Buying Property in Turkey
1. Preparing Your Wish List
One of your first steps is to prepare your wish list. In order for us to provide you a better service, you need to answer questions such as for what purpose you will buy the house, which region you prefer, what are the main features of the property, etc.
Consultant Cabin has gathered the most valuable and best properties in Turkey. For this reason, the list should be prepared as thoroughly as possible in order to make the matching that most suits you.
If your wish list is ready, you are ready for the next step, a viewing tour. Our representative will continue to send you some offers until your arrival in order to finalize your wish list.
2. Viewing Tour
Now it is time to plan your trip to Turkey to see how it feels to live here. Our Sales Agent who speaks your language will pick you up from your hotel, make a short presentation in our office and then your viewing tour will begin. We will listen carefully to all your questions and requests so that we can show you 3 or 4 properties that best suit your wishes and desires.
Also, no need to wait for this process to come to Turkey! We can also arrange a virtual viewing tour. you will have the chance to visit the property and ask questions directly to the owner without leaving your home.
3: Paying a Deposit and Signing the Sales Agreement
After choosing the property you would like to buy, the final price is determined and the payment plan is created clearly.
An average deposit of 5,000 USD/EUR must be paid to commit your purchase of the property and to reserve it. Working directly with the buyer and the seller, we do not include any intermediaries. We make sure that every detail is reviewed and mutually agreed upon before the contract is signed.
We make sure you get your property under the following conditions;
- The exact one is shown to you
- From the actual seller Debt-free
- Under mutually agreed conditions
We prepare the official sales contract, which includes all the details, in your preferred language. The down payment should be made within 1 to 4 weeks after signing the agreement. The amount is on average between 30% and 50% of the sales price. The remaining amount is paid at the title deed conveyance stage.
4: Legal Procedures
There are some necessary formal procedures for the purchase to be finalized. You will need a Turkish tax number first. Your passport will be enough to get a tax number. We will support you in the rest of the process.
Another thing you will need is a bank account. We will open this account for you, where you will make all the payments related to the purchase. You can also use this account for your service subscriptions later. All you need to open a bank account is a copy of your passport and an invoice proving your address in your country.
A valuation report will be required in all property sales to foreign buyers in Turkey to confirm the actual value of the property. We work with our state-approved partners for an accurate and safe assessment.
If you do not want to be here in this process, you can give us, your lawyer or legal representative power of attorney.
5: Signing the Title Deed and Moving
We came to the last and most beautiful step. You are ready to get your title deed and move to your fancy home. Again, you don’t need to be here to get your title. Just send us a power of attorney.
Coming to this stage means that all final payment is completed and all taxes are paid. Congratulations! Now you have a property in Turkey.
After all these processes are over, we will continue to be with you with our after-sales services.
Frequently Asked Questions (FAQ)
Q: How can I find my dream home?
A: If you have a list of features that you are looking for, the next step is to find a real estate agent. Your agent should be professional, experienced, and most important; he should understand your expectations. Once you and your agent have clear communication, your agent will easily guide you to your dream property.
Q: How many properties should I see during a viewing tour?
A: Three or four properties are good for a viewing day. Fewer options might not help you find the one you wish, while more options may confuse you at the time of examining your options.
Q: What is a good real estate agent like?
A: A good real estate agent should be professional and experienced. Besides, your agent should be caring and understanding. You should have clear communication and understanding with each other. A real estate agent is supposed to assist and guide you during the purchasing process. He shouldn’t be “make a sell oriented”, instead he should care about you, your expectations, and your savings. Professionals know: Sales success comes automatically when the business is appropriately done.
Q: How can I ensure that the property I buy has no problems?
A: Checking the appraisal report could be a good start. If the property is debt-free, all construction and habitability certificates are provided and the physical condition of the property is good, this means you are buying a property without problems.
Q: Are the legal procedures long-lasting and complicated?
A: Legal procedures for buying a property in Turkey are not complicated in Turkey when compared to most of the countries. If you have already transferred your money to Turkey, you can get the title deed within four working days after choosing the property.
Q: Can everybody purchase a property in Turkey?
A: Yes, everyone from any country, except for politically unrecognized countries, can buy properties in Turkey.
Q: Is it possible to purchase a property in Turkey remotely?
A: Yes, you can buy properties in Turkey remotely. You can contact us directly to book your online viewing trip.
Q: How much of a deposit payment would be appropriate while signing a contract?
A: Paying 10% of the purchasing price as a deposit is proper. This shows that you are a serious buyer and respect the terms agreed during the negotiation.
Q: Is it advantageous to hire a lawyer for buying a property in Turkey?
A: Not in all cases. If you are dealing with a professional real estate agent, your agent will help you protect your rights and close the deals successfully. However, if you are not feeling comfortable while purchasing a property in a foreign country, you may prefer hiring a lawyer to follow up on the process for you.
Q: Why should I deal with Consultant Cabin while purchasing a property?
A: Consultant Cabin guarantees 100% customer happiness and “Zero Failure”. We have the best price guarantee which means you will not find a cheaper price anywhere else than ours for the same property.
