Everything Related To Real Estate Ownership in Turkey
Real estate market in Turkey has recently been very poplular, as Turkey has become a destination for investors from all over the world, as well as it is a generally a destination for foreign tourists, that is due to the facilities provided by the Turkish government to the investors and especially Arab investors, Turkey also has a charming nature and a moderate climate.
Real Estate Ownership for Foreigners According to Turkish Law
Turkish government has done some important amendments regarding the Turkish real estate law related to individuals interested in real estate ownership in Turkey, according to the law number 6302 issued on 03/05/2012 the Turkish government has lifted some restrictions on foreign ownership in Turkey, on the other hand the government offered some facilities in conditions required in foreigners interested in real estate ownership with restrictions still valid for citizens from some neighbor countries.
What Nationalities Restricted from Real Estate Ownership in Turkey?
- Armenian nationality.
- Cuban nationality.
- Cypriot nationality (except for Turkish Cypriot citizens).
- North Korean nationality.
- Syrian nationality.
Does The Turkish Law Take the Principle of Reciprocity in Real Estate Ownership?
Turkey has paved the way for foreign investors to own real estate through giving the ownership right to citizens of 183 countries without being subject to terms of reciprocity.
That increased the investors’ interest in real estate investment in Turkey, and the most important point in this law is lifting the principle of reciprocity that the foreign investor was subject to previously.
What Are the Restrictions Imposed by Turkish Law on Real Estate Ownership in Turkey?
This law imposes some restrictions on sizes related to real estate that will be owned by foreigners, as the total property owned by the foreigners shall not exceed 10% of the area of the region, and the total property owned by a foreign individual in all the cities of Turkey shall not exceed 30 hectares, this can be increased to 60 hectares only by the Turkish cabinet, in addition to that, according to the ownership law in Turkey, the amendments to the areas classified as military zones are subject to the approval of the Army Staff and the commands it represents.
What are the Conditions for Real Estate Ownership in Turkey for Foreigners?
- Nationality of the foreign invesotr should not be one of the restricted nationalities in Turkey.
- The age of the foreign investor should not be less than 18.
- The property size should not exceed 30 hecaters, and 10% of the area of the region.
- The property should not be in a military zone.
What are the Best Fields for Real Estate Ownership in Turkey?
- Real estate ownership for profit, and that is when the foreigner purchases a property in Turkey then rent it or resell it and benefit from the profit or finance return.
- Investing in commercial properties, which means purchasing a property in Turkey in purpose of making a commercial project or investment or establishing a company.
- Residential real estate investment, and that is trough owning a property in Turkey for residing or for studying in Turkish universities or family settling.
What are the Advantages of Real Estate Investment in Turkey?
- It benefits you in the ability of applying for Turkish citizenship through real estate investment according for the ownership law for foreigners in Turkey.
- Continuous increase in real estate value in Turkey, and that is what all foreigner is looking for.
- Through real estate investment in Turkey, you can get acceptable profit returns monthly.
- Living and residing expenses in Turkey is considered low compared to other countries.
Documents Required for Property Ownership Procedures for Foreigners in Turkey:
- A valid passport translated and certified by the notary in Turkey.
- Tax number.
- A biometric personal image for the seller and the buyer.
- Bank vouchers showing that the property price has been paid.
- Real estate evaluation document.
- Earthquake insurance document.
- Vouchers of paying the real estate tax fees and the title deed fees.
How Long Does the Procedure Take to Obtain a Title Deed When Owning a Property in Turkey?
To obtain the title deed when purchasing a property in Turkey it would take a short period of time that does not exceed one week.
To know the most important properties in Turkey and to facilitated all the required procedures, Al Sadeq Group company offers you a team of experts in this field to get the best results and services.
Keywords:
Turkish citizenship
Real estate investment
Real estate ownership in Turkey
Real estate evaluation
Passport
