ACQUISITION OF REAL ESTATE BY FOREIGNERS IN TURKEY
Real people who have foreign nationality can purchase real estate in Turkey in order to use it as a residence or a workplace in conform to principal of reciprocity and legal restrictions. This statement is based on land register law article 2644, clause 35.
According to law, the first provision for a foreigner to acquire real estate in Turkey is the principle of reciprocity. The reciprocity rule is detected through the legal and de facto situation. That is to say, the foreigner is subject to the same rights and restrictions in acquiring real estate in Turkey as the Turkish citizens’ rights and restrictions in acquiring real estate in the foreigner’s country.
Real people who have foreign nationality have limited property rights. The property can be acquired from all over Turkey but it is restricted to the area of maximum 2.5 hectare. These individuals can acquire property in central district and towns. In these areas, they have a limited property right to acquire up to 10 percent of the total surface area within the borders of city development plan.
APPLICATION AND METHOD OF PROCEDURE OF REAL ESTATE BY FOREIGNERS IN TURKEY
In order to buy real estate in a district, application to the Directorate of Land Registry of that district is required. Individuals who would like to make transactions should personally or through their representatives or legal representatives if exist (nominee, trustee, conservator) notify the Directorate of Land Registry about whichever transaction they would like to fulfill. In addition, they should submit the necessary documents needed for that transaction. Applicants who apply personally and who are non-speakers of Turkish should accompany a sworn translator.
NECESSARY DOCUMENTS IN ACQUISITION OF PROPERTY BY FOREIGNERS IN TURKEY
The documents requested from foreigners in acquisition of property are the same ones asked from Turkish citizens:
1. Deed of real estate; if it doesn’t exist, city block and building block number of the property or a verbal statement of the possessor.
2. ID card or passport of the foreigner together with the 2 passport photographs (4.5 x 6 cm) of him/her.
3. If the foreigner is making the transaction through a representative, warrant of attorney related to representation, ID of the representative including a photo and a passport photograph (4.5 x 6 cm)of him/her.
If the warrant of attorney composed in a foreign country, it should be annotated with “Apostille” or confirmed by the Turkish Consulate. In addition, presenting sworn translation of the warrant of attorney in Turkish is needed.
When buying a real estate, title deed fees and circulating capital charge, determined at different proportions for the seller and purchaser, calculated over registered value of the property that is not less than a real estate value statement determined by the municipality of that property is affiliated, are transferred through bank.
It is permissive for foreigners to transfer the income and sales value obtained from real estate they purchased before, either by changing foreign currency or not, through banks or special finance institutions.