Buying property in Turkey 2023 … what's new?
In the last ten years, specifically after the issuance of the amendment of the real estate ownership law in Turkey, which abolished the principle of reciprocity
With regard to foreign ownership of real estate in Turkey, foreigners have the right to own any type of real estate within the borders of the Republic of Turkey.
This step by the Turkish government has greatly increased the demand for buying properties in Turkey, and the Turkish real estate market has become one of the strongest in the world
But in the past year, which followed the period of ban and general lockdown around the world due to the Corona pandemic, the percentage of real estate purchases around the world decreased, including Turkey of course.
Today, after overcoming this crisis, attention has returned to Turkey's real estate by foreigners for many different motives resulting from the economic and political events in the world.
Owning properties in Turkey by foreigners
The process of buying a property in Turkey for foreigners is simple and easy, and the thing that makes it more smooth and safe is the use of a licensed and reliable real estate agent in Turkey to help complete the process of buying a property and transferring ownership without problems
As for the steps, they are as follows
Book an appointment at the Land Registry Directorate to complete the procedures for transferring ownership, which is either through the website of the Land Registry Directorate
Reviewing the Land Registry Directorate to ensure the legal integrity of the property, and that it is free of any legal problems such as loans, seizure or inheritance problems.
It is not required for the buyer to obtain a residence permit in Turkey until the process of transferring ownership of the property in Turkey is carried out
As for the transfer of real estate ownership, it is done through an official deed called “Tapu” that is duly signed and registered in the directorates of the Land Registry, and thus legal ownership is transferred to the new owner, provided that the area of real estate in Turkey owned by the foreigner does not exceed an area of 30 hectares.
Real estate in Turkey owned by foreigners within the boundaries of the administrative region must not exceed 10% of the total area of the administrative region.
After that, the security and military approval is obtained from the competent military authorities in the area in which the property is located.
In the event that the buyer is a foreign company, the Commercial Registry Directorate must be reviewed to obtain a document specifying capital ratios, and then the Planning Directorate in the governorate building in the concerned state to obtain permission from it.
Buying a property in Turkey 2022 remotely
Those wishing to buy a property in Turkey today can complete the entire process of buying a house or apartment remotely, which has several advantages, as you do not need to travel to Turkey, thus saving accommodation expenses and airline tickets.
It is also possible to benefit from offers on real estate, as well as exchange rate differences, to preserve the privacy of the buyer and to complete all real estate ownership procedures in strict confidence.
This is done according to the following:
The person reviews all the available options of real estate clearly and in detail with the help of his real estate agent, and after choosing the appropriate property, the price and method of payment are negotiated, with the date of receipt determined.
After that, a power of attorney is sent by the buyer in the name of the real estate agent, attested by the Turkish embassy in the mother country, through which the real estate agent can start the procedures for owning real estate immediately.
The buyer then sends a simple down payment to reserve the property and a copy of the passport.
Upon completion of all contracting procedures for the new property, the agent mails the sales contract to the new owner and asks him to sign it and send it back.
When the ownership transfer procedures are completed, the funds are transferred from the buyer's account to the seller's account. During the transfer process, the agent continues to issue the title deed "Tapu" in the name of the new owner upon payment.
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