Turkish real estate laws
Turkish Law No. 35 of Land Registration Law No. 2644, as amended by Law No. 6302, which was implemented as of May 18, 2012, is the legal basis for real estate investment in Turkey, which allows foreigners to own real estate in Turkey, which has attracted various segments of investors. Especially when they found large and attractive profits in Turkish real estate, where the value of prices is rising continuously in the privileged locations, and according to the law, foreigners are allowed to own 300,000 square meters, and foreigners are not entitled to own or rent property within the military and security areas.
Stages of buying a property in Turkey according to Turkish real estate laws
1: Choosing the property to be purchased and obtaining all the information related to it from a copy of the Tapu (ownership document) and the property number according to the municipality’s plan (if it is land), a copy of the property’s location in the municipality’s scheme and the sales contract if it is an apartment in an apartment building.
2: Obtaining the foreigner’s personal tax number from the tax department.
3: Obtaining the evaluation report for the property.
4: A certified translation of the passport from a sworn translator and attested by the notary.
5: A sworn translator if one of the parties is not fluent in the Turkish language (the Hagia Sophia Real Estate will provide it).
6: Signing the purchase contract with the seller.
7: After the security approval is issued, the buyer goes with the seller to the Sukuk Department to transfer ownership. We note here that the Turkish law did not impose additional taxes on foreign buyers, but rather the same tax imposed on the Turkish citizen, and the real estate investment law allows ownership in all Turkish lands without exception or other approvals except for areas subject to certain ministries, and it is worth noting that the property ownership tax in Turkey is paid Only once upon receipt of the property title deed, and it is not paid annually, bearing in mind that the property owner of other nationalities has the right to obtain a residence permit for a period of one year, renewable indefinitely, as long as the foreign person retains ownership of the property, and according to the new law, the period of residence has become Two years instead of a year.
Legal restrictions on foreign ownership in Turkey:
Turkish law prevents some nationalities from owning real estate, such as Armenian and Syrian citizenship.
But the Turkish state compensated this with a new law for Syrian nationality, which is that the holder of Syrian nationality must own a company registry in Turkey, and therefore ownership can be made through the company that was established in the name of Syrian nationality