What are the features of buying a home in Turkey?

What are the features of buying a home in Turkey?
What is special about purchasing real estate in Turkey. What you need to keep in mind when buying property in Turkey.

The Republic of Turkey is not only a tourist country where you can spend your vacation surrounded by stunning nature, millennial historical sights, and impeccable European-level service. Today it is a state where there are all the conditions for profitable capital investment in various sectors of the economy and, in particular, in the purchase of a real estate in resort regions. Of course, you can buy an apartment in Turkey on your own if you know the Turkish language, you are familiar with the legislation and the registration procedure. To eliminate any risks and save your own time, we recommend contacting the licensed real estate agencies in Turkey. For example, the Turk.Estate website will not only help you choose a property suitable for purchase but will also accompany you at every stage of preparing documents, concluding a sale and purchase transaction.

Ownership

The acquired apartment is registered in the name of a foreigner and he becomes its full owner with the right to transfer the property by inheritance.

In addition, all investors from abroad, after completing the purchase and sale agreement, can obtain a residence permit for 1-2 years with the possibility of extending it an unlimited number of times. At the same time, the price or other characteristics of the apartment do not matter. The very fact of ownership is important, confirmed by the presence of a certificate of ownership or TAPU.

Payment of tax on the cadastral value

The peculiarities of buying real estate in Turkey can also include the cost of paying duties, taxes, and specialist services. The total amount, by the way, will be much lower than similar costs in European resort countries.

The buyer pays for:

  • The expert appraisal of real estate,
  • A tax of 4% of the cadastral value of the property,
  • The services of a sworn translator, whose presence is mandatory in a transaction with foreign investors.

The estimated cost of translation services is about 500 Turkish liras.

Registration of TAPU

Registration of TAPU in Turkey is a key stage in the conclusion of the transaction, confirming the legality of ownership of the real estate. The certificate of ownership under Turkish law cannot be challenged even in court.

Registration of the main document takes place in the Cadastral Department at the location of the real estate. The meeting is attended by both parties, or their official representatives, a realtor, and a translator.

After receiving TAPU in Turkey, you can dispose of real estate at your discretion: rent, resell, inherit, etc.

Annual tax on Turkish property

The annual property tax in Turkey is a mandatory payment for all foreigners and Turkish citizens. The tax amount is 0.2% of the cadastral value of the property.

In addition, the owner pays monthly Aydat (services for the maintenance of public areas, infrastructure) if the property is located within a residential complex or a complex of villas. The amount of the aydat depends on the size of the infrastructure that needs to be maintained in good condition. On average, it is about EUR 10-60 per month.

Acquisition of real estate by foreigners: what you can not save on

When you have decided whether you should buy an apartment in Turkey, you need to make a competent choice of a property. After all, the success of your purchase depends on it. A well-chosen apartment is a guarantee of your comfortable stay, as well as the opportunity to receive high rental income and good prospects in terms of resale in the future.

There are several points that you should not save on when buying a property in Turkey:

  1. The location of the residential complex. Location is one of the most important factors affecting the value of property. Ideally, an apartment on the sea should combine the convenience of location and a beautiful view from the windows. This requirement is met by apartments in finished residential complexes which are located in populated areas, which means that they have all the social infrastructure nearby and, of course, the best beaches are very close.
  2. Infrastructure. A quality residential complex in Turkey is a mini-city that has everything you need for a comfortable everyday life. Residential complexes now are built specifically for modern people who value comfort. They are equipped with swimming pools, gyms, saunas, hammam, walking areas, playgrounds, etc. The owners of the apartments have access to the services of a cleaning service and a management company. The vast territory of the complexes is carefully monitored, regular cleaning is carried out, and plants are taken care of. Access to the territory is restricted to outsiders. In general, residential complexes are an example of what a high-quality property should be.
  3. Price. Remember that everything has a price in the real estate market. And if you are offered a housing with high characteristics at a price of up to EUR 50,000, we recommend that you beware. A suspiciously low price for a seemingly high-quality housing is a signal of its hidden flaws. For example, an apartment worth EUR 25,000 in Alanya may have a good aesthetic renovation, but at the same time be located in a completely inconvenient area or at a great distance from the sea. Or, on the contrary, apartments on the first line with a low price can be complete ruins without a hint of renovation. Therefore, it is very important to adequately assess the value for money of the selected housing. Worthy options, the purchase of which can be called a profitable and reliable investment, are sold at a price of EUR 50,000.Buying real estate

If you cannot come to Turkey to complete the transaction, in cooperation with a real estate website, you can arrange a deal remotely. To do this, it is enough to prepare a notarized power of attorney for an employee of the Turk.Estate broker and he will represent your interests. The power of attorney is issued at the Turkish embassy or consulate in your country.

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