Koca & Ersöz Hukuk Bürosu / Anwaltskanzlei

Guide for buying property in Turkey 2023: Important tips and information

The Turkey, known for its rich history, breathtaking landscapes, and unique culture, has become an attractive destination for real estate investments. In recent years, many people from around the world have shown great interest in buying properties in various regions of Turkey. In this article, we would like to provide you with a comprehensive guide that highlights all the important aspects of buying property in Turkey in 2023, including current market trends, legal framework, and tips for a successful purchase.

  1. Favorable exchange rates: Currently, due to the favorable exchange rate between the Euro and the Turkish Lira (1 € = 25 TL), it is advantageous for foreigners to buy property in Turkey.
  2. Online consultation: The company offers online consultation for property purchases in Turkey. They take care of all legal steps and represent buyers at the Land Registry without the need for them to be personally present.
  3. Final purchase: In Turkey, the final property purchase takes place at the Land Registry. Buyers and sellers must either personally or through an authorized representative submit the application with the required documents to the Land Registry.
  4. Preliminary contract: Parties can enter into a preliminary contract before a Turkish notary. It is important to note that the seller can still sell the property to third parties unless the preliminary contract is registered at the Land Registry.
  5. Payment methods: In property purchases in Turkey, the purchase price is typically paid in cash at the Land Registry. There is also the option to use a blocked check. The new Land Registry Exchange System is similar to the property purchase process in Germany through a notary and protects both parties.
  6. Transfer of ownership: After the notarization of the purchase agreement at the Land Registry, the ownership is transferred to the buyer.
  7. Additional costs: The property acquisition tax is 4% of the declared purchase price and is usually split between the buyer and the seller. In addition, there are broker fees and possibly earthquake insurance costs.
  8. Land with building permits: Foreigners can acquire land with building permits but must develop a project and submit it for approval to the relevant ministry within two years.
  9. Agricultural land: For the acquisition of agricultural land, foreign buyers must follow certain procedures, including submitting a project that describes the use of the land.
  10. Rental and management: Foreigners can rent out their properties in Turkey. There are certain tax regulations regarding rental income.
  11. Property research: The company also provides services for property research in Turkey if you believe that a debtor,

We hope that this article has provided you with helpful insights and information about buying property in Turkey in 2023. If you have further questions or would like personal consultation, we invite you to fill out a short form. Your knowledge and satisfaction are important to us, and we look forward to assisting you with your concerns.

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