Buying Property In Turkey
Guide to Purchasing Real Estate in Turkey: Investment and Quality of Life Hand in Hand
Imagine the unique beauties, historical riches, and hospitable culture of Turkey; the idea of being part of this magnificent country is alluring for many people. The legendary coastal towns of Turkey, the dynamism of its bustling metropolises, and the charm of peaceful Anatolian village life offer a plethora of alternatives for various lifestyles. Therefore, buying a property in Turkey is not just an investment, but also an extraordinary opportunity to fully enjoy life. However, before taking such a step, it is crucial to understand the intricacies of this complex process and to know what to do to avoid potential pitfalls. In this article titled “Purchasing Real Estate in Turkey,” you will find everything you need to know about the process of acquiring property in Turkey.
We provide you with practical “online” advice on purchasing real estate in Turkey. Due to the current exchange rate (1 € = approx. 25 TL, as of 09.06.2023) and the current state of the real estate market, the current situation is optimal for foreign nationals to purchase property, especially if you have already found your dream property! We take care of all the necessary legal procedures and represent you at the land registry office, so you don’t need to travel to Turkey. We are aware of the challenges you may face due to bureaucracy and the differences in the system in Turkey, and we completely alleviate them for you. Please call us, write to us at info@kocaersoz.com or send us a message +905459330049 (WhatsApp).
Turkey has been experiencing economic growth over the past year. Foreigners can purchase real estate in Turkey. The purchase of real estate by foreigners is regulated under Article 35 of the Turkish Land Registry Law. The conditions for foreigners to acquire real estate in Turkey have been relaxed.
Property Valuation: A Must for Real Estate Purchases in Turkey
If you are considering purchasing real estate in Turkey in the future, you should first gather information before visiting the property. In our view, and also as a legal requirement since March 2019, a property valuation must be conducted by a certified valuation company. This way, you can obtain extensive information about the property, including from the municipal administration and the land registry office, and see comparable properties and square meter prices. Through this property valuation, you primarily inform yourself about the (true) ownership conditions and the real value of the property.
What Should You Consider When Buying Real Estate in Turkey?
If a real estate agent is involved, you should ask for proof of authorization from the property owner. It is not uncommon for the owner to be unaware that the property is being offered by the agent! Also, do not travel with cash. You can open an account or savings book with various Turkish banks in Germany. In Turkey, you can then access the money. Once you are convinced by the property and decide to purchase it, the following points should be taken into account:
Consult a lawyer and have the land register checked for encumbrances and the residence permit of the property. Even if this incurs initial costs. Do not buy a property with encumbrances, even if the seller promises to cancel the encumbrance. Do not blindly trust the promises of a seller or agent, and secure yourself.
In Germany, purchase contracts for land must be notarized according to § 311 b BGB. However, if you are sitting in front of a notary in Turkey and only conclude a “preliminary purchase contract,” this is merely a sales promise by the seller. The actual transaction takes place at the land registry office in Turkey. With a declaration before a notary, the seller can still transfer ownership to a third party unhindered. A successful brokerage is only achieved when you are registered as the owner in the land register.
Do not make written agreements with the seller or agent regarding the purchase of the property. Also, do not pay the purchase price or a down payment based on a written agreement before you acquire the property at the land registry office. The payment of the purchase price in Turkey is usually made in cash or by a so-called blocked check, shortly before the notarization is signed at the land registry office.
Use the new land registry exchange system when acquiring a property and ask the seller to use this system.
Have the real value of the property entered in the land register, and what you actually pay the seller. Show the official value at the land registry office and not a lower value to pay less tax.
Do not transfer the purchase price to a third party (except for the seller’s authorized representatives).
The land registry officer does not check if the purchase price is overpriced. Contractual freedom applies here, meaning that anything that is within the legal framework can be agreed upon.
Register with the municipal administration as the owner after you have acquired the property.
Competent Support for Your Real Estate Purchase in Turkey
We hope that the information provided above is helpful to you. If you have further questions or are unsure how to proceed with purchasing real estate in Turkey, we are here to support you. As experts in real estate law, we at Koca & Ersöz Avukatlık Ortaklığı offer personal consultation to ensure that your interests are represented in the best possible way. We invite you to fill out the non-binding form if you would like more information or have a specific question. We are committed to assisting you in the best way possible on your journey.
We offer our legal consulting services at a flat fee or hourly rate. We offer various consultation models! You can inform us about the subject by email or by filling out the form below and request a cost estimate, or call us at +90 212 660 49 00 (Istanbul) or +49 30 677 901 90 (Berlin), or send us a message through our WhatsApp hotline at +90 543 449 49 00 to arrange a consultation appointment.
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