Owning a Property in Turkey as a Foreigner

Investing in Turkey does not require owning a citizenship, If you want to buy a house in Turkey as a non-resident or a foreigner, there are a few points you need to consider when it comes to legal issues, and the documents you will need in order to understand what you’re looking for, here’s a simple guide to get you started on the process.

Due to its fascinating nature, Mediterranean weather, rich history with a touch of modernization and captivating culture; Turkey has always been an irresistible destination to consider investing in. Although it is considered a big step to move and to invest in a country where you do not speak its language, we have some tips to make things clearer and easier for you.

To start, there are a number of documents you need in order to purchase a property in Turkey.

First of all, you will need a foreigner identity number (yabancı kimlik numarası) in addition to a translator and notarized translations in your passport and a photocopy of the passport, the Title deed of the property, “Property Value Statement Document” to be provided from the relevant municipality. You will also need to have an Energy Performance Certificate (in Turkish Enerji Kimlik Belgesi) which classifies said building’s energy efficiency; it has been required starting this year for house sales and property. You are required to register for a compulsory earthquake insurance (abbreviated DASK in Turkish) in order to receive necessities such as electricity and water.

To obtain title to the property, you need to apply to the local Cadastre Office where the property is located. After carrying out the necessary research and verification for the above-mentioned requirements, the transfer of the degree is carried out by the Cadastre Office. During the transaction, evidence or documents relating to the transfer of the entire purchase price to Turkey must be presented to the Land Registry Office. Even a one percent duty for buyers and sellers is due and collected during the transaction. There is an annual property tax, newly built properties are exempt from annual property tax for 5 years. All properties are subject to revaluation every five years for tax purposes. The acquired property can be resold or rented and the proceeds can be transferred out of Turkey. Different regulations apply when property is purchased for commercial purposes.

Lastly, buying real estate in Turkey involves a lot of regulations. Not only should formal regulations be considered, but foreigners should also consider numerous legal exceptions to obtain real estate and it could take some time for all the legal documents to be approved upon.

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