10 Good Reasons To Buy In Turkey
If you have already been to Turkey, you will no doubt have nursed dreams of buying there. But if you have yet to visit, there are several reasons why Turkey should be seriously considered as an ideal location:
* Great choice of affordable properties available at a fraction of the cost of similar properties anywhere in the UK or Ireland.
* Cheap cost of living means you get more for your money, so you can afford a better quality of life with no more shocking winter fuel bills.
* Plenty of cheap bargain flights bring more than 20 million visitors to Turkey each year, many of whom will return again and again.
* Great climate if you hate the cold and love the sun - long hot summers and soft winters.
* The genuine warmth and hospitality of the Turkish people, whose second language is often English.
* The main property hotspots have a good quality infrastructure in place all year so everyone benefits.
* We only offer the best quality properties, with a 10 year structural guarantee approved by the Turkish government and EU certified building materials.
* As demand for properties in Turkey grows, so does their value. This is now one of the best property hotspots in Europe – for capital and rental returns.
* It has it all - beautiful blue flag beaches, undeveloped bays and coves and stunning inland scenery with mountains, lakes, rivers and waterfalls all waiting to be explored.
* And, fascinating historical sites alongside simply beautiful, modern cosmopolitan cities and sophisticated resorts for the finer things in life.
Inspection Tours
We offer you an inspection tour for 3 days. It includes a two-way flight ticket, transfer from the airport, 2 nights accommodation in a luxurious five star hotel, a demonstration of the projects and an enjoyable time surrounded by the sea and the sun. In case you will purchase a property from us during the inspection tour the costs will be entirely on our behalf. For more information about the costs or bookings of the inspection tour please provide your details on the form and send it to us.
Contact Us For Inspection Tour
Please mail us your details and we will get back to you with more information.
info@mina-yapi.com
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Buying Procedures
Private purchase contract
The following contract is agreed between Seller, Buyer and Real Estate Agent in two languages (Turkish and foreign languages). The contract has to be signed by all parties.
The sales contract contains:
1. The name and address of the Buyer, Seller and Real estate agent
2. The contract price of the property
3. The deposit amount and the payment plan
4. The date of signing of the contract
5. The additions of the contract (the services of the Seller, the completion and delivery date)
Property Registration and Delivery procedures
This process can take, on average, 3 months.
You need to have your passport translated into Turkish by an official sworn in translator and have it certified at the Notary Public in Turkey. Then the certified passport translation will be needed for registering of title deeds (TAPU).
Applying for military approval to the relevant municipality
Foreigners buying property in Turkey must still be approved by the military authorities. This requirement should have been removed in 2006, however until it is removed permission for the sale to proceed is granted once background checks are completed. These checks cover that the property is not in a military restricted area, and that the purchaser is not a criminal or terrorist. This is normally a formality and is expected to be removed at some time in the future.
Transferring and registering of title deeds (TAPU)
After obtaining the “no objection to buy permission from the Army” and the last payment/ full amount has been paid to the seller. The title deed transfer takes place at the Land Registry Department. For completion of this registration the buyer (or legal representative with Power of Attorney) and seller needs to be present at the Land Registry Department.
For this processes you need following documents:
The passport translated into Turkish by an official sworn in translator and certified at the Notary Public in Turkey.
The copy of the deed (TAPU), that proves the ownership of Seller, which you are purchasing.
Two passport sized coloured photographs
The fees for deed application-55 €
Transfer Tax
The declared value of the property on the official title deed or TAPU is represented by Land Registry Department. A purchase tax of 3% is collected from the purchaser during the transaction. The Land Registry Department requires for the sworn translator during the transaction of deed because the property purchase is happening in Turkey.
Our company provides full service of the necessary registering documents: all kind of taxes, duties, sworn translator, notary, photos, takes a part at all stages of buying procedures and assists for procedures.
The price for draw up the deed depends to the apartment sizes, because it includes the taxes for purchasing:
800 € - apartment 1+1
1000 € - apartment 2+1
1200 € - apartment 3+1
What nationalities are permitted to purchase a property in Turkey?
Foreign nationals (real persons)
According to the law ‘property purchase by foreigners in Turkey’ enacted on January 7, 2006, foreign nationals (real persons) are able to acquire real estate in Turkey on the conditions of being reciprocal and complying with legal restrictions.
