Buying Process for Real Estate in Turkey
In order to familiarize yourself with the property buying process in Turkey, which is not much different than that of any other European country, we have outlined below the procedure that should be followed. Keep in mind that the most important thing during the buying process is to find a trusted and knowledgeable local real estate agency that will guide you through the path to risk-free ownership wherever you decide to buy in Alanya and its surrounding areas.
Once you’ve chosen Erta International as your trusted real estate agency, our agents — who are recognised for their professionalism, integrity and specialist knowledge of the market, and more importantly, are your assurance that the property you are acquiring is safe and secure — will provide you with specific budget estimates for all legal, finance, and transaction costs and also, represent you in the acquisition of any type of property in the area, including new developments and re-sale villas and apartments.
We would like to point out that Erta International also provides after-sales services for its clients, which means that once you’ve purchased your property you don’t have to worry about managing or maintaining it. We offer professional property management and our after-sales team can be contacted six days a week should you need assistance. Please do not hesitate to contact them, no matter how small or big your concern may be.
Purchasing real estate in Turkey is not as difficult as some might think. In fact, Turkish property owners find the buying process fairly uncomplicated. That’s not to say however, that it can’t be time consuming and sometimes even frustrating. We believe it is indispensable to secure professional, legal, and financial advise before investing in real estate in Turkey. While the Turkish *property law is rather simple and straightforward, there are always cases of investors being unscrupulously misled by unethical sellers. This is where Erta International comes in with its expertise and integrity to provide sound advice to the prospective buyer and make the property acquisition go as worry free as possible.
*According to Article 35 of [Turkey’s] 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».
As soon as a sales agreement has been drawn up and the buyer & seller have signed it, providing you, the buyer, with legal rights over the selected property and preventing the possibility of its sale to another buyer, an application to the local Land Registry, or State Cadastral Administration, is made for the transfer and the acquisition of the original Title Deed of the property known locally under the term “TAPU”. Make sure that the sales agreement, apart from additional terms of the transaction, includes the owner and buyer of real estate, the value of the deposit, and the payment schedule for the remaining amount.
After you have everything in order in terms of the legality of the contract, a photocopy of your passport along with 4 color photographs 3.5 x 4.5 cm will be sent to the Ministry of Defense to check whether the real estate is in the Military Forbidden Zones or Security Zones. This verification process will take approximately 10 to 14 weeks. In some cases the procedure may take a bit longer, depending on the number of requests.
Once the authentication and authorization process from the Ministry of Defense is complete and all the payments of the newly acquired real estate property are made as stated in the sales agreement, then the Title Deed will be ready to be placed under your name with the transfer of ownership being registered in the State Cadastral book. After this last step you receive Certificate of Title or TAPU.
In Turkey, only the state authorities on behalf of the State Cadastral Administration can register and legalize the documents of ownership, ensuring at the state level, the transparency and legitimacy of the transaction. Notaries do not have the right to register the transaction of sale of real estate in Turkey. The Notary’function in this case is only that of being present to officially certify that the Title Deeds have been exchanged and understood by the parties involved. Also, keep in mind that all property sales to foreign nationals must be notarized by a government-authorised interpreter. This is to ensure that you understand the documents that you are signing.
*Note: Only the person purchasing the property or his/her official appointed representative are legally permitted to sign all the legal documents pertaining to the real estate transaction. It is the obligation of the purchaser or his/her authorized representative to personally appear before the appointed office in order to finalize and collect all required documents for the transfer of the title. To get the Title Deed of the property or TAPU your personal presence will be required.
When appearing before the appointed office:
- A photocopy of the buyer’s valid current passport or Identity Card given by his/her own country is required.
- 2 colored passport-sized photos are required.
If the real estate property is being purchased under a joint venture, the photocopies of passports as well as the passport-sized photos of each individual included in the transaction are required.
Erta International offers a variety of payment options during the buying process for the convenience of the client.These options however, may depend on the specific request of the seller of the real estate property and also, on the development of the property. A property that is on the planning stage has different payment options compared to a property that is already ready for occupancy.
If you are undecided on what type of property to acquire, then you can consult our property experts for advice and have a look at our listings. We are confident that we will be able to find you the property you’re looking for. Once decided on a property, we can then provide you with all the legal services necessary for the transaction.
Erta International also works with members of its trusted network of independent financial advisers that you can contact should you have any questions, or seek advice regarding your options in purchasing property in Turkey. There will be no extra charge for our financial advise assistance. So, please do not hesitate to contact our office for further details and inquiries.
When it comes to real estate investing Turkey’s real estate market, being an emerging one, provides exciting opportunities to local and international investors, offering them unique investment potentials. Successive years of strong economic growth and foreign investment have resulted in increasing demand for real estate. Over 60,000 foreign national investors have bought themselves lifestyle retreats in Turkey over the last 5 few years. On the basis of the number of foreign nationals acquiring property, the situation is as follows: [via WP] Antalya (26,031 foreign nationals), Muğla (12,865 foreign nationals), İstanbul (8,830 foreign nationals), Aydın (7,415 foreign nationals), Bursa (5,241 foreign nationals), İzmir (4,145 foreign nationals). German nationals came the first in Antalya Province and British citizens in Muğla and Aydın Provinces. Purchases by Greek nationals displayed a striking preeminence in İstanbul and, in a more recent trend, in Bursa.
Although with the recent economic crisis and the global economic contraction the European and US real estate markets have been negatively affected, the real estate market in Turkey is still promising. While a deterioration in demand and a downward trend in house prices have been observed all over Europe, [via IIT] “according to TurkStat statistics the number of apartment units sold in Turkey in the second quarter of 2011 increased by 18 percent compared with the same period of 2010, which shows that the country has huge growth potential in the real estate sector.”
According to Bussinesweek, a weekly business magazine published by Bloomberg News, “property experts compare Turkey to the Spanish property market in the late 1970s.” Also, London-based Global Property Guide, a consultancy group, has reported Turkey with its booming economy and EU accession themes, “as one of the most attractive property markets in Europe, due to its economic growth and investment potential.”
Turkey is expected to become the fastest growing economy among the OECD members during 2011-2017 with an annual average real GDP growth rate of 6.7%. GDP growth in 2011: 8.5%.