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A glance of the real estate ownership law for foreigners


According to Article 35 of the Land Registration Law No. 2644, which was enacted on May 18, 2012, according to Law No. 6302, the requirement for reciprocity in the right to own property of foreigners on Turkish lands has been abolished

Foreigners can own and invest in Turkey in any type of real estate (residential, commercial, land, farm), but there are legal limits to foreign ownership in Turkey:

- Across the country, a foreign citizen may possess a maximum of 30 hectares of immovable property

The area of real estate owned by foreign citizens should not exceed more than 10% of the area of the administrative region

- A foreigner is not entitled to own or rent real estate in military areas or near them, unless they apply for a military approval which normally takes 45 days.

 

What are the documents needed to buy a property in Turkey:

- The tax number which can be obtained from any tax department in Turkey and this number contains the personal information of the foreign citizen who will need it to execute any official transaction.

- The real estate evaluation report, obtained from real estate evaluation companies accredited by the Turkish government and registered with the Land Registry Department.
- A copy of the Turkish passport, certified and notarized
- Two personal photos, size 4 * 6, and they must be no more than 6 months old

How is the transfer of ownership done?

The case of buying fully cash.

- Reservation of an appointment in the real estate registry office in the municipality to which the real estate is to be purchased and a submission of all required documents.

- A text message will reach the transaction number to pay the fees and ownership tax, which is 4% of the price of the apartment, to be paid equally between the seller and the buyer

- The seller and buyer parties go to the Real Estate Registry Directorate and in the presence of the responsible employee and a sworn translator by the state, the ownership transfer process is signed after verifying all the information and the property is free of any mortgage or attachment to the property and then the title deed is delivered in the name of the new owner Of the property

The case of buying through installments


In this case, the transfer of the title deed does not take place directly until the completion of the sales price amount. Where a sale contract is signed between the owner company and the buyer, and this contract can be certified by the Turkish notary to ensure the rights of both parties. Some fees will be applid for the notarization process which will vary according to the sale price and the sales contract terms.
After the installments are over, ownership in the Land Registry Directorate is formally transferred from the construction company to the name of the new owner of the property purchased under the previously concluded contract.