The 5W1H Approach To Real Estate In Turkey
The 5W1H approach to Real Estate in Turkey will answer your questions of; Who, Why, Where, What, When, and How to buy property in Turkey.
The WHO in 5W1H
Who Can Buy Property In Turkey?
- Only citizens of the countries determined by Presidential Decree may acquire real estate and limited rights in REM in our country.
- The legal grounds for acquiring real estate and rights by foreign natural and legal persons. In our country are listed in articles 35 and 36 of the Land Registry Law No 2644. These rights are subject to legal limitations.
- Companies established according to our country’s laws and whose shareholders include foreign natural persons, foreign enterprises, or trading companies. These all qualify as “companies with foreign capital.” They may acquire real estate and limited rights suitable for their operations in which foreign natural persons, enterprises, or companies own 50% or more shares. Or to which the foregoing foreign persons are authorized to appoint the managers, even if they own less than 50% of the shares, shall be subject to authorization by governorships.
- Incorporated trading companies, established according to the laws of their own countries, may acquire real estate and limited rights in REM. This can only happen if there are special provisions in the applicable laws. Any legal persons or entities other than such trading companies may not acquire real estate and may not have limited rights in rem created to their favour.
The WHY in 5W1H
Why Should You Buy Property In Turkey? (Reasons)
- Whether looking for a permanent or holiday home, Turkey is a great place to invest for foreigners.
- The Turkish economy is one of the strongest in the World. The property market and its benefits are growing faster nowadays than ever.
- Real Estate prices in Turkey are still very affordable, and it offers a wide choice of properties for every kind of budget.
- Better quality than similar properties in rival countries.
- Easy buying process, Low property taxes, and higher return on investment.
- Location of Turkey, climate, wonderful nature, golden beaches, historical sites, and delicious cuisine.
- With its spectacular history, culture, nature, and climate, Turkey has always been a desirable destination for our guests to while away the years.
- These characteristics for leading a healthy and happy life are now more important than ever in this era of safely navigating through a global pandemic.
- Hospitality is one of the most significant traits of Turkish culture because guests are considered “gifts of God.”
The WHERE in 5W1H
Where Can You not buy Property In Turkey? (Legal Limitations)
- If the real estate intended for acquisition is within a “Special Security Zone,” authorization is required from the governorship of the region where the real estate is located.
- Real estate located in military forbidden and security zones are specified in the registry records, and land registry directorates provide the relevant information.
- Real estate located in military forbidden and security zones are entered into the land registry in 81 cities.
- The total area of real estate that foreigners may acquire throughout the country is a maximum of thirty hectares.
- The total area of the real estate that natural persons of foreign origin can acquire; may be at most ten percent of the area where private property ownership is allowed in a district.
- Natural persons of foreign origin and incorporated companies established in foreign countries concerning unbuilt land they bought within two years and intend to develop a project must submit it to the relevant Ministry for approval.
- Real estate acquired in violation of the applicable laws and provisions and found to be in use contrary to the purpose of acquisition specified by the relevant Ministry and administration is subject to appropriation. Also, real estate projects for which applications are not made to the relevant Ministry within due time or for which the projects are not implemented within due time are subject to provisions regarding disposal. (For detailed information, circular no 2013/15, www.tkgm.gov.tr)
The WHAT in 5W1H
What kind of Property Can You Buy In Turkey?
- From village houses and villas to apartments, foreigners can buy any property they want in Turkey within legal limitations.
- Residential Real Estate for Sale in Alanya, Turkey: Are defined as any property used for residential purposes. Examples include single-family houses, condos, cooperatives, duplexes, townhouses, and multifamily residences with fewer than five individual units.
- Land for Sale in Alanya, Turkey: Foreign natural persons may buy any real estate in areas where private property to purchase land is allowed. As a well-established company, we have a powerful network to search for and find various options for our investors. You may prefer buying land and building your dream Villa or developing your investment portfolio. The options are limitless, and we are here with our expertise to provide the guidance needed to ensure you get what is best suited to your needs.
- Commercial Property for Sale in Alanya, Turkey: Any property used exclusively for business purposes. Such as apartment complexes, gas stations, grocery stores, hotels, offices, restaurants, shopping centres, and stores. We are very experienced as a Real Estate consultancy to guide you to make the right decision.
