Does the Turkish Government allow Foreigners to buy real estate in Turkey?
Under the regulation made in 2012, the Turkish Government has now allowed foreigners to own properties in Turkey.
Which steps need to be taken by a foreigner seeking to buy a property in Turkey?
The standard procedure of buying the property remains the same, and even if you are a foreigner, you need to follow the same steps that a Turkish citizen follows. After you have decided on the property you want to buy, you must sign the contract and then complete the payment procedure. Once the things get over, the title deed will be prepared for you.
How long will it take to transfer the title deed to my name?
The average time to transfer the deed takes 2 to 4 days.
Do I need to come to Istanbul to complete the procedure, or can I complete it online?
You don’t need to come to Istanbul in order to complete the procedure. We at Istanbul Investments, with our expert team, help you to complete the entire procedure online by asking you the information that is needed for the procedure. Our staffs provide you the details information about the apartment you have decided to buy. You can pay a refundable deposit to reserve the flat or can at once pay the full payment. In both the ways, our team will help you throughout.
What is the benefit of purchasing property in Istanbul?
Purchasing properties in Istanbul comes with many benefits. In Istanbul, the real estate market is at peak, and the profit is increasing every day. It also gives you the chance to live in Istanbul, which may result in long-term residency.
What is the procedure for applying for the residency permit? Does purchasing a home in Turkey makes the procedure of residency application easier?
Foreigners are allowed to purchase property in Turkey. By purchasing flat and receiving the title deed, foreigners can apply for the residency permit, which will make the entire residency permission procedure much more straightforward.
Can foreigners apply for Turkish citizenship and long-term residency permit?
Owning a property in Turkey gives you the right to apply for a residence permit that you can easily renew as long as the property is on your name. A new regulation was started in September 2019, affirming that you can obtain Turkish citizenship by purchasing an apartment with a minimum net value of 250,000$ (Reduced from 1,000,000$). You can get more information from our office by contacting our consultants directly.
Will the family of the property owner enjoy the same benefits?
Once you have received the title deed, you can apply for the permit residency or Turkish citizenship (in some cases), which will be given to your wife and children under 18 too.
Can I share my name with someone else on the title deed?
Yes, you can share your naming rights on the title deed with the partner name, and every partner is the legal owner of the title deed.
Are foreigners allowed to open a bank account in Turkey, and what is the use of it?
Yes, foreigners can open a bank account in Turkey. Few banks have special rules for particular citizenships. You can open the bank account by presenting your passport and the tax number that has been provided by the Turkey Tax office displaying the address in your own country.
Can foreigners apply for the mortgage bank loan?
Generally, foreigners are not allowed to get mortgage loans, but some banks can provide credit in certain conditions. However, the developers we are working with offer good payment options and installment without interest, which might make the loan unnecessary.
What type of payment terms come across when buying a property in Istanbul?
You will be able to choose between cash payment or installment alternatives. Options depend on the project and the payment plans that might change due to the availability, as well as the time of purchase.
As a foreigner, how do I get a tax number?
The tax office in Turkey will provide you with a tax number. You need to get your passport translation done and then get it approved by a notary and submit it then to the tax office. Our team will be pleased to help you with this procedure.
Is there any tax that needs to be paid by foreigners?
Yes, there are tax amounts that need to be paid. You can get the complete information on our website or directly by contacting our consultants.
Are there any extra costs that need to be paid for purchasing a property in Turkey?
Yes, there are some extra costs, such as residence utilities and stamp tax.
Do I need to pay capital gain tax when selling my flat?
If you are selling your flat within the five years of purchase, then you have to pay the capital gain tax. Still, if you are doing it after five years of the purchase time, you free yourself from paying any taxes.
How much is the general Maintenance Fee?
The maintenance fees vary from a project to another and depend on the size of the apartment. Approximately, it would be $1- $3 per meter square monthly. The luxurious the apartment is, the higher the rate gets.
Do I have to pay the maintenance fees if I am renting a house?
As per the rule, the owner should pay the maintenance fees. If you are renting an apartment, you have to pay the fees as long as your lease continues.
What is the Freehold Title Deed?
A Freehold Title Deed is a legal document that proves your full ownership of the property. The owner of the property has the full right to sell or transfer the property to another person legally. However, Freehold ownership is limited in a few countries by the Government. As per the property law in real estate, the Freehold ownership gets the highest interest rate that is possible.
What are my rights to Turkish Inheritance Law?
The Turkish inheritance law applies to all deceased foreigners who legally own a property in Turkey. According to this, the spouse share the inheritance with the children. In case there are no children, the spouse shares it with the parents of the deceased owner.
What is the role of the Private Equity Company, and how does it differ from the Real Estate agency?
A Private Equity Company helps the customers to invest in the right property providing their expertise on investing in the real estate property. On the other hand, real estate agencies are just interested in selling or renting the property. A Private Equity Company helps investors to get the maximum profit from their purchase and improve the market to maintain a capital with good cash flow.
Which part of Istanbul is worth investing in? European or Asian?
As Istanbul falls in both the continents, Europe and Asia, the opportunities are better in making investments in the European side. There are still some beautiful properties in Asia for those who wish to have a change of pace from the busy daily life of the European side.
How much does it cost to purchase a property in Istanbul? What if I would like to buy a 2 to 3 bedroom apartment on the European side?
The price of the property varies as per the location, the view, the standards, and the project itself. Our consultants are ready to guide you in the best conditions to make your investments successful. Contact us for more info.
Why to invest in Istanbul?
There are multiple of benefits that are associated with investing in Istanbul
- Rising and successful economy
- Growing young population
- Competitive and qualified Turkish labor force
- Liberal and reforming investment area
- Well-established infrastructure
- Low taxes benefits
- Custom union member
- Large domestic market
Which type of properties is right for investing?
Generally, small apartments with 1 or 2 bedrooms are useful for funding as it is in high demand by the couples, newly married, or students and young workers looking for small households.
What is the minimum amount that I must invest in real estate to apply for a residency permit?
There is no such minimal amount for residency application. You can make investments in any property with the help of our company.
Can I get furniture along with the house?
The properties vary from a project to another in Turkey. You may get a house with or without furnishing.
How much does it cost to buy furniture for my home?
It depends on each person’s taste and needs and the quality of furniture.