Purchasing real estate in Turkey as a foreigner can be a daunting task, so it pays to do your research first. From costs and taxes to foreign ownership restrictions and legalities, find out how you can legally buy property in Turkey with this guide.
Understand Turkish Real Estate Laws
It is important to be aware of the regulations and laws surrounding real estate in Turkey, to ensure that the purchase of your home goes smoothly and without hiccups. As a foreigner, you may experience certain restrictions when it comes to buying or renting property. Knowing how these rules may affect you can help you make the right decisions when selecting a property. Some laws will dictate who can own what type of properties, how much of the property can be owned by foreigners, and other legal matters related to real estate transactions.
Research the Property Market in Turkey.
Before you even begin to look at potential property purchases, it is important to research the real estate market in Turkey. Look into property prices, trends in the housing market, possible areas of investment, and what kind of properties are popular with both locals and foreign buyers. Doing your due diligence will give you a better chance at finding the right property at the right price. Additionally, services like realtor.com can help you find a local real estate agent who specializes in working with foreign investors so that they can guide you through the various steps necessary to buy or rent a home in Turkey.
Choose Your Ideal Area of Investment in Turkey
When looking for properties to purchase in Turkey, it is important to think about the location that best suits your needs. Consider factors like scenery, local amenities, public transport access and proximity to larger cities. Additionally, some areas are known for their natural beauty such as beaches or mountains, while others have a great nightlife and urban buzz. Research the different neighborhoods carefully so that you can make an informed decision about where you should invest in real estate.
Choose Your Property Type and Developer
Once you have narrowed down the area that you would like to invest in, it is time to decide on the type of property and developer that you would like to work with. There are several methods of finding trusted developers such as asking friends or searching online. It is also important to do your own research and read up on customer reviews before committing to a property. Speak with your local embassy or lawyer for advice about reputable contractors and developers.
Seek Professional Legal Advice From a Notary Public in Turkey
Under Turkish law, all foreign purchases of real estate have to be verified by a notary public. A notary public will provide translation services for any documents that need to be signed and check the details of the contracts you are given by the developer or seller. Additionally, they can answer any questions you may have about your purchase such as taxation and advise on common legal documents like title deeds and occupancy deeds. Having a reliable legal representative is essential to ensuring a smooth process when buying real estate abroad.