Frequently asked questions when buying a property in Turkey
- First: Can any foreigner buy a property in Turkey?
- Second: What are the steps for buying a property in Turkey, and what are the necessary documents?
- Third: Should I buy a ready property or a property under construction, and why?
- Fourth: How can you obtain Turkish citizenship through real estate investment?
- Fifth: Can I obtain a residence permit after buying a property in Turkey?
- Sixth: How is the property inherited in Turkey for foreigners ?
- Seventh: What are the procedures for selling the property if I wish to do so after its price has risen?
The real estate market in Turkey has boomed tremendously during the last period and has managed to become the focus of attention by investors from all over the world thanks to the great successes and abundant profits that it has achieved and as a result many people have gone to Turkey with the intention of investing in real estate in it, especially with The many advantages that can be obtained from owning and residing in real estate in Turkey, as well as Turkey is one of the most beautiful countries in the world.
There is no doubt that the process of buying a property in Turkey includes many steps and procedures that result in many questions and inquiries, and for this we have collected the most frequently asked questions regarding real estate ownership in Turkey to answer them clearly.
First: Can any foreigner buy a property in Turkey?
Of course, anyone, regardless of nationality, can own property in Turkey, with the exception of countries that Turkey does not recognize diplomatically, such as Armenia and North Korea.
Second: What are the steps for buying a property in Turkey, and what are the necessary documents?
In the beginning, it is necessary to find the property that suits you according to your own terms, and then it is necessary to take a copy of the title deed (Tabu), the property number and a signed statement.
And then you must obtain a tax number, and this is necessary for anyone wishing to own a property in Turkey.
After that, you must translate his passport and attest it by a notary, along with providing personal photos.
In the end, the buying and selling process takes place between the owner and the buyer in one of the government departments, with the signing of the documents and the submission of a first payment of the agreed amount, provided that the full amount is transferred after the ownership is completely transferred to the buyer.
The ownership transfer request is submitted to the security authorities to be approved and the rest of the processes completed to pay the full amount, and here it is imperative to verify all the details written on the title deed so that you do not fall victim to deception or fraud.
Third: Should I buy a ready property or a property under construction, and why?
It mainly depends on the purpose of purchasing the property and the money in your possession.
Ready real estate is characterized by being suitable for housing directly, so you do not need to wait at all, but it may have a high price depending on the location, view, space and other details, so it is not suitable for those who do not have a lot of money.
On the contrary, under construction properties are characterized by the fact that their price is much cheaper than ready-made properties due to their specifications, as you can get them at a low price thanks to the offers made by construction companies, and their price will rise significantly after they are ready for housing and thus you will achieve double profits, but Certainly, this takes time and you have to be patient until construction is completed to achieve this.
Fourth: How can you obtain Turkish citizenship through real estate investment?
According to the new amendments to the naturalization law in Turkey, foreigners are entitled to obtain Turkish citizenship by purchasing a property or group of real estate with a minimum price of $ 250,000, and this amount must be paid in full before submitting the application.
It is also possible to apply for Turkish citizenship by purchasing a property in installments, but after completing the payment of the amount due and providing an arrival that proves that the purchase value of the property is at least $ 250,000 and has been fully paid.
And to ensure that prices are not tampered with, the Turkish government has worked to issue a document called a real estate appraisal document through which the property can be reasonably priced to know the price it deserves, by companies clearly identified by the Turkish government, and after obtaining Turkish citizenship in this way, it can grant it For your wife and children who are under 18 years old.
Fifth: Can I obtain a residence permit after buying a property in Turkey?
Once you have completed the process of owning a property in Turkey, you can apply for a permit to reside in it for you and for your family members, including a wife, children, father and mother, and this permit authorizes these individuals to enter, leave, and move around in Turkish territory, learn in schools, and open a company Especially freely, as long as they come in person to receive the permit.
As for the desire to work in the private sector, a work permit must be obtained from the Ministry of Labor in Ankara before starting to do so.
Sixth: How is the property inherited in Turkey for foreigners ?
According to Turkish laws, the inheritance of real estate to foreigners is subject to the same laws applicable to the Turks, meaning that the property is transferred completely to the legal heirs without any decrease in value.
Seventh: What are the procedures for selling the property if I wish to do so after its price has risen?
It must be noted that if you want to sell the property before the completion of 5 years from the date of its purchase, you will have to pay taxes whose value is changed according to different segments of people, the value of this tax ranges from 15 to 35% of the net profit value.
As for companies, the value of this tax is fixed, and it constitutes 20% of the net profit.
As for the desire to sell the property after completing 5 years, you do not have to pay any kind of taxes, and of course the situation differs if the seller is a company or an individual.
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