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Kemer Realestate

Buy Property in Turkey

 

 

Kemer Antalya > F.A.Q.

F.A.Q.

Q: What is the status of the Turkish real estate market in the international arena? Recently, in European real estate market the phrase “emergency markets” is very often used. It means the market that requires decisive actions. And first on the list of such countries is Turkey. According to the information given by Cadastral Office 73 thousand foreign citizens from 70 countries own the property in Turkey with the total area of 38, 623,661 m2 at amount of 10.4 billion foreign investments.  One of the main explanations for such openness of Turkish real estate market is that the prices significantly lower than in the European market for the objects of the same value. At the head of the list of property buyers in Turkey are Germans, Austrians, Danes, Dutch, Russians, Englishmen. Recently, the number of Russians wishing to buy property in Turkey increases. Q: Why are the prices on the Turkish real estate lower than, for example, in Europe? Some of the main factors in the cost of housing is the price of labor, which is due to the ratio of demand and supply and the cost of living in the country is lower. And also relatively low taxation makes the prices lower. Q: Why it is profitable to invest into Turkish real estate? Investments in real estate are becoming more attractive for business. Turkey was defined as the prospective direction for investment into real estate. Turkish government is focused on the tourism industry developing and according to their plans in 2020 income from tourism will be already 15% of GDP. Powerful and rapid development of infrastructure (construction of new roads and major airports, new hotels, parks, shopping malls, entertainment areas) makes Turkish real estate market more and more popular. The fact that Turkey has got an incredible popularity because of its fast developing tourism industry stimulates a huge demand for Turkish real estate. And according to experts every year the growing percentage on the price of Turkish property is about 20%. Q: How can a foreigner can buy property in Turkey? According to Article 35 of Property Act №2644 as amended by Article 19 of the Act № 4916 dated by 03.07.2003: «Foreign individuals and trading companies, forming a legal entity established abroad, and in accordance with the laws of their country, have the right to purchase real property located within the borders of the Turkish Republic». The initial factor of the law application is the principle of reciprocity. Q: What is the principle of reciprocity and how it works? According to reciprocity principle a foreign state recognizes the right of the Turkish Republic citizens and Turkish traders at the same level as for their own citizens or commercial companies, forming a legal entity and set up in accordance with national legislation. Thus, the compliance of the reciprocity principle of the real property purchasing between Turkey and the foreign state indicates the existence of a legal framework and mechanism for its practical implementation. In this regard, buying procedure of turkish real estate for foreign citizens or companies depends on the terms of its acquisition in that state for Turkish citizens or trade companies, and depands on the existence of legally prescribed rights, as well as the mechanism for their implementation. In other words, a foreigner can buy property in Turkey only if the country of which he is a citizen of, allow Turkish citizens to acquire property within its territory. Q: The citizens of which countries can and can not buy real estate in Turkey? Currently, Turkey observe the principle of reciprocity with 112 countries. Countries whose citizens have the right to acquire property in Turkey: 1. Germany 2. United States 3. Argentina 4. Albania 5. Belgium 6. Benin 7. Brazil 8. Burkina Faso 9. Burundi 10. Chad 11. Dominican Republic 12. Estonia 13. Morocco 14. Côte d’Ivoire 15. Finland 16. France 17. Gabon 18. Gambia 19. Guinea 20. Guinea-Bissau 21. South Africa 22. Georgia 23. Croatia 24. Holland 25. United Kingdom 26. Ireland 27. Spain 28. Sweden 29. Italy 30. Jamaica 31. Canada 32. Kenya 33. Turkish Republic of Northern Cyprus 34. Colombia 35. Republic of Korea (South Korea) 36. Lebanon 37. Luxembourg 38. Mali 39. Moldavia 40. Monaco 41. Namibia 42. Niger 43. Norway 44. Peru 45. Portugal 46. Senegal 47. Republic of Serbia 48. Slovakia 49. Suriname 50. Ukraine 51. Uruguay 52. Cape Verde 53. Greece Countries whose citizens do not have the right to acquire property in Turkey: 1.Afghanistan 2. Azerbaijan 3. United Arab Emirates 4. Bangladesh 5. Belarus 6. Bulgaria 7. Czech Republic 8. Dominica 9. Ethiopia 10. Eritrea 11. Ghana 12. Haiti 13. Iraq 14. Iran 15. Kampuchea 16. Qatar 17. Democratic Republic of Congo 18. Kuwait 19. Korean People’s Democratic Republic (North Korea) 20. Cuba 21. Laos 22. Libya 23. Macedonia 24. Maldives 25. Mongolia 26. Myanmar 27. Nepal 28. Nigeria 29. Oman 30. Romania 31. Sierra Leone 32. Somalia 33. Saint Lucia 34. Syria 35. Saudi Arabia 36. Tajikistan 37. Tonga 38. Tuvalu 39. Turkmenistan 40. Vietnam 41. Yemen Countries whose citizens require a special permit for the acquisition of Property in Turkey: 1. Australia (only housing, residence permit valid for 5 years) 2. Austria 3. Bahamas 4. Bahrain 5. Barbados 6.Bosnia and Herzegovina (residence permit valid for 6 months) 7. Algeria 8. Palestine 9. Guatemala 10. India (residence permit valid for 6 months) 11. Iceland (residence permit valid for 5 years) 12. Kyrgyzstan (only housing or office place) 13. Lithuania 14. Latvia 15. Liechtenstein (residence permit valid for 10 years) 16. Hungary 17. Malta (only one residential facility, residence permit valid for 5 years) 18. Malaysia 19. Mauritius (residence permit valid for 6 months) 20. Mexico (residence permit valid for 6 months) 21. Egypt (residence permit valid for 6 months) 22. Pakistan 23. Poland (residence permit valid for 5 years if the property does not belong to a condominium) 24. Singapore (1 residential facility, if a residence permit for 6 months) 25. Slovenia 26. Togo 27. Tunisia 28. Jordan (only two dwelling units and one office) 29. New Zealand (residence permit valid for 6 months) Countries whose citizens require a residence permit for the acquisition of property in Turkey: 1. Indonesia (only 1 residential facility, if a residence permit valid for 6 months) 2. Switzerland (any property, residence permit valid for 6 months) 3. Republic of Congo (any property, residence permit valid for 6 months) 4. Uzbekistan (housing or office place, residence permit for a period of 6 months.) 5. Chile (any property, residence permit valid for 6 months) 6. Japan (any property, residence permit valid for 6 months) 7. People’s Republic of China (only 1 residential facility owned by a condominium, residence permit valid for 6 months) 8. Denmark (only 1 residential facility owned by a condominium, residence permit valid for 6 months) 9.Philippines  (only 1 residential facility owned by a condominium, residence permit valid for 6 months) 10. Israel (only 1 residential facility owned by a condominium, residence permit valid for 6 months) 11. Russian Federation (housing or office place, residence permit for a period of 6 months.) 12. Thailand (accommodation only, residence permit valid for 6 months) 13. Kazakhstan (any property, residence permit valid for 5 years) Q: Are there exeptions from the reciprocity principle?Upon acquisition of real estate by foreign individuals the conditions of reciprocity are not required for the following categories of citizens:

