkey. However, available data show that every year, an increasing number of foreigners purchase various types of properties in the secular Muslim country.
Before any foreigners could buy any property in the eastern-European country, sales of the property were limited to citizens of specific countries. These were people who came from countries that had reciprocal agreements with the country. But back in 2013, the government of Turkey, bravely put an end to this restrictive law. Now any foreigner can buy any type of property in Turkey.
Due to the freedom of foreigners to buy properties in the beautiful country with a good economy, the Foreign direct investment of the country have increased considerably.
The FDI continues to increase year on year. Real estate market watchers in the country have forecasted that the country’s FDI will keep on rising annually.
Due to the facilitation of the process of buying homes by the Turkish government, the duration of the process have been reduced significantly. Currently, foreigners usually complete the process of buying properties in the country in just 5 days.
Property buying in Turkey: A guide to successfully buying any property in Turkey
Can a foreigner buy property in Turkey? Of course, they can. However, buying a property in the country means having the right amount of money. It requires a strategic plan that takes all things into consideration. The steps are:
1). Create your wish list
Why are you buying a property: You should make a clear list of all the reasons that you are buying a property.
What should this property have: Try to make a list of all the amenities you want in the property. In Turkey, the amenities you have in a property depends on the type.
How much are you willing to spend on this property: Create a budget and estimate how much you are willing to spend on the property.
2). Go for a viewing tour of the property
Go for an open house tour of the intended property: A property agency can help you organise a tour of the property.
Observe all the features of the property: Once there, you can observe all the features that you have in the property.
3). Visit other alternative properties
Visit 3 or 4 more properties: Be sure to visit several properties to make sure that you create enough options for you to choose from.
Go with a team of experts: You can decide to view these properties with your agency, your real estate lawyer, or a trusted affiliate.
4). Negotiating for your property
Pay attention to the sales conditions: Most properties in Turkey have clear sales conditions but be sure to read the fine print.
Agree with the offered payment terms: You can decide to pay if you are comfortable with the price of the property.
5). Pay your deposit
You will pay your deposit to hold the property: Depending on the terms of the property seller, you may be expected to make a deposit or pay the full amount of the property.
Agree to a payment plan: If you prefer to pay in installments, many property developers and sellers offer installment plans for property buyers.
6). Get an appraisal report
This is a mandatory step and it is used to make sure of the actual value of the property.
7). Obtain your title deed
Finally, you can now get your title deed which gives you the legal right to the property.