Most real estate experts such as) HSBC, Knight Frank, KPMG, Deloitte, Bloomberg (are expecting that real estate prices in Istanbul will continue to rise for the next five years for the following reasons:
Turkish law allows foreigners to own property in Turkey for various nationalities around the world except for some nationalities that are not entitled to own in Turkey citizenship ( Syrian, Armenian, Cypriot, Cuban, North Korean).
Anyone who is entitled to own property in Turkey certainly has the right to inherit the property and other assets after death, so there is no obstacle for the foreigner in Turkey to inherit his property to his relatives who are in Turkey or abroad and the heirs can transfer ownership of the property to their names after the issuance of the property and after the court's decision and the distribution of quotas are by Turkish law
It is a short residence that is renewed every period granted to foreigners who gained a property or several ones in Turkey.
It is usually granted for one year and the owner’s wife and his children under the age of 18 can also obtain real estate residence as escorts to the landlord who is the owner of the property.
The most important conditions for obtaining them include:
-The foreigner owns a residence or property prepared for residence and is used for housing.
-The property is registered in Tabu, and the title deed is obtained.
-providing the full required papers and necessary proofs.
One of the most important advantages of obtaining real estate accommodation is:
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.
- 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.
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.