In many countries buying properties for making investments is a very complicated process which may take a lot of time and money. However, in Turkey, you can do it much easier. It is almost like buying an apartment in your own country. It became possible due to the act on an acquisition of immovable properties by foreigners. This act simplified the registration process and canceled the property costs limit to get a residence permit.
Here are five steps describing how to buy properties in Turkey:
- selecting the property option – you choose an apartment, a villa, a townhouse or land plots according to your budget. If you like a property, but you can't afford it you can get a mortgage in any Turkish bank. It is quiet easy.
- Conclusion of property purchase agreement. The agreement is signed by the seller and the buyer or their representatives. And it must be written in two languages (in Turkish and in the language of your country). The agreement should be added with a copy of TAPU, registering documents of the developer and an approved property plan. You also need to pay a deposit – 1000-10 000 euros.
- Getting a tax number and a bank account. You need to make a copy of your passport and go to the local tax office. The number is given immediately and you will be able to open a bank account in any Turkish bank department.
- Property purchase request. You need to make a notarized translation of your passport and then make a request to the Cadastral Department and to wait for their confirmation. It may take several months, but you need to do it only once: if you decide to buy a resale property you won't have to go the Cadastral Department this time.
- Executing a transaction and registration of the ownership right on the real estate (TAPU). After the transaction is confirmed you will get TAPU, a document that proves your ownership right. You will also need to pay 4% tax from the cadastral property price. The full payment must be done before getting TAPU.
After you get TAPU, you can apply for a residence permit and move into your new apartment or a house.