The WHEN in 5W1H
When Should You Buy Property In Turkey? (Timing)
Whether you are looking for a house for a holiday or rental investment, you always have the same question. “When is the best time to buy real estate in Turkey?”. Even if we are not investment professionals, we always focus on economic data and real estate advertisements. Sometimes the property you like exceeds your budget, and sometimes you find a property that is just right for your budget. Timing is crucial to keep pace with the extensive turnover of the market. When should you Buy Property in Turkey?
Real estate season opens in spring!
Statistics don’t lie. Data collected worldwide on real estate states that the season opens in the spring. Realtors are experiencing their busiest periods during these months. When the weather is warmest, you should seize this opportunity when the schools are on summer break. Of course, there are certain advantages and disadvantages to buying a house during the real estate season. We have listed these below to aid you in determining the best time for you.
Advantage: The number of properties for sale is extensive!
Real estate advertisements constantly increase towards the end of March and the beginning of April. So why is this happening? The most straightforward reason is that the weather is neither hot nor cold in the spring. So it is much easier to visit Turkey to purchase a home, most sellers wait for spring for this reason.
Yes, many houses are for sale in the real estate season, but nobody wants to buy them. Like you, many buyers who wait for the season are potential competitors for your favourite properties. Naturally, this can cause the prices to rise. Therefore, houses that are cheaper in winter start to increase in spring.
Advantage: Perfect time to move in is the summer months.
Moving a house is stressful, especially if there is rain and mud; this stress multiplies. Moving when schools are on holiday, and the weather permits is much easier. Therefore, to find your dream house, you should keep an eye on http://www.idealestates.com/. In the spring months to buy your home before summer.
Disadvantage: Don’t make the wrong decision by thinking that you will miss the season!
If you obsess, “You need to buy property before schools close,” this can be stressful, and you can make the wrong decision by rushing. So don’t panic. IDEAL Estates has united thousands of people with their dream homes, and we can do the same for you. IDEAL Estates is always with you, no matter which season it is!
The HOW in 5W1H
How Can You Buy Property In Turkey?
- First and foremost, research the agents thoroughly to ensure they are reputable and certified. As there have been cases of nonlicensed agents attempting to sell homes to foreigners. Once you can verify their legitimacy and have checked up on the agent through peer reviews, their website, and office address. Then make contact to describe your price point and requirements, as they may have more listings on hand than they post.
- Homes in Turkey have three requirements: first, there must be a “tapu,” which is a title deed, “imar,” which is a building license, and “iskan,” which is a habitation certificate.
- It is highly advisable to check with the Land Registry Office (Tapu Dairesi) to make sure the property is legal for purchase. The Land Registry Office can confirm if the deed has any outstanding fines or debts connected to it. Such as an “ipotek,” which is a lien (mortgage) on the property you would be liable for if purchased.
- In new builds, ensure the title deed’s name has been transferred to the contractor (if they are the seller) rather than the landowner. Do not relinquish any funds; only pay in full after the deed has been issued in your name.
- Having an “iskan,” a habitation certificate, proves that the home is habitable and built according to the required standards. The habitation certificate will make getting loans or setting up a mortgage on the property possible. And is marked on the deed by having a check in the box for “kat mülkiyeti,” which means property ownership. If the “kat irtifakı,” box is checked it denotes ownership of a building that is not yet habitable.
There are several requirements for foreigners to buy property in Turkey;
- If foreigners are purchasing the property independently, they will need a foreign identification number (yabancı kimlik numarası) and a translator and notarized translations of their passports. But it is also possible to give power of attorney, bypassing the first two requirements.
- There is also the rare situation that a military clearance, might be necessary based on proximity to military bases or strategic locations.
- Foreigners intending to purchase land are also restricted to 30 hectares, and keep in mind there are strict regulations on building on land here in Turkey.
- YourKeyTurkey is a wonderfully informative website prepared by Turkey’s Ministry of Environment and Urban Planning General Directorate of Land Registry and Cadastre for foreign property buyers. Check it out at www.yourkeyturkey.gov.tr.
For further information on 5W1H approach, please contact one of our representatives.