When buying property in Turkey, there are laws in place to guide foreigners. These laws do not apply to the citizens because they are more or less allowed by law to have more options when buying properties in their country. As for foreigners, they can buy properties in the country. However, it has to be located only in the urban areas. This means that the property location has to be within the jurisdiction of a borough or a municipality. Foreigners are not allowed to buy properties in military zones or rural areas.
The Title Deed
Purchased properties are usually accompanied by a title deed. This means that a foreigner must apply for one when buying a property. This is done in the location/area of the desired property at the local Land Registry Office. This government office will help to process the title deed (TAPU) transfer after performing all the required requirements and checks.
Turkish law, legal system and justice concept with a 3d render of a gavel on a wooden desktop and the flag of Turkey on background.
Property Duty Tax
During the purchase of the property, the buyer shall present financial documents that indicate that the total buying price of the property has been sent to Turkey. Then the seller and the buyer will both pay the mandatory duty tax, which is 1.5% of the total price. In addition, for private buildings, there is usually a 0.3% yearly property tax. However, buildings that have been built newly are not allowed to pay this tax. They are given a 5-year tax-free period. All properties will be re-evaluated on their eligibility for tax every 5-year interval.
Any property purchased by a foreigner in Turkey can be rented out or resold in the secondary market. They can also be able to transfer the proceeds out of the country. However, these regulations may be different for properties that have been purchased for the business.
Real Estate Purchase In Turkey: Laws And Regulations
Turkey is currently an attractive location because it has various charming elements such as all-year sunshine, a vast coastline, a Mediterranean climate, and many more. Turkey is a fast-growing market when it comes to real estate. It attracts a lot of foreigners looking to make a profit from its real estate market. There are laws governing property purchases in the country. Each property has its law and this depends on its location. Purchasing property in the country is usually complicated and therefore, it is advisable to get professional help.
Registering Property In Turkey
Registering your property for ownership in Turkey is done by the property registry. During the process of property registration, it is mandated by law that both the seller and the buyer have to be present. Also, for safety purposes, an official notary will have to authorize the property sales process.
Issuing the TAPU
As soon as the property is registered and delivered to the owner, the Property Registry Department goes to issue proof of property ownership. This is called a TAPU. The ownership is fully complete as soon as the building construction is 100% complete payment has been transferred. Foreigners are not restricted by law to own properties in the country.
The Village Act
This is a law that states that people from other countries are restricted from buying properties outside of a village centre. This holds especially when the land has not been surveyed or if it is under the care of the Ministry of Forest. Similarly, the act concerning Military zones and security districts restricts foreigners from buying properties in these areas. The act covers many strategically important zones and military sites.
Turkish Real Estate Laws
Why you can easily buy a property in Turkey, property purchase must be governed by several laws. Foreigners need to be familiar with these laws before investing in property.
