Real estate ownership in Turkey and the most prominent laws 2022
Today, Turkey is considered one of the most important tourist and investment destinations in the world, which adds an incentive and encourages the plans of foreign investors wishing to live in it or invest.
Among the many advantages of investing in Turkey, we mention real estate investment, and expand the scope of benefit from it, and in this article we will explain to you everything that interests you about real estate ownership in Turkey and the most prominent laws related to it.
Do foreigners have the right to own property in Turkey?
In the constitution concerned with the right to property, a foreigner can own property in Turkey as stipulated in Article (35) of the law, which made the process of investing or owning real estate easy in Turkey for foreigners.
But there are some nationalities that do not have the right to own property in Turkey: you can find them through this article
Real estate transfer fees in Turkey
- Apartment evaluation report by a committee commissioned by the Turkish government, and the cost of the report is according to the area of the property, and the cost for apartments below 200 m2 starts at 3777 Turkish liras.
- Translation of the buyer's passport into Turkish: $15
- The property ownership tax in Turkey is 4% of the total value of the property, and it is a one-time tax.
- The fee for obtaining the title deed "Tabu" for the new owner: $60, which is called the Turkish (Döner Sermaye).
- Application fees for transferring ownership of the property: $200 to be paid in favor of the map office in the Land Department and Land Registry. It is also part of the Döner Sermaye.
- Fee for summoning a sworn translator: $100
- Annual fees in favor of the municipality: which is 0.3% 3 per thousand of the value of the property, and it is paid in favor of the municipality of the city in which the mentioned property is located.
Documents required to own a property in Turkey
- Foreign currency exchange certificate (dollars or euros) for the Turkish currency from the Central Bank through the buyer’s bank account, and it is required that it be matched in terms of value with the purchase amount
- Bring the transfer receipts from the buyer to the seller so that the value of the transfers matches the currency exchange certificate
- Certificate of proving the buyer’s nationality from the consulate of his country (for nationalities whose nationalities are not mentioned in their passports)
- Buyer data form (only for foreigners, taken from the title dept. website and filled in with the necessary information)
- Certificate of the sworn translator who will translate a form for the buyer during the process of emptying the property in front of the Land Registry employee
- A copy of the seller’s ID if he is Turkish (and if he is also a foreigner, his passport and the foreigners’ form must be translated)
- Insurance against earthquakes in the event that the property to be purchased has obtained the final license from the municipality (housing), and if he has not yet obtained it, he must necessarily bring insurance
- A copy of the passport of the person wishing to purchase the property, translated into Turkish and certified by the notary (notary public)
- A copy of the building permit for the project and the project registration document in the municipality. (Rayeç Bedel)
- 1 photocopy of the buyer with a date not exceeding 6 months.
- A copy of the property title deed.
Note: A clearance paper must be obtained from the administration of the complex stating that there are no debts and dues for the monthly services of the complex
The time it takes to register the property in the name of a foreign buyer
The period ranges between 2 and 6 days for the process to be completed, where the seller and buyer data are verified, and then a short message is sent via mobile with the value of the property transfer fees to be paid via a special number mentioned in the message through the State Bank of Agriculture. The date and hour are also mentioned in the message. The appointment to attend the real estate registry to sign the sale contract, and when the seller, buyer and translator go to the appointment, the contract is signed, and after a few minutes, the title deed (Tabu) is issued and handed over to the buyer exclusively or to his client.
A very important procedure is to inform the municipality of the data of the new owner (Emlak Beyani) after obtaining the title deed.
Expenses after completing the purchase of the property
- Transferring the water meter to the name of the new owner of the property if it is separate from the administration
- Registration of the electricity meter in the name of the new owner of the property.
- Registration of the gas meter in the name of the new owner of the property.
With this, we have provided you with everything that may interest you about real estate ownership in Turkey and the most prominent laws for the year 2022, and we also advise you to take a look at the above articles on our site to learn about the rest of the details of investment and real estate ownership in Turkey.