  1. Persons without citizenship
  2. Persons with refugee status (in accordance with the law №359 of 26.08.1961 Turkey acceded to the Agreement on Legal Status of Refugees of 28.07.1951 according to Article 7 / 2  for persons with refugee status and residence in the state for 3 years, the principle of reciprocity does not apply.)
  3. Foreign individuals and companies engaged in investing in tourism (According to Art. 8 / E for the Promotion of Tourism Act № 2634, when these individuals perchase properties in tourist areas and centers the principle of reciprocity and other legal restrictions do not apply.)

Q: Are there any other limitations for buying the real estate in Turkey? Buying real estate in Turkey, foreign citizens must comply with the following legal limitations: 1. Restrictions on the area: the total area of real estate, owned by foreign person on the right of property, or received for use on the basis of a limited property right, can not be more than 2.5 (25 thousand square meters) across Turkey. However, the law provides that the Council of Ministers may raise that level up to 30 hectares. A new law also introduced additional restrictions on the area: in each area not more than 0,5% of the total area of this region may belong to foreign individuals. 2. Restrictions on the type of property: on the foreign buyer may be issued only that real estate, which registered in the land registry as housing or a job place or is intended to be used for those purposes, according to local architectural plans. 3. The condition of the reciprocity principle: a foreigner can buy property in Turkey only according to the conditions if the country he\she is the citizen of, legally and factually allow Turkish citizens to acquire property within its territory at the same terms. 4. Legal restrictions on the military exclusion zones and security zones, as well as areas of strategic importance due to its characteristics of energy, agriculture, culture, etc. 5. Restrictions for legal entities: real estate can be purchased only by commercial organizations; various foundations, associations, societies, cooperatives, the state can not acquire real estate in Turkey. Q: How can the company with foreign capital participation purchase real estate in Turkey? Since 17 June 2003 was implemented the Act № 4875 «On foreign direct investment», that is directed to attract and increase foreign investment, protect the rights of foreign investors, the transition from the permits and approvals to the principle of information and advice. In accordance with the Act in regard to foreign investors, the same regulations, as for the local investors are used; canceled the order permission to invest, to create a company, etc. Legal entities created by partially or entirely based on foreign capital, have rights, equal rights as for citizens of Turkey. Q: What is the procedure of real estate buying in Turkey for Russian citizens?