If you have more questions about the process described above, visit our website. Or contact our sales representative by email, phone or one of our local offices.
More Information about Purchasing Property in Turkey
Getting a Mortgage in Turkey: Most foreigners pay cash for their apartment or villas, but if you are looking at alternative sources of finance, this article outlines 2 choices.
Expenses When Buying Turkish Real Estate: Although buying expenses are cheap in Turkey, it helps to know exactly what extra costs you’ll need to pay.
Power of Attorney: Our hints, tips, and advice on appointing someone to act on your behalf while buying Turkish property.
Expenses of Property Purchase in Turkey
Buyers will be delighted to know that expenses when buying a property in Turkey are low compared to other countries. Still, knowing exactly how much extra you will pay, makes the process smoother, so we have listed the expected costs below. Prices are set in Turkish lira and are rough guidelines. When you ask about any particular property for sale, we prepare a detailed payment plan, so you know exactly what to pay and when.
Expenses when Buying Property in Turkey
Real Estate Appraisal Report Fee
An appraisal report citing the value of the property is mandatory before the title deed transfer in sales done to foreigners. The cost of the SPK validated appraisal report is about 1.000-1.500 TL depending on the city and the complexity of the property. (SPK is Capital Market Board which means Sermaye Piyasası Kurulu in Turkish.) Buyers pay this cost directly to the Real Estate Appraisal Department of Land Registry and Cadastre. The completion time of the appraisal report lasts 2 – 3 days.
The Land Registry and Cadastre Directorate (Tapu ve Kadastro Genel Müdürlüğü) charges 4% of the property value at the time of signing for your title deed. In Turkey, declared property values adhere to local council price brackets and these are often less than the sales price. The Land Registry and Cadastre Directorate also charges one-time processing fees – Döner Sermaye Harcı of 178.50 TL and Tapu Kadastro Harcı of 598.25 TL.
According to the regulation, the real estate agent fee is 2% + VAT of the sales price and this rate is charged to the buyer. Since some sellers assume the finder’s fee to make their portfolios more attractive, the buyer commission does not appear in many of our properties.
When you check out properties for sale on our website, some properties show Estate Agency Fee is included, and some properties show a 2% Estate Agency Fee is demanded. It totally depends on the property seller’s choice.
Translator and POA Fees
At the time of signing for your title deeds, you will need a certified and sworn translator. Translator and Power of Attorney fees vary depending on the language and length of the content. The sworn translator fee is an average of between 100 TL to 200 TL, Power of Attorney fee is between 550 TL to 1.000 TL.
Electricity, Water and Telephone Connections
The electricity and water subscription fees in Istanbul vary from district to district.
Electricity abonnement fees
When you get a first-time electricity subscription, you pay the connection fee, deposit amount, stamp tax, and file fee. The cutting and connecting fees are 37,3 TL per transaction. The one-time connection fee varies between 30 TL and 60 TL. The deposit amount to be paid in each abonnement is 198 TL. Stamp tax is 9.48 per thousand of the deposit amount. The filing fee is determined according to the deposit amount. The transfer fee is as much as the deposit amount and additional DASK amount if DASK’s time has expired.
* The above fees are calculated according to the link power of 6 kW.
Water subscription fees
The total water subscription registry fee is approximately 500 TL. If you get the first-time subscription, you have to pay a 195 TL water participation fee and a 155 TL channel participation fee additionally. The deposit amount to be paid in each subscription is 137 TL.
The transfer fee is as much as the deposit amount and additional DASK amount if DASK’s time has expired.
Please note to get a landline, you need to have a Turkish residence permit.
Property Insurance (DASK)
By law, every home must have “DEPREM SİGORTASI” which is earthquake insurance. The amount of property insurance depends on the size of your property. An annual policy for a two-bedroom house measuring 75 square meters is roughly 150 to 200 TL depending on the insurance company used. Added but not legal insurance costs include fire, theft, damage, and contents.
Annual Property Tax
Every home must pay a yearly property tax which is 0,2% in metropolitan municipalities and 0,1% in non-metropolitan areas. Commercial properties pay 0,4% in urban districts and 0,2% in non-metropolitan areas. When signing for the title deeds, the seller must ensure there are no property tax debts.
This article details purchase expenses when buying a property in Turkey, but our article about the cost-of-living lets you know how much to budget for monthly groceries and running costs. We are also available via email, phone, or by dropping into one of our offices if you want to speak to a local sales rep about investing in the Turkish real estate market.
Consultant Cabin has professional sales contracts approved by our company lawyer. We are experts in title deed transfers with zero failure in real estate sales to foreigners. Our customers who prefer Consultant Cabin do not need a lawyer.
However, since the citizenship process is more intricate, we recommend that you complete your process with a lawyer. We provide a list of several independent English speaking lawyers for you to choose from.
Frequently Asked Questions (FAQ)
Q: What is the cost of a real estate appraisal report and is it compulsory?
A: Real estate appraisal report is compulsory for foreign property sales in Turkey. It costs around 1500 TL and is prepared by authorized companies.
Q: What are the additional costs to be paid while buying a property in Turkey?
