A foreign investor who wants to purchase a property in Turkey must know the procedure and the local laws and regulations related to real estate. Firstly, he has to ask, at a Turkish Embassy or Consulate in his parent country or at the General Directorate for Land Registry and Cadastre in Turkey, for the list of countries whose citizens can buy properties in this country. The foreign businessmen who want to purchase land without a building must submit, within two years, the project of the future building. This project must be send to the local authorities.
Buying a property can’t be done without a document signed at the Land Registry Directorates. Before signing the contract for purchasing a property, you can also sign a sales commitment agreement in front of a public notary.
Restrictions for foreign investors
Businessmen from other countries can’t buy how much land they need because of the local law. According to Turkish regulations, a foreign citizen can purchase maximum 30 hectares, but not within security zones or military forbidden ones.
The foreign investors interested in buying lands in a town or a city must not purchase more than 10% of the total area. They can choose another person to represent them for the buying procedure and that person will have the power of attorney.
Before selling a property, the owner or his representative will make a preliminary application to the Land Registry Directorate. It is mandatory for the seller and buyer to pay a fee which is calculated according to the price of the property that can’t be less than the “Property Statement Value” stated by the municipality. Besides this fee, it should also be paid a fee for circulating capital.
No mortgage for the property to buy
Before buying a property, the foreign entrepreneur should ask at the Land Registry Directorate if there is any mortgage or other problem regarding the property. The foreign citizens aren’t allowed to buy a property with a mortgage in Turkey. For better results, it is advisable that the foreign citizen ask for assistance and guidance from a local specialized lawyers or other specialist in real estate.
Foreigners does not have to obtain a residence permit in order to buy a property and if you will purchase a property it won’t give you the right to work or stay in Turkey.
Our attorneys in Turkey can help you throughout the whole procedure of buying a building or a land in Turkey, at competitive prices.