At the last years, Turkey is one of the most attracting points of the world for the concept of real estate invesment. Investors from Europe, Gulf countries and China started to purchase real estate in different cities of Turkey. İstanbul, Ankara, Antalya, Sakarya, Bursa and Yalova are the leading cities. Foreign persons may purchase real estate in Turkey and the reciprocity requirement was cancelled in 2012. Although the front of the property acquisition of foreigners in Turkey comply with the legal restrictions, there is no obstacle. In this article we briefly talk about the need to know about real estate acquisition by foreigners in Turkey.
Legal Basis and Application for Acquisition of Real Estate by Foreigners
According to the amendments made in 2012 in the Land Registry Law numbered 2644, the requirement of reciprocity in real estate acquisition in Turkey by foreigners cancelled. Within the framework of the legal regulations of property acquisition granted to Turkish citizens in their own country, foreign investors could make real estate investment in Turkey. Foreign nationals, subject to compliance with the legal restrictions in Turkey they can purchase properties in Turkey like house, office, land and plots. However, foreign investors have to submit the projects they will develop on lands that do not have any structure, such as plots or fields, to the approval of the relevant ministry within two years.
You should definitely know that foreigners will buy a property in Turkey but they can take ownership of the immovable and registered with the official certificate will be signed in the land registry office. The ownership of the real estate will never be transferred to third parties with a promise to sell contract or other contracts. Foreigners, if they invest for the first time in Turkey, working with a strong professional and competent consultants, we recommend the execution of all processes of institutional support.
What are Legal Restrictions?
There are some legal restrictions for foreigners who want to purchase real estate in Turkey. Withing the scope of legal restrictions, foreigners can have Turkey;
- Within the borders of Republic of Turkey, foreign nationals may purchase immovable property and may acquire up to 30 hectare limited real rights.
- A positive reply must be taken from Military officer for being or not the immovable is located in military security zone. This procedure has been cancelled in 58 provinces where military prohibition and security zones have been measured.
- Real persons of foreign nationality may acquire immovable and limited rights up to 10% of the area subject to private ownership.
- Legal restrictions do not apply in establishing a pledge for real persons and commercial companies with legal personality established in foreign countries according to their own legislation.
- Acquired in violation of the provisions of the law; determined by the relevant Ministry and administrations to be used contrary to the purpose of acquisition; in case of project-based purchases, the relevant Ministry is not applied within the time limit or the projects are not realized within the time; immovables are subject to liquidation provisions.
Required Documents for Acquiring Real Estate
Foreigners must provide some documents when purchasing real estate in Turkey, and they must complete the sales procedure in a land registry office. While certain documents are requested in the acquisition of real estate by foreigners, just like Turkish citizens, translations of some documents may be required as a difference. Accordingly, the following documents must be available in a complete and up-to-date manner in a real estate sale:
- Title Deed Document of the real estate or village/neighborhood, city block, parcel, building, independent section information,
- ID or passport (with translation when necessary),
- Obtaining the ” Real Estate Current Value Certificate ” from the municipality where the real estate is located,
- Compulsory earthquake insurance policy for buildings,
- 1 photograph of the seller, 2 photographs of the buyer (in the last 6 months, 6×4 size).
- If one of the parties does not speak Turkish or has insufficient knowledge, a sworn translator,
- In case of transaction with a power of attorney issued abroad, the original or certified copy of the power of attorney with its translation.
If you have any questions about acquisition real estate by foreigners in Turkey, feel free to ask us on the comments section below.