Turkey is an amazing country where you can find fine investment opportunities. One of them is a luxurious real estate investment. However, there are some cons and pros to finding the right agent. In this article about Turkey luxury homes, we are going to cover that. Specific Qualities To Look Out For Common acceptance is that an agent you are working with must speak the same langua...
Turkey is a democratic, respected, and trusted country where investors and human rights are protected with laws. Human rights and commercial ethics are always valued by both laws and as a tradition.
Having a massive population of over 80 million, with millions of tourists and immigrants, Turkey is a haven for foreign investors. The government also welcomes and promises many opportunities to foreign investors. If so, what does it take to make a Turkey investment and make a profit out of it? Let’s take a look.
Is It Possible
Persons who are not Turkish citizens can buy real estate in Turkey. According to Article 35 of the Land, Registry Law numbered 2644; if certain requirements are met, it can be done. The official declaration is as follows:
“To legal restrictions to comply with registration, the international aspect of the bilateral relations and the citizens of the countries designated by the President in cases where the interests of the country require, a foreign real person can acquire real estate and limited real-estate rights in Turkey. The total area of the immovables acquired by foreign real persons and limited real rights of independent and permanent nature cannot exceed ten percent of the area of the district subject to private ownership and thirty hectares per person throughout the country.”
The meaning of this article is that it’s perfectly possible to make a profit-generating Turkey investment by real estate buying.
Legal Rights and Process
There are several important things one should know before making a Turkey investment in real estate. These are the basics and first things to consider before buying an investment property. Following pieces of information are required before taking further steps:
Confirmation that the real estate desired to be bought is not located within the borders of a military security zone. In order to learn this, you may apply to the local military departments. If the real estate is within these borders, a foreign person can not buy it.
There’s a white list about which country citizens are allowed to make real estate acquisitions in Turkey. In order to buy real estate investment in Turkey, it is one of the most important requirements. You may learn whether you are eligible or not from ambassies and/or General Directorate of Land Registry and Cadastre (Tapu ve Kadastro Genel Müdürlüğü).
These pieces of information are required before a foreign investor completes his/her real estate Turkey investment.
Gaining these pieces of information may prove to be a challenge. Bureaucracy and process can be tiring. However, you may gain aid from Trem Global which has years of experience, and control your Turkey investment process in a professional way.
If you are a foreign investor who is willing to make a Turkey investment, you must make an appointment before making the official turning over. You may book your appointment from General Directorate of Land Registry and Cadastre Title Deed Appointment (Tapu ve Kadastro Genel Müdürlüğü Tapu Randevu Sistemi). If you are in Turkey, you may call 181 and if you are outside of the country, you may call +90 312 593 99 00. After making an appointment, you will need several documentations. These are:
- Real estate current certificate obtained from the municipality
- Compulsory Earthquake Insurance (DASK) Policy
- Real estate valuation report
- Real Estate Deed
- Identity document or passport (Translation of these documents can be requested if necessary)
In addition to all these, as a foreign investor, you must have a Real Estate Expertise Report. These reports are valid for 3 months after it is being generated. The generated report must also be delivered to the TAKBİS system, which is the government’s inspector department.
As you can see investing in Turkey can prove to be a challenging way. In order to protect both the investor and the seller, the government takes things seriously and demands several documents.
To be protected from fraud attempts and make a strong, pin-pointed investment, Trem Global is your trusted advisor. We have been giving real estate advisory services and helping investors for years.