According to the Turkish Law on ‘Property Purchase By Foreigners in Turkey‘. foreign nationalities can buy any real estate in Turkey just the way Turkish people do. You can find the steps that you need to follow during your process of buying in Turkey here below. We will be assisting you with each step and we will also guide you.
List of requirements and decision process
The first step in buying is to decide about your requirements such as buying purpose (Investment or vacation home). Number of bedrooms, size, location, your maximum budget etc. After clearing out your primary requirements, your decision development will become much easier. Istanbul has the most investment opportunities all over Turkey in terms of real estate. So there are many investment opportunities in Istanbul that you are able to consider for your own personal investment.
Deposit payment and documentation process
A population of 77.7 million (2014, TurkStat)
Largest youth population compared with the EU (Eurostat)
Half the population under the age of 30 (2014, TurkStat)
Young, dynamic, well-educated and multi-cultural population
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After you choosing the property that you will purchase. You will need to pay a fully refundable deposit to guarantee your property purchase and freeze the price. You can pay deposit as cash or by your credit card. A deposit payment is symbolic and fully refundable within a certain period of time (1 or 2 weeks).
After you pay the deposit, We will prepare the contract for signing by both the investor and developer. The contract will be in Turkish and English including your payment plan and property floor plan. (Completed projects mostly require a cash payment, off-plan projects usually present a long term payment plan with several installments).
Further for the contract, you will need your passport and also require your full home address and contact details. If you want to open a bank account in Turkey, the documents that you need to provide are:
* An original passport.
* Notarized passport translation.
* Notarized national ID translation.
* any utility bill showing your original home address from your own country.
* Turkish TAX number.
During this process, our professional consultants can and will be more than happy to assist you again.
The payments are very easy to do. You can make money transfers from your account directly to the developers’ account in different currencies (USD, EURO, TL). If you prefer, you can open a bank account in Turkey to transfer your payments as we described earlier. The most important thing is to make the payment directly to the developers’ account not to any third parties. This will enable a second proof of purchase for you.
Delivery and The Title Deed Process
If you chose an off plan project you have to wait for the project completion to receive your title deed. Until that time your sales contract will guarantee your rights during the purchase.
After the completion of the project, the title deed process may take usually 2- 3 months. First off all, they will send your application to Title Deed Office. Then to The Turkish Military Head Office to check if the property is in a military zone or restricted area.
This is a formal and standard procedure. When they approve your purchase you will have to go to the Title Deed Office with a sworn translator. You can also choose to give a power of attorney to a lawyer to complete the process on your behalf. This will save you time and effort and will ensures you that the purchase will continue without any problems.