Buying Property in Turkey
Buying Property in Turkey”If you are dreaming to have a home in Turkey, we believe our advices on buying a house will be helpful.”
Advice on Buying a Property in Turkey for Foreigners
Since 2004, foreigners have been buying properties in Turkey and statistics released by TAKBIS (Land Registry and Cadastre Information System) show that every year, increasingly more nationalities choose to invest in Turkish real estate.
Initially, sales were restricted to nationalities that had a reciprocal agreement with Turkey, but in 2013, the Turkish government abolished this rule which in turn boosted the foreign market even more. Property purchases in Turkey by foreigners have increased every year, and this figure will continue to increase in the years to come.
Buying Property in Turkey: Foreign Versus Turkish Buyers
The Turkish government has simplified the buying process for foreigners as much as possible, but due to logistics, there are still some differences in the procedure for Turks and foreign nationalities.
When a Turkish person buys property, payment and signing for title deeds (Tapu in Turkish) take two to three days. Foreigners usually complete the process in roughly five days, because of the money transfer from foreign accounts. This is factoring in two days for viewing and sales contracts and three days for money transfer, get an appraisal report and application for a title deed.
When Turks buy a house, they want to complete as much of the process themselves, typically to save money but because they also know the system. Real Estate agencies are not offering any service after Tapu delivery for Turkish Citizens. However, foreigners don’t speak Turkish, don’t have knowledge about navigating offices and red tape procedures, and often seek support from their estate agent to complete aftersale services. This can include water and electric connection or name changes, residence permits as well as other house owner obligations such as paying council tax or carrying out maintenance.