Buying Real Estate in Turkey
Most of us are aware that there is money in land, and for that reason, buying real estate of any type is big business. Real estate is an investment, and when done the right way, it can bring great gains for the owner. Of course, you might want to buy land or property in a country which isn’t your own too, and in that case, you need to be very careful that you follow the correct rules and procedures.
Buying real estate in Turkey is a popular thing to do these days. Why? Becuase there’s quite a lot of it, and it is worth a good amount of cash if you decide to sell it on in the future. The boom in foreigners buying real estate land or property in Turkey has led to some pretty strict rules and regulations, but when followed correctly, there is no reason why you can’t invest.
So, what do you need to know?
The Land Registry Law governs all real estate purchases within Turkey, and this is regularly amended. Staying up to date with changes is something you must do, especially if you have considered purchasing real estate in the past, changed your mind, and then decided to come back to it again in the future. Things change in Turkey quite regularly!
Article 35 of the Land Registry Law was amended in May 2012 and updated rules for foreigners wishing to buy land or property within Turkey. Having said that, immediately prior to your decision to purchase, you should check the most up to date regulations with your consulate and the General Directorate for Land Registry and Cadastre within Turkey. Yu can find all of this information online, but you could also call into your local police station within Turkey and ask for the correct information/guidance on who to speak to. There are many real estate agents in Turkey, called an Emlak, who should be able to give you information.
Basically, the rules for foreigners buying land or fields within Turkey, i.e. real estate without construction are shown below.
- A person of a foreign nationality who decides to buy land or a field without construction (building work) upon it has two years to submit their project details to the local ministry
- Up to 30 hectares of land can be bought in total across the country by a person with a foreign passport
- A foreign national cannot buy or rent land or property within a Turkish security zone, or a military forbidden zone
- A foreign national can buy property or land in town or a district, but it cannot be more than 10% of the total town or district, i.e. you cannot be a majority owner with a foreign nationality, this has to be someone from Turkey
Now we know the rules, you need to know how to do it. Again, rules change on a regular basis, but a lot of paperwork needs to be done. This should all be in English and in Turkish, and needs to be stamped by an official Government Notor in Turkey. Evidence of passport validity, visa validity, and the detailed deeds of the land needs to be shown, and the application needs to be made in person at the relevant ministry office.
If you want to buy a regular house in Turkey, e.g. a flat, apartment, villa, then it is infinitely easier than land! In this case, you should find a good quality Emlak, who will guide you through the process. Of course, you will need to show the correct funds, passport details, etc. You don’t need to hold a residency visa to buy a house in Turkey.
Whist it certainly isn’t impossible to purchase real estate in Turkey, there is a lot of legal paperwork which needs to be completed beforehand. If you can steadily make your way through this red tape (and probably a few frustrations along the way), then buying real estate land in Turkey is a great investment, for sure. One tip however – if you don’t speak Turkish yourself, enlist the help of a trusted person who does, to help guide you through the process wen visiting the ministry.
