The Process of Buying Property in Turkey as a Foreigner
The economy of Turkey is classified as an emerging market economy by the International Monetary Fund. This, when coupled with the fact that Turkey’s real estate industry is ranked among the world’s 20 most advantageous property markets for foreign investors, has made the Eurasian country a strong player in the regional economy. As a result, the country has become a major attraction for foreign investors, particularly in the real estate sector. The country’s ideal geographical location, natural beauty, and beautiful weather attract many expats and holiday home buyers.
If you have also been thinking to buy a property in Turkey, now is the right time to act. Experts have predicted that Turkey’s real estate industry will experience a boom in 2021. Also, the present Turkish government offers foreigners the opportunity to obtain residence permit or citizenship of the country. Don’t miss this golden investment opportunity and act now!
How to Buy a Property in Turkey?
The Step-by-Step Process of Buying Property in Turkey for Foreigners
Here are the major steps involved in the property purchase process:
- Search for the right property, which suits your needs, requirements, and budget.
- Prepare the contract, outlining the terms and conditions of the agreement.
- Collect the required documents and get your passport translated into Turkish by a Notary.
- Get all the documents verified from a local solicitor.
- Give a holding deposit for the property to the seller.
- Complete the paperwork.
- Pay the balance amount.
- Go to your solicitor for the transfer of deeds.
- Register with the local tax office and open a bank account.
- Register your property at the local Land Registry office.
Sounds difficult? It actually is! This is why we are here to help you!
How HomegaTurkey Can Help You In The Property Buying Process
We know how difficult the property buying process can be, especially for foreigners who aren’t aware of the local laws and do not even have much information about the regulatory authorities. Therefore, we offer assistance throughout the process.
From the moment you get in touch with us till you have the papers of the property in your hands, our team will help you through each step of the property buying process. We ensure that you don’t have to worry about any legalities, paperwork, or technical details, so you can focus on choosing your ideal property.
Here’s an overview of how we help our international clients through the process of buying property in Turkey:
- We Give You Relevant Options
In view of your provided details, we shortlist the best property options for you. If you’re physically present in Turkey, our sales representative will meet you at your place of stay to give you a detailed presentation, highlighting your best options. The agent will also answer any and all questions that you may have regarding the process.
If you are not present in Turkey, the presentation will be conducted online.
- Site Visit/ Virtual Tour
Depending on whether or not you are present in Turkey, our agent will take you for site visits or give you virtual tours of all the properties that you selected after the presentation.
Once you have finalized the property, one of our property consultants will discuss all the details of the property with you. They will also tell you, in detail, about the whole buying process, the required documents, and the best payment method.
- Tax Registration
The Turkish law requires foreigners to obtain a tax number in order to purchase property, open a bank account, get insurance, pay utility bills, gain access to health care, and to apply for residence permits or citizenship.
We help you obtain a tax number without any additional charges.
- Opening a Bank Account
You wouldn’t be able to purchase a property in Turkey without having a bank account in the country. Our agent will help you choose a bank as well as will take care of all the paperwork on your behalf. We can even help you open a bank account in Turkey from your home country.
- Paperwork and Shift of Property Deeds
The paperwork is one of the most difficult parts of the property buying process. It requires the relevant legal knowledge, an eye for detail (to evaluate the contract), and information about the regulatory or supervisory authorities. We have experienced professionals that know it all. They can assist you through each step and can even do it all on your behalf if you want.
- Registration of the Property
Lastly, we will also get your property registered with the local land registry office.
Ready to buy a property in Turkey?
Contact us to start the process!
Documents required for buying property in turkey
Being as a foreigner to buy apartment in turkey you need the following documents:
- Passport copy and original
- Residential proof from your own country I.e. Electricity bill, telephone bill etc.
- Turkish Tax Number.
- Four passport size photos.