Real estate purchase and sale in Turkey
We advise you “online” in a practice oriented way about the purchase of real estate in Turkey. Because of the current exchange rate (1 € = approx. 15,5 TL, as of February 21, 2022), the current situation is ideal for foreigners to buy real estate, especially if you have already found the property you want!
We take care of everything that is legally necessary for you and represent you at the land registry office so that you do not have to travel to Turkey. Please call us, write to us at info@localhost or send us a message +905459330049 (WhatsApp).
Turkey is economically in recovery since last year. Foreigners can buy real estate in Turkey. The purchase of real estate by foreigners is regulated in Article 35 of the Turkish Land Registry Law numbered 2644. The requirements for foreigners to buy real estate in Turkey have been relaxed.
If you are considering purchasing real estate in Turkey in the future, you should first inform you at a local inspection. From our point of view and also as a legal requirement, request must be made through WebTapu. In this way you can get extensive information about the property, also from the city administration and the land registry office and see comparable objects and the price per square meter. With this appraisal, you will find out about the (true) ownership structure and the real value of the property.
If an agent has been engaged, you should have the order placed by the owner. It is not uncommon for the owner not to know that the property is being offered by the agent! Also, do not travel with cash. You can already open an account or savings book at various Turkish banks in Germany. So you can dispose of the money in Turkey. Once you have convinced yourself of the property and decided to buy the property, the following points should also be considered:
Consult a lawyer and have the land register checked in advance with regard to encumbrances and the habitation situation of the property. Even if this should initially result in costs. Do not buy a property with encumbrances even though the seller promises to remove the encumbrance. Do not trust the promises of a seller or agent directly and secure yourself.
In Germany, the purchase contracts for land require notarial certification in accordance with Section 311 b of the German Civil Code (BGB). However, if you sit in front of the notary in Turkey and only conclude a “preemption contract”, this only contains a sales promise from the seller. The real business in Turkey takes place at the land registry (!). In the case of a declaration before a notary, the seller can freely transfer the ownership to a third party. A successful mediation is only present if you are entered in the land register as the owner.
Do not make written agreements with the seller or agent about the real estate acquisition. Also, do not pay a purchase price or a deposit based on a written agreement before acquiring the property in the land registry office. In Turkey, the purchase price is usually paid in cash or by a so-called blocked check, shortly before the notarization is signed at the land registry office.
Use the new land register exchange system when purchasing a property and demand the seller to use this system.
Have the real value of the property entered in the land register and what you actually pay to the seller. Show the official value in the land registry office and not a lower value in order to pay less taxes.
Do not transfer the purchase price to a third party (other than the seller’s authorized representative).
The land registrar does not examine whether the purchase price is overpriced. Freedom of contract applies here, i.e. everything that is within the legal framework can be agreed.
Register you at the city administration as the owner after you have purchased the property.
How much is the tax for buying a house in Turkey?
As of 2022, the property transfer tax is 4% in Turkey. According to the law, 2% should be paid by the buyer and 2% should be paid by the seller. However, if you buy the property from a person traditionally all 4% is paid by the buyer. In case the seller is a real estate developer the tax payment may be paid by respective parties as established by the law. There is also 265 Turkish Liras title deed fees to be paid by the buyer and the seller. Again, this fee is generally charged to the buyer. To sum up, in general, the buyer pays 4% of the purchase price plus 560 Turkish Liras as tax for buying a house in Turkey.
How much is the real estate agent commission in Turkey?
In addition to property transfer tax, buyers can expect to pay 2% real estate agent commission. However, depending on the circumstances of the situation, this is a negotiable rate.
Do you get residency if you buy property in Turkey?
The tourist visa allows foreigners to stay in Turkey for 90 days out of 180. Foreigners who want to live in Turkey need a residency visa. Being the owner of a property in Turkey and having strong financial documents are keys to getting residency. If the property is valued equal to or more than USD 400.000 the owner gets the right to citizenship under certain conditions as well.
How long can you stay in Turkey if you own a property?
Foreigners buying a property valued equal to or more than USD 400.000 earn the right to Turkish citizenship. This means eligible foreigners buying such a property can stay in Turkey as long as they like.
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