Investing in Turkey 2021

The real estate sector in Turkey

We can know the expected results of investment in Turkey 2021 through what the real estate sector recorded in Turkey , During the past six years, since the change of ownership law for foreigners, in 2012, They are not allowed to own immovable real estate (the foreigner is the first purchaser of it) .

Turkey, which the World Bank expected, the day before yesterday, Tuesday, to achieve a growth rate of 6.7% this year, is a main destination for Arab investors and owners and for investing in Turkey 2021, and others, who wish to implement investment projects or buy housing, and others .

Istanbul (Northwest) has become the most prominent destination for investors in the real estate sector in Turkey, followed by Antalya (southwest), then the cities of Bursa, Yalova, Ankara and Izmir, according to Anatolia Monitoring .

The total number of properties sold in Turkey

Figures obtained by Anatolia from the Turkish Statistics Authority show that the total number of real estate Which were sold in Turkey, during the first 11 months of last year, amounted to twenty thousand and seventy properties .

The number of properties sold during that period recorded a growth of 21.3%, compared to the same period in 2016 .

According to Article 35 of the Turkish Law on the Right to Property, a foreigner has the right to own (a house, land, farm, etc.), provided that what he buys is not movable and is not located within a military area, or any land belonging to the state in general .

Since 2012, foreigners have been able to own property in Turkey, after the repeal of the reciprocity law was approved, and Syrians are temporarily excluded from ownership, given the current events in their country .

Buying a house and completing the ownership transfer procedures

We can only buy a house in one day and complete the procedures for transferring ownership. One day is enough, according to officials in real estate sales offices in Istanbul whom the Anatolia correspondent met with .

Anyone wishing to buy has to do the following five steps to be able to own a property in Istanbul :

1. The buyer's presence in Turkey to sign the property purchase contract, and a representative can be sent through an official agency .
2. Extracting the tax number from the Tax Department in Istanbul, which is a number given to every foreigner in Turkey, to facilitate his official transactions (a process that takes half an hour ).
3. Opening a bank account in a Turkish bank, to transfer the amount of money from the country of the resident to the Turkish bank (one hour) .
4. Provide a copy of the buyer’s passport translated into Turkish, certified by a notary, and its cost is about 100 Turkish liras (about 27 US dollars ).
5. The seller and the buyer go to the real estate office (Tabu), so that the seller gives up the property in favor of the buyer, and the latter receives the title deed and the key to the property, a process that costs 200 Turkish liras (about $50), and takes only about one hour .

In the event that the property is not ready for delivery, such as buying a house under construction from a real estate company, the title deed is not delivered to the buyer until after the house is delivered to him .

This also applies to those who buy homes from real estate companies in installments, where the buyer does not obtain the title deed, until after he pays all the installments incurred by him .

Real estate tax in Turkey

The property ownership tax in Turkey is about 4% of its price, and it is paid at 2% by the seller, and the same by the buyer .

The buyer who owns the title deed is entitled to obtain a “real estate residence” from the Turkish Ministry of Interior for a period of one to three years, and this residence is granted exclusively to foreigners who own real estate inside the country .

According to the General Directorate of the Turkish Land Registry, last October, the number of foreigners who own real estate in Turkey It reached 150 thousand and 832 .

Citizens of the European Union (28 countries) represent about 44% of foreigners who own investments in the real estate sector in Turkey .

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