Foreign companies
According to the law on ‘property purchase by foreigners in Turkey’ enacted on January 7, 2006, foreign commercial companies having legal personality established in foreign countries according to the laws of those countries are able to acquire real estate in Turkey on the conditions of being reciprocal and complying with legal restrictions.
Companies established/participated by foreign nationals (FDI Companies)
Legal entities (companies) established or participated in Turkey by foreign investors can acquire real estate or limited rights in rem in Turkey in line with operational purposes set in company’s Articles of Association.
What is the legal framework for property ownership?
The Constitution, the relevant provisions of the Civil Code, the Title Deeds Act, the Foreign Direct Investment Law and the relevant legislation form the legal framework which enables foreign people or corporate entities to buy real estate in Turkey.
Are Turkish citizens and foreigners treated differently?
According to the legal framework mentioned above, both Turkish citizens and foreign owners have equal property-ownership rights.
Are the properties in Turkey Freehold or leasehold?
In general, properties in Turkey are of Freehold type.
What Types of residential buildings are available?
There is a wide range of options such as detached, semi-detached and terraced houses, purpose-built apartments and luxury villas.
Quality residential buildings are available everywhere in Turkey.
Investment In Real Estate In Turkey
It has been long known that, long term property investment is one of the best ways to enjoy high returns on an investment. The investment property market has helped make many millionaires and the list of people who have benefited from property continues to grow.
The trend for long term capital growth has been going on for at least 40 years, and on average, values of residential property have normally doubled over the space of seven years. This fact alone attracts many investors to put their money into property as a safe and lucrative long term investment.
Despite the continuous profits from property investment, the property market does not escape the negative onslaught from media and the press. This comes as part of the package as, like any investment market, the cyclical nature means that the market experiences peaks and troughs. Investment markets are used to peaks and troughs and like all others, the property market is no different.
Turkey has changed dramatically in the last five years and the process of modernization happened very quickly in some areas. In 2000, only around 300 British citizens acquired property in Turkey, whereas this figure exceeded 20,000 as of July 2008.
Countries from which Turkey has attracted new residents are the UK, Germany, Ireland, Denmark, the Netherlands, Norway, Austria, Belgium, France, and the USA.
Because of its unique geographical location, rich and diverse history and reputation as the home of different cultures and civilizations, Turkey is a great choice for expatriates and their families.
An increasing number of expatriates are moving to Turkey and making it their home, whether to retire, to work, or to start a new life.
Turkey's regulatory environment is extremely business-friendly. You can establish a business in Turkey irrespective of nationality or place of residence. The registration and establishment of a company in Turkey can be completed in one day.
General Laws
The ownership is anchored in article 35 of the Turkish Constitution. This article stipulates that anyone is entitled to ownership and that these rights can only be restricted by other legal stipulations. The restrictions may consist, for instance, of zoning schemes, restrictions applicable to foreigners and matters such as having the right of way.
The ownership regulations are elaborated in the Turkish Civil Code. This describes how ownership is acquired. For the purchase of real estate by a foreign person, especially the entry in the land register is important.
In Turkey there are regional directorates of the land register in 15 places, which are subdivided in provincial or district offices. In principle, the land register is accessible to everyone.
In turkey the ownership of the real estate is obtained by entry in the Land register (article 633 Turkish Civil Code) and the simultaneous delivery of the real estate. These two steps must be taken in the way described in the Turkish Civil Code; moreover, all formalities must be fulfilled. Any non-observance of the formalities will result in failure to acquire the real estate, which in turn causes great disappointment to both the buyer and the seller.
If you are relocating to Turkey for more than six months then you are well advised to apply to the Turkish Government Office for residents. They will issue a document for you to present the police neared your new home who in return will process the application.
Real property acquisition of foreigners in Turkey
The article 12 of the Constitution of the Republic of Turkey has stated ‘Every person has individual, inviolable, untrasferable and unrenouncable fundamental rights and freedoms’ and has also involved the foreigners in the content of this provision. However, the article 16 of our constitution concerning the status of the foreigners has stated ‘the fundamental rights and freedom may be limited for foreigners by law in accordance with the international law ‘and clarified by this provision that the rights and the freedoms pf the foreigners in our country may be arranged and limited as different from what it is for the Turkish citizens, if necessary.
