Buying Real Estate in Turkey FAQ
It is very advantageous for a foreigner to buy property in Turkey. Therefore, investment in Turkey is growing today. Especially, foreigners make property investment occur serious market. With Zaren Invest, a part of Zaren Group, you can invest in Turkey trustly. Here, we answer FAQs asked by those who want to buy a real estate in Turkey. And, let’s look at FAQs about Buying Real Estate in Turkey
Buying Real Estate in Turkey for Foreign FAQ
Let’s answer FAQs asked by those who want to buy a real estate in Turkey.
Can a Foreign Buy a Property in Turkey?
It is possible for a foreigner to buy a property in Turkey. However, if real estate is in soldier and government area, it is not possible. That is, this means that a foreigner can only buy a property in a special area.
Residence Permit For Foreign to Buy a Property in Turkey
Those, who want to get residence permit in Turkey, need to have a real estate worth at least 250.000 dollars. Once the property is purchased, the residence permit is valid for one year and then renewed for 5 years. Although any foreigner can buy property in Turkey, if the property is not state-owned, a real estate specialist is needed.
Do a Foreign Pay Tax for Their Property?
According to the tax law, all real estate (house, land and workplace) in Turkey is subject to tax. The one who has to pay the tax is the owner of the property. In summary, foreigners who buy real estate in Turkey must pay real estate tax.
Buying Real Estate in Turkey for Foreigners Deposit
If the buyer is a Turkish citizen and not the seller, there is no need for a contract and the title deeds can be quickly exchanged at the Land Registry Office. At this point, the foreigner buying a house in Turkey will give a deposit to the seller. This deposit is 10% of the sale price and the sale is secured and the title deeds are transferred.
Is 2023 a Good Year to Buy Real Estate in Turkey?
The prediction that real estate prices in Turkey will increase in 2023 is stated with certainty by almost all analysts. One reason for this is the real estate boom, as a significant portion of apartments and houses have already been sold.
How long does it take for foreigners to buy property in Turkey?
There are many stages to buying a property in Turkey and this process can take several weeks. The whole process can take between 12 to 16 weeks and one should be aware of all the fees and expenses that need to be covered; buyers usually pay 7%-10.5% of the property price as fees.
Is there a Home Loan in Turkey for Foreigners?
There are no strict requirements for foreigners. But, some reports say that it is easier for a foreign citizen to get a mortgage and buy real estate in Turkey than for locals. This is because foreigners only need to provide some basic documents to get financing.
Is Buying Real Estate in Turkey Good for Foreigners?
Low risk investment!!! Turkey is a great place to buy property. Because, the government has a strong economy and focuses on ensuring that the country is an attractive place to do business.
How Can Foreigners Prevent Income Tax?
Tips to prevent income tax are below;
- Recent tax changes for landlords.
- Claiming all expenses.
- Creating Shared Ownership.
- Setting up a limited liability company.
- Reduction by Extension.
- Short Term Tenants.
- Utilizing all available tax bands.
- Benefit from mortgage interest by switching to a balanced buy-to-let mortgage.
Disadvantages of Living in Turkey
The most important disadvantage of living in this country is the language. However, people in this country usually speak Istanbul Turkish to everyone and have little command of English. The important point is the high cost of energy consumption in this country, which you should pay attention to.
Can Foreigners Get Loans from Banks in Turkey?
Most loans to foreigners are also in foreign currency. But, a few lenders such as HSBC offer Turkish lira loans. You can go directly to one of the Turkish banks that offer home loans to foreigners, such as Akbank, Denizbank or Garanti BBVA.
Is Buying Real Estate in Turkey a Good Idea?
Those who want to invest for the long term can rely on Turkey’s real estate market because these prices have the potential to offer lucrative returns on investment. Thus, property buyers in Turkey have the added advantage over those in Cyprus or Spain, where property prices have already skyrocketed.
If a Real Estate Owner, How long can you stay in Turkey?
Both foreigners who own real estate in Turkey and those who are considering investing consider this question. Whether you own property or not, a foreigner can stay in Turkey for 90 days within 180 days.
Do you need a lawyer to buy property in Turkey?
Turkish law does not require the use of a lawyer, which means that it is not unheard of for buyers and sellers to simply exchange money and title deeds. However, over the last decade, real estate purchase laws have been tightened to protect buyers with more controls and procedures. However, we recommend that you consult a real estate consultancy company to help you. In this way, you can overcome the legal complexity that may seem overwhelming to you.
How easy is buying real estate in Turkey?
It is quite easy for foreigners to buy real estate in Turkey. With the developing technology, many foreigners can see the real estate in the region they want digitally. At the same time, they easily plan the purchase process.
