|
Purchasing Real Estate for Private Use in Turkey
Buying property in Turkey is now seen as a good future investment considering the fact that Turkey is on the verge of becoming a member of the EU and has one of the fastest growing emerging markets in the world.
Foreigners may purchase land and property in Turkey in their own names provided that properties are located in towns, in villages or rural areas and outside of military zones.
Here we will give you the essential but general information regarding the path to ownership of a property in Turkey according to Turkish Laws and which problems might arise during the process. We encourage you to consult an expert or visit our company in Turkey, ALAYDIN CONSTRUCTION. Buying property in Turkey can be a complex matter and knowledgeable, professional service is required. Our Solicitors are exactly offering you professional legal assistance on all kinds of legal bases of buying property in Turkish Rebuplic
In order to acquire the title of a property, an application has to be submitted to the local Land Registry Office in which the property is situated.
Necessary documents for applications
Passport
Photographs (8 per each person)
Tax number
Bank account in Turkish bank
Turkish currency for notary public expenses
After carrying out necessary searches and checks for the above mentioned requirements, the transfer of the title is done by the Land Registry Office. During the transaction, the proofs or the documents concerning the transfer of the full purchase price into Turkey must be presented to the Land Registry Office.
Property Registration and Delivery
The entry in the property register in Turkey is performed by an official of the Property Registry Department. It is legally compulsory for both sides (the seller and the buyer) to be present at the entry. It is possible to authorise another person to do so but the authorisation requires a Powers of Attorney from Notary Publics for Authorising our Solicitors for buying property on behalf you.
The only applicable stipulation concerning the delivery is that it takes place in writing. After the entry and delivery the property register issues a proof of ownership, which is called ‘Tapu’. The ownership is only obtained at the moment that the building(s), if under construction, has been completed and the full amount has been paid.
Mainly there are no legal restrictions against foreigners regarding the acquisition of property ownership. However, the act regarding Military Prohibited and Security Areas can be an impediment and therefore restrict the acquisition of property by foreigners if the property is located within a particular distance of military sites or strategically important areas.
The major legal restrictions mentioned above may in turn change or even be (partly) cancelled by more recent legislation which is closely related to the promotion of the economic position of Turkey or the adjustment of regulations and laws to EU or tourism promotions for foreigners etc.
|