You don’t need lots of documents or permission to buy property in Turkey. It is a simple process. You can buy real estate with your passport and a few documents, which you can get while you are in Turkey. The home buying process and requirements make it easier.
Turkey is one of the best countries in Europe to purchase a property for both living and investment. Many foreigners and investors are choosing Turkey to buy a home thanks to its nature, cuisine, historical background, location, and affordable living costs. The number of these people is increasing day by day.
What Should You Do to Buy a Property in Turkey?
Turkey has a simple buying property process even for foreigners. If you want to own real estate in Turkey, you don’t need special permission or you don’t have to submit tons of unnecessary documents. As a foreigner, you can buy real estate with your valid passport and a few documents that you can get in Turkey.
Therefore, you need a bank account. You can open a bank account by submitting your address in your hometown if you don’t have one in Turkey. After that, you have to prove that address with utility bills in your name. For more information check; Property Purchasing in Turkey
What are The Steps of Buying Property in Turkey?
It is easy to buy a house in Turkey when it is compared with the other European countries or America. This process is usually completed in three days. However, you have to transfer your money to Turkey or you can bring your money by yourself before starting the process.
The Steps and Documents Required for Buying Property
Getting Tax ID Number
When you decide to own an immovable in Turkey, you should get a tax ID number from tax offices as a first step. You can get this number by submitting a valid passport. This is a key point of the process since you will need this number while opening a bank account, getting your title deed, or any other official process.
Opening a Bank Account
You can open a bank account with your tax ID number. It is necessary and it will be so useful for you while you are living in Turkey. You can pay your taxes and utility bills via this bank account. However, the main purpose of this bank account is to exchange your money to TRY.
Foreigners cannot purchase real estate in Turkey with their currencies. Therefore, you have to exchange your money to TRY while buying real estate as a foreigner. Also, you have to exchange your money through the Turkish Republic Central Bank or any other bank serving in Turkey. Transactions made by the currency exchange offices are not accepted.
Getting an Appraisal Report
The appraisal report is prepared by SPK-validated appraisers to determine the market value of the property to buy in Turkey. This document is mandatory in buying process to protect the buyer and seller. When the appraisal report is prepared by an appraiser, you are ready to get your title deed. For more information check; Obligatory Real Estate Valuation Reports in Turkey
Applying for Title Deed Conveyance
When you apply to land registry offices for title deed conveyance, they set an appointment and invite the buyer and the seller. You finalize the buying process in this appointment.
The buyer and the seller sign the title deed conveyance under the terms, agreed upon in the appointment. After that, the buying process is done. Now, you are a homeowner in Turkey.
These steps are for the people, who are physically in Turkey. However, foreigners can buy real estate in Turkey from abroad. Teleproperty ® service can help to buy properties from abroad. All you have to do is choose a home and give a valid power of attorney.
You can save time and money thanks to Teleproperty. Teleproperty is a viewing tour via online communication channels such as Facetime, Skype, Whatsapp Video Call, etc. When you decide the real estate you want to buy, all processes we mentioned before can be completed by a proxy, who has a valid power of attorney. For more information; TeleProperty ®
What Should You Do While Buying Property in Turkey?
There are a few key points when you purchase real estate in Turkey. Before you begin the buying process, you should be clear about what you want and expectations. After you are sure about the location, property type, purchasing purpose, and budget, you should find a professional real estate company or a real estate agent to work with. Even if the buying process is safe and simple in Turkey, working with a professional helps you to make a good investment.
Never buy an immovable from a common person, who you have met in Turkey. They have usually a relative or a friend, who sells a property or they work as a middleman. There are risks of buying real estate from them. You may buy out of condition property or you may be defrauded.
Working with a real estate agent provides lots of benefits for you. Your agent understands your expectations and offers you the best options. You can ask any questions during the buying process and understand every step through the transaction.
At the end of the process, you should work with a lawyer. Therefore, you can be sure that the sales contract includes all the terms of the purchase you agreed on. Then, you can sign the sales contract safely.
Tekce Overseas works with professional and expert real estate agents, as the leading real estate agency in Turkey. We serve in more than 20 languages and offer before and after-sale services to help our customers as much as we can. As a result of these, we have Thousands of Happy Customers with our “Zero Failure” principle. Contact us now for a smooth and safe property buying process!
Q: What do I need to buy real estate in Turkey?
A: You don’t need many documents or special permissions. You can buy properties with your valid passport just like Turkish citizens do.
Q: Is buying property in Turkey fast?
A: Yes, it is quite fast Land registry and TapuTakas systems are working fast and safely.
Q: What should I do when I buy an immovable in Turkey?
A: First of all, you should determine your requirements and wishes. Then, find a professional real estate agent so he/she can choose the best options for you and guides you through the buying process.
Q: Is buying property in Turkey safe?
A: Yes, if you are buying from a professional real estate agency or agent. However, if you choose to buy a property from a common person, who is not a real estate agent, it may cause undesired situations.
Q: What are the extra costs of the buying process in Turkey?
A: Appraisal report fee, title deed conveyance tax, and some other fees are the extra costs. Utility subscriptions and furniture costs are after-sale costs.
Q: Is it a good investment to buy real estate in Turkey?
A: Yes. According to many investment specialists, real estate investment is one of the best options to invest in. Also, real estate in Turkey is gaining value day by day, and renting out an apartment or a house is easier in Turkey than the other European countries.
Q: Why is real estate in Turkey cheaper than in Europe?
A: Turkey has joined the international real estate market lately. Also, there are many construction companies in Turkey and that makes a competition. The other factor is the value of the TRY.