Feb 5, 2023

Real Estate Law in Turkey

Turkey is an ideal destination for owning real estate for many foreigners around the world, especially investors, businessmen and capital owners, because real estate is always the best way to save money, and do not forget that it is the least affected by crises, wars and the like. Thus, to delve into the world of real estate, you must be familiar with real estate law in Turkey.

Recently, there have been many questions about the real estate sector in Turkey, so we chose in Akarkom to clarify some points in terms of real estate law in Turkey and answer all your inquiries about this matter.

Read about real estate law in Turkey:

Before you start delving into the world of real estate in Turkey, you should take a small tour of real estate law in Turkey from the beginning. The Turkish Parliament issued a law granting the right to own real estate in Turkey on all the territory of the Republic of Turkey to all citizens of the world after abolishing the reciprocity law, and this was in 2012 AD.

But this real estate law in Turkey does not include those who hold one of the following nationalities: Armenia - Cuba - North Korea - Nigeria. (They were prevented from buying real estate in Turkey for political reasons and old agreements that are still adhered to till today.

Law No. 35 of Land Registration Law No. 2644, as amended by Law No. 6302, which took effect on May 18, 2012, is the legal basis for foreigners buying real estate in Turkey.

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How many properties are allowed for a foreigner to own in Turkey?

Among the most common questions among those interested in real estate in Turkey and real estate law in Turkey is the number of properties that a foreigner can own. Is the field open to him, or are there restrictions that must be adhered to?

In this regard, we must point out that despite the facilities provided by the Turkish government and the flexibility of Turkish laws, there are certain restrictions that must be adhered to, which are as follows:

A foreigner is not entitled to own more than thirty hectares in Turkey and in its various regions.
If the number of real estate sold to foreigners in a certain area or town exceeds 10% of its total area, the Directorate of Land Registry stops granting licenses.
One of the points that it is important to adhere to is that the property should not be located within a security or military area.

Steps to buy a property in Turkey:

If you intend to search for a property for sale in Turkey, you should see the steps that must be followed first. Your commitment to them is the first step in order to achieve the results and success that you hope to reach. Below we remind you of all the steps.

The first step: Find what suits you from the property that suits you:

In order to find the right property for you, you must specify its goal (Do you want to settle and reside? Or do you seek to start a safe real estate investment? Or do you prefer to obtain Turkish citizenship?)

If you want to live, you can see the specifications of real estate in Turkey and its advantages, and then choose what suits you and in line with your financial budget.
If your goal of knowing real estate law in Turkey is real estate investment, you must choose carefully and take into account the most important tips that have been provided in this area, and this is what we will refer to later.
If you want to obtain Turkish citizenship, you must look for a property that fits the conditions stipulated in the Turkish constitution (the minimum value of which should be 400 thousand US dollars, in addition to a pledge not to sell it before three years have passed since the date of its purchase).

Step Two: What is your source of financing for the purchase of the property?

After you have known real estate law in Turkey and found the right property for you, Know that you are faced with three possibilities:

The first possibility is that the price of the property is available to you, and you can pay its value directly and in one payment.
The second possibility is that your financial balance is not commensurate with the value of the property and you need to resort to borrowing the amount from a bank in Turkey.
The third possibility is that you resort to a construction company to buy a property in installments and pay comfortably over a period of years.

Step Three: Hire a Reliable Real Estate Agent:

One of the biggest mistakes that a buyer may make after knowing real estate law in Turkey and when searching for real estate in Turkey is to rely on himself in the search and avoid using a real estate agent or company.

The real estate agent guarantees that you will get the best properties for sale at great prices, as a result of his great experience in the field of real estate in Turkey. If you are alone, it is easy to be a victim of real estate fraud, especially if this is your first experience in buying real estate.

There is something that is important to pay close attention to, which is that not all real estate agents can be dealt with, so you should look for the best and choose carefully according to what we will mention now:

He must have a good reputation in the market and be well treated as well.

It is important to communicate with clients who have previously dealt with him to get an idea of the level of services he provides.
Visit his website and make sure to meet him in person to make sure of his response to you and your questions.

Fourth Step: Visit the real estate projects:

Among the actions that you should take is to make field tours and visit the most prominent and most important real estate projects in Turkey and see the advantages - specifications - prices, etc. And be completely confident that you will have plenty of distinctive options with various characteristics, as one of the most famous things about Turkish real estate is that it matches all tastes and budgets.

The most important notes when owning real estate in Turkey:

For a profitable real estate investment, be sure to buy a property in a privileged location (close to public services - close to transportation - schools - health institutions - tourist attractions).
Check the legal status of the property (are there restrictions or problems arising from it, such as mortgage or other problems), you must review the Directorate of Land Registry.
If you want to live in a quiet area away from the noise, do not look in the city center (it is preferable to go to rural or remote areas).
Residential real estate is more distinguished than commercial real estate for real estate investment, as it is superior to it in several aspects, firstly, the ease of renting it because the demand for it is large, and secondly, the ease of selling if you want it in the future.

We presented to you in this article the important aspects related to owning real estate in Turkey. We hope that we have answered your various questions and do not forget to visit our website regularly to be informed of the latest developments in the real estate market in Turkey.

We are ready to answer all your inquiries regarding real estate law in Turkey, so do not hesitate to contact us via WhatsApp

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