  1. Signing a contract to purchase the property. The contract shall have the following data: – Names and addresses of the buyer and the seller’s name and address of real estate agencies; – The value of the property; – Schedule of payments; – Deadlines for registration and transaction processing TAPU. The same can be stated a number of additional conditions for the transaction.

2. Official paper on the exchange of foreign currency in the currency of Turkey. This information is given to foreign police. Only after that permit may be issued. 3. The translation and notary certification of passports. This step is essential for getting the certificate for the property. 4. Getting a residence permit for a period of six months. The procedure for obtaining residential permit is required for foreigners wishing to buy property in Turkey. Permit is issued in the local government security office, in the foreign citizens department. To get a permit must be submitted the following documents: – Passport; – Copies of pages from a passport, but where there are photos and the latest tourist visa; – 4 color photographs; – A savings passbook or a certificate from the exchange on the exchange of Euro 1200 at the Turkish Lira. 5. Meeting financial obligations. 6. Upon the return to Russia the buyer is obliged to fulfill all their financial obligations. After that, the seller or agent begin the procedure of real estate registration. 7. Sending documents in Izmir. The procedure is needed for foreign citizens acquiring property in Turkey. In Izmir, the Department of the Ministry of Defense of Turkey which is obliged to check whether this real estate object is not in the zone of interests of the Turkish military state. 8.Sending documents to Ankara. When the office in Izmir gives permission for property buying, a request is sent to Ankara, the main Cadastral Office, which must issue a resolution for the sale. 9. Getting the certificate of TAPU. Duration of this procedure, approximately 3 months, in some cases, the procedure may be slightly longer (depending on the number of requests). To get TAPU your personal presence will  be required. When buying real estate by foreigners who do not speak the Turkish language, while registering a transaction, the presence of an official interpreter prescribed by law. Only after the assurances you have understood the text of the treaty the contract will be registrated. The fact of the transfer of ownership is registered in the cadastral book, then you get TAPU. Q: What are the taxes and expenditures connected with buying and using  real estate property in Turkey?-There are taxes and non-recurring expenses, such as a tax on registration of property rights is 3% of the value of the property specified in Tapuah (inventory value). Payment is made in the public bank. -costs on registering real property rights (a residence permit, translation and notarization of the passport, the various contributions) are generally not exceed the amount of 300-500 Euro. -permission for the apartment using (if new) 500-800 Euro – to connect electricity 100-150 euro (when buying new property), or change the user name – 30 euro (Resale) for connection to the piped water 60-100 euro (new). taxes and expenses that are paid annually:

  1. tax for housing is 0,3 – 0,4% per annum of the value of the object specified in Tapu
  2. tax on garbage, which define the organs of local administration, consistent with the type of building and its situation. (the amount of the tax is about 25-35 euro per year)
  3. cost of utilities vary depending on the property
  4. voluntary insurance of real estate 150-250 Euro
  5. compulsory earthquake insurance is included in the voluntary insurance, which amounts to approximately 10% of the whole insurance
  6. water and electricity is paid by the meter: water is about 0,6 – 1,26 Euro / m³. depending on the number of
  7. electricity of about 0,13  Euro / kWh. depends on the time of the day

Q: Can a foreign country citizen get a Turkish citizenship if bought Turkish real estate? In accordance with recent changes in legislation relating to the acquisition of immovable property by foreign citizens on the basis of bilateral treaties concluded between countries, one of the conditions for the acquisition of real property (house or apartment in Turkey) by foreigners is a residence permit valid for at least 6 months. Then, if desired, may acquire Turkish citizenship. Q: How can be the property passed for rent during the owner absence? To ensure that property you brought the real income and in addition covers the cost of maintaining housing, you can apply to our company. «Ekol Real Estate» will help you to find decent tenants at the time of your absence. Also, our company is ready to exercise control on the use of your property.



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