The article 1 of the Protocol under the European Human Rights and Main Provision Agreement has also guarantied with the General Principles of the Law of Nations.
Taking these facts into consideration and considering the political, economic and social conditions and public order, sovereignty and security of our country, some legal restrictions have been brought on the real property acquisition of foreigners in Turkey.
* Real property acquisition of foreign natural (physical) person in Turkey
* Real property acquisition of foreign legal (entity) in Turkey
* Transfer of founds
* Application place
1. Real property acquisition of foreign natural (physical) person in Turkey:
Real property acquisition of foreign natural person in Turkey has been arranged by the article 35 of the Land Registry act numbered 2644.
The article 35 of the Land Registry Act has stipulated that purchasing and acquiring real property of foreign natural person via inheritance and other ways in Turkey must be mutual and must be suitable for legal limitations.
2. Real property acquisition of foreign legal (Entity) in Turkey:
As a general rule, (exclusion of some exceptions) real property acquisition right has not been recognized to the foreign legal entities in our legislation. Although foreign legal entities have no possibility to acquire real property in our country as a general rule, changing conditions and legal arrangements put out concerning the enterprises necessary for economy of our country have brought out some exceptions for the rule of inability to acquire real property of foreign legal entities.
a. In the article 10 of the Law of Encouragement of Foreign Capital numbered 6224 has been stated ‘Foreign capital and enterprises working in same sectors may also profit under same conditions from all rights, exemptions and facilities recognized to internal (native) capital and enterprises’ and real property acquisition right and other authorities have been recognized to the foreign capital companies in Turkey by this provision.
b. According to the article 8/E of the Tourism Encouragement Law numbered 2634, in the process of real property acquisition within the mentioned areas, foreign legal entities which will establish commercial enterprise in order to realize commercial activities in tourism sector within the areas available to tourists and regions may be excepted from conditions and restrictions taken part in the article 35 of the Land Registry Act and in the article 87 of the Village Law be decision of the Council of Ministers.
Also. Ministry of Tourism has authority of renting and allocation of real properties assigned to the Ministry of Tourism within the tourism centers and areas to the foreign natural and physical person having tourism investment certificate as well as establishing charges on these real properties including real and permanent right in accordance with the article 8/D of the mentioned Law.
c. Foreign banks establishing their branches in Turkey by decision of the Council Ministers can acquire real property which is necessary for realization of their banking activities according to the Banking Law numbered 3182.
d. According to the final form of Oil Law numbered 6326 which has been changed by the Law numbered 1702 gives permission of acquiring land as working areas in Turkey to the foreign legal entities.
The Law restrictive decisions
The first principle for foreigners to acquire the real property is mutual contract. The second one is the restrictive decisions.
a. According to the article 87of the Law of Village numbered 442, the real property must be in municipality boundary very definitely. Otherwise getting the real property is prohibition for the foreign natural people.
b. According to the Law of The Military Forbidden Regions and Safety Regions, the real properties in the military forbidden regions and safety regions can not be sell, transferred and rent for.
c. According to the article 36 of the Land Registry Act numbered 2644, the foreign natural people in our country cannot acquire more then 30 hectare property, but they can be acquired only by Council of Ministers. Legal inheritance is out of this law.
The all details can be found in the related laws and articles.
3. Transfer of funds:
The real property revenue and right in rem revenues relating to real property and selling price of real properties owned by foreigners via exchanging or without exchanging are transferred freely by bank or by private financing organizations.
4. Application Place:
The task of preparation of contracts in the field of real rights and governing these procedures are given to the director of Land Registry according to the article 26 of the Land Registry Law numbered 2644.
Foreign person who wants to own real property and to make use of real rights to the land apply to the Directorship of Land Registry in the location of the real property.
Taxes & Payments
Annual Real Estate Tax (a tax similar to the Council tax in the UK) rates for cultivated land, uncultivated (for building) land, and non-residence purpose buildings are 0.1%, 0.3%, 0.2%, and 0.1% respectively. Tax payments are made in two equal installments in the period March-to-May and November each year and those are collected by the local governments. The tax base is annually updated by a coefficient determined by the Ministry of Finance taking into account the inflation rate.