Property in Turkey

Property in Turkey

Antalya, both the province and its magnificent namesake city, situated on the Mediteranean in southern Turkey on the what is proudly referred to as the Turquoise Coast, is unsurprisingly the adopted home of many an expat living in Turkey. Like an island within itself, this province and area of Turkey, which is rich in natural diversity, has its own expat scene that is alive and thriving.

Bolstered by strong domestic demand, house sales increased by 6.4 percent in May compared to the same month in the previous year, reaching a total of 114,800. Istanbul had the highest share of the increase, with 18.8 percent of total house sales around the country, followed by Ankara with 9.9 percent and İzmir with 5.8 percent.

Forty-five percent of the Seapearl Project, the only premium real estate project near the sea in Istanbul, was recently sold. The first section of the project, which is worth TL 7,200 ($2,570) per square meter, will be submitted to its new owners in July 2017. The sales and construction work of the Seapearl Ataköy project have drawn attention due to its new commercial movie. The TL 2.7 billion project has two sections. The first section of the project is built on 217,000 square meters, has a 6,185 square meter lake, a 33,000 square meter field and walking paths.

House sales increased 6.5 percent in August compared to the same month of the previous year, and 112,463 were sold within the month. While Istanbul had the highest share as usual with 16.8 percent of house sales, most house sales were made to Iraqi citizens when looking at the nationality of the buyer. Ankara followed with 11.7 percent, totaling 13,139 house sales, and İzmir with 5.8 percent, totaling 6,490 house sales.

Dependent on imported energy to feed its growing economy, Turkey looks to tap its domestic sources, both conventional and unconventional, as new reports indicate huge reserves of shale gas in the country’s European area, known as Eastern Thrace, and Southeastern Anatolia.

Turkey’s unemployment rate dropped to 9.2% in 2012, 0.6% less compared to 2011. This figure is the lowest in last 8 years.

The figure shows how well shape Turkish economy is in, comparing with France’s 10.60%, Italy’s 11.70% and Spain’s 26.02%.

Turkey’s unemployment rate topped with 14% in 2009 and it dropped 3 years in a row.

Year of 2012 became a record year with 30,000,000,000 USD according to Ernst&Young report. 23.2 billion USD of the transactions’ value was announced.

11.7 billion USD of announced value was realized by the international investors. 315 transactions meant also a record number. 292 of 315 were private transactions.

American citizen owned beautiful multi-purpose-farm for sale…

Designed with all details, A to Z…

It will be your home with a nice house and your business to have good crops from 2,000 trees and 29,000 sqm-land…

Also, the farm will give  you new business opportunity with Erdek’s great geothermal potential. The owner, as a health professional, is ready to assist you for a health tourism business.

The president of Turkey approved the new legislation that regulates foreigners’ property buying process in Turkey. With the approval, reciprocity restrictions are no longer valid.

183 of 193 UN member countries’ citizens are eligible to buy property in Turkey. Citizens of the countries below are subjected to some restrictions:

Many foreign citizens do not have enough knowledge about property purchasing procedures in Turkey. Therefore, it is presumed that it is a difficult process…  Although the process is slightly different for a non-resident, it is still quite straightforward as long as you are getting help from a professional…

An entry visa enables the bearer to stay in Turkey for the duration stated on the visa sticker. However, if the person intends or is obliged to stay in Turkey longer than the permitted duration, this extension is subject to the approval of the Ministry of Interior. In this case, the person has to obtain a residence permit.

The potential purchaser must first decide on some crucial criteria in property search, whether to buy the property for investment purposes or to reside? If buying  purpose is for residential, a different criteria must be applied… If the purpose is for investment, then it must be analyzed differently…

  1. Buying a cheaper property doesn’t mean that is the best investment…
  2. Increased price does not necessarily mean that you will be able to sell at the same price…
  3. Your investment might have a higher price but another important point is how fast you are able to sell… Supply and demand balance in the district is so important…

The buying process is very smooth in Turkey. Once you have found your property and agreed on the details such as price, the Sales and Construction Agreement (Purchase Contract) can be drawn up both in Turkish and English.

All Buyers will need to obtain a tax identification number from the local authorities (tax office) to open a bank account (for the transfer of the funds), sign up to utilities or obtain the title deeds of the property in your name. It is a very easy process; a 10-digit number you will obtain with the photocopy of your passport. It can easily be obtained by your solicitor via POA as well.

The Builder/Seller must apply for military permission. This procedure is standard for all foreign purchasers in Turkey. The checks are to ensure that the land on which your property is built is not in a military, strategic or security zone. Once you have clearance, than the title deed transfer process shall start.

It is important to note that the military search period may take up to 3 months and in some cases 6 months.

The title deeds (known as “TAPU” in Turkish), will be signed at the Land Registry Office, and then the Buyer should pay all costs and taxes related to the transfer of the title deeds.

With the new legislation that just passed in 2012, all Foreign citizens or residents can buy property in Turkey, except citizens of forbidden countries by the Turkish Board of Ministries… Foreigners can buy property and land within a zoned municipal area, which means all cities, towns, the coastal resorts and large areas around them.

World Heritage Committee, which convened in St. Petersburg in Russia, agreed unanimously to inscribe the Neolithic city Çatalhöyük on the UNESCO World Heritage List. According to the decision of the World Heritage Committee, consisting of experts from 21 countries, the Neolithic city of Çatalhöyük meets the essential requirements of the World Heritage Convention in that it maintains its unity, authenticity and outstanding universal value.

Property values have been progressively increasing. As it is the case all around the globe, the property value defers based on the location and the quality of the construction material, as well as its architectural characteristics. Transportation, economic activities in the region, and availability of necessary services are also factors that determine the value.

You can open an account at a Bank in your own name. All you need to do is get a tax number, and then submit it with a copy of your passport to a Bank branch. If you issued a POA your Solicitor can obtain the tax number and open a bank account on your behalf.

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