FAQ about owning real estate for foreigners in Turkey

There is a lot of talk about real estate ownership in Turkey, especially foreigners’ ownership of apartments, villas, and offices in Turkey. Those who are interested daily ask how to buy property in Turkey or Istanbul?, What are the required procedures and official papers to transfer ownership of the property and many other questions that we will answer you in the article next one.

Frequently asked questions and their answers:

1- Do foreigners have the right to own property in Turkey and how is that?
Yes, foreigners have the right to own real estate in Turkey. In September 2012, the Turkish Parliament issued a decision allowing foreigners to own property in Turkey without taking into account the principle of reciprocity,' which stipulates that the foreigner is dealt with within Turkey as the country of this foreigner treats the Turkish citizen on its territory" but Turkey treats the foreigner without considering the way the foreign country deals with the Turks, so it allowed them to own real estate and establish investments on Turkish lands, while many countries such as France, for example, do not allow Turks to own real estate or establish investment projects in it.

2- What are the steps and procedures for buying property in Turkey?
One of the most important steps is the availability of official documents such as:
- A copy of the title deed or the real estate statement.
-A copy of the property's location in the municipality's plan or a statement of location.
- Property number according to the municipality's plan
-Extracting the tax number from the tax department.
-Translation of the passport into Turkish and attestation by the notary with 4 personal photos.
-Signing the purchase contract with the seller and submitting the first payment, preferably not more than 25% of the purchase value, conditional on the approval of the security authorities until the process of transferring ownership to the buyer at the competent authorities, and then paying the rest of the amount after obtaining approval from the region’s directorate and the security authorities in it.
- As for the expenses owed by the customer and seller from buying and selling taxes, they are approximately 3% of the property value.

3- Tax number, what is it? And how do we get it?
It is the number that is required from you in official and legal transactions or to open a bank account in Turkey, and it can be obtained easily by Bringing a copy of the passport and knowing your address of residence in Turkey, then going to the nearest tax department in your area and requesting this number from the competent employee Which enters your data into the computer and then gives you a card with your tax number.

4- How many properties are foreign investors allowed to own in Turkey?
The number of properties allowed to be owned by citizens of the Gulf countries is not specified, and more than one person can own the same property, but there are some other nationalities that have a specified number, such as the Palestinian nationality.

5- How long does it take to transfer property ownership in Turkey?
On average, it takes from one to three days, so the purchase and transfer process does not take more than a day after the request is accepted.

6- What are the documents required from your home country to own a property in Turkey?
Passport only.

7- Do you need a visa to enter Turkish territory and how long is this visa valid?
Some nationalities do not need any visa at all and can stay for 3 months annually in Turkey, and there are other nationalities that need a visa either from the airport or by reviewing the Embassy of the Republic of Turkey in their country, and the duration of the visa is three months and it is renewable.

8- Is it possible to obtain residency in Turkey before buying a property?
If you are planning to buy property in Turkey immediately, there is no need to obtain an official residence, as you can obtain an official residence for a period of one year, renewable after ownership of the property, and you and all your family members (wife and children under the age of 18) benefit from it, but if you stay in Turkey more After 3 months and you did not buy the property, you can obtain a 6-month renewable residence permit.

9- What is the banking mechanism for transferring money from your home country to Turkey?
You can open an account in any Turkish bank and then transfer money to it.

10- What is the average real estate price in Turkey and is there an installment system?
The price of real estate varies from one city to another and from one area to another within the same city, but you can buy an acceptable apartment for $65,000, as for the issue of installments, it is available.

11- Can you assign a person to manage real estate matters in Turkey?
Yes, you can do this by authorizing him with a legal agency through the Turkish embassy or consulate in your country, or through the notary notary if you are inside Turkey.

12- What are the costs of buying property in Turkey and other secondary expenses?
A one-time property purchase tax is 3.9% of the total property value. The secondary costs are the real estate broker’s cost and value: 3%

13- What about insuring the property against earthquakes in Turkey?
The property can be insured through branches of international and local insurance companies.

14- What is the mechanism for subscribing to water, gas, and electricity and paying bills in Turkey?
You must visit the gas, water, and electricity companies to register the meters in your name and pay a nominal security deposit.

15- How can you benefit from the property when you are outside Turkey?
You can display the property in the real estate investment field for rent and the tenant can transfer the monthly rent to you through the bank.

16- What are the procedures for selling a property in Turkey?
If you want to sell the property before 5 years have passed since the date of purchase, you must pay a tax ranging from 15-35 percent of the value of net profits according to certain segments of people announced annually by the Turkish government, but if the property is for a company, the profit tax is fixed, which is 20% of the profits The net worth of this company's business. If you want to sell the property after 5 years, you do not have to pay any taxes.

These were some of the frequently asked questions asked by foreigners who want to own real estate in Turkey, and the answers to them are short and direct.