A: Real estate appraisal report, title deed conveyance taxes, and fees, title deed office circulating capital, notary and translation fees, real estate agent fee, DASK insurance, and utility connection expenses will be the costs when a foreigner buys a property in Turkey.
Q: What is the cost of title deed conveyance in Turkey?
A:The cost of buying a property depends on the property sales price since the title deed conveyance tax is calculated as the %4 of the sales price. Other expenses of title deed transfer cost around 2500 TL.
Q: What are the costs to be paid after the title deed conveyance?
A: After the title deed conveyance, the new owner must get a DASK insurance policy for the property, its cost depends on the area of the real estate and the number of floors. Also, electricity and water connections will cost between 350 and 1000 TL. After these, a property owner will pay the monthly maintenance fee if the property is located in a complex with maintenance services.
Q: How much is the monthly maintenance service fee in Turkey?
A: It is variable. Monthly maintenance fees depend on the services and the number of properties in the compounds. Also, there are different maintenance price ranges for apartments and villas. The more services you get, the more you pay. Besides, as the numbers of the properties are higher in a compound, fewer fees are paid by each resident, since the total cost is shared between the residents of the complex.
Q: How much is the real estate agent fee in Turkey?
A: According to the law, the real estate agent fee must not be more than 2% of the property sales price and VAT, this amount is paid by the buyer. When you buy with Consultant Cabin, you do not pay a real estate agent fee for the new properties. Most of our properties are newly constructed and construction companies pay the whole real estate agent fee to increase their chance to sell. We charge a 2% real estate agent fee for the resell properties.
Q: Are the property taxes high in Turkey?
A: Property taxes are relatively low in Turkey. Annual property tax is 0.01% of the purchase price for towns and 0.02% for the metropolises.
Power of Attorney
Power of Attorney (POA) is a legal document that gives a person the authority to represent or act on another person’s behalf in legal issues. When you issue a power of attorney to someone, it means within the law that “You may act on behalf of me for these powers”.
POA helps you with many legal transactions like a title deed conveyance when you buy a property in Turkey. However, Consultant Cabin advises giving a power of attorney only to registered and certified solicitors or professional real estate agents. To add, you should be careful about giving a POA for only the powers that your attorney needs for a limited time. We strongly advise you not to issue a general POA that contains full authority.
When you buy real estate in Turkey, your POA includes the authority to buy a property on your behalf and obtain electric and water connections. In this case, the POA has only the required powers, and so your proxy cannot violate your rights. You should always think twice when you give the authority of selling a property.
Consultant Cabin points out that professional guidance is a key factor when you give a POA, and so you should “leave the job to its experts”. Consultant Cabin has its own POA template that contains only the required powers for buying a property in Turkey. Our professional team makes this process secure and easy for you. Since 2004, we guarantee our customers “Zero Failure” thanks to our comprehensive experience in the market.
Giving a Power of Attorney
You can give power of attorney to all notaries in Turkey. The process generally takes 2 hours. The attorney does not need to be present when issuing a POA. You might need the proxy’s ID details, your passport, and your photo in some cases. Also, foreign buyers who do not speak Turkish need to have a sworn translator who registered to the notary office. Turkish notaries have sworn translators who will come to the notary offices within 15 minutes when they are called. To add, each Turkish Embassy and Consulate act also as a notary abroad with an appointment.
Turkey is a part of “The Hague Apostille Convention”. If you live in one of the countries that have the convention, you may go to any local notary to give a power of attorney. Your real estate agent may provide you a POA template that includes only the required powers. After issuing the POA, you need to apostille it at the competent authorities such as the district governorate, municipality, etc. You should note that some POA documents are only valid with photos in Turkey, and so you ask your local notary to attach your photograph to your POA as demanded.
Frequently Asked Questions (FAQ)
Q: What is a power of attorney (POA)?
A: A power of attorney (POA) is a legal document that gives a person (proxy) the power to act on behalf of another person (attorney) under notarial witness. The proxy has the authority to sign legal documents on behalf of the attorney for decisions that are related to his/her attorney’s property, finances, or medical care.
Q: What are the required documents to give a power of attorney?
A: Your original passport and its translation, tax number, and two passport photos (only for some transactions).
Q: How can I give a power of attorney in Turkey?
A: The officers prepare the POA for you at a notary office after receiving the required documents. A certified interpreter of the notary office translates the POA documents. After signing the documents, you pay the expenses and then get your receipts.
Q: Why do I need an interpreter to give a power of attorney in Turkey?
A: You must have a certified interpreter to explain the terms in the documents before the signatures since the papers are prepared only in the Turkish language.
Q: What is the cost of giving a power of attorney?
A: The officers calculate the cost after the POA document is ready since the notary office has certain prices according to the number of characters. So, the cost depends on what is written on the POA document.
Q: Do I have to be in Turkey if I want to give power of attorney?
A: No. There are two ways of giving a power of attorney abroad which are;
- After making an appointment, you may go to the Turkish Consulate in your country to issue a power of attorney, and then you post it to your proxy in Turkey.
- If you live in one of the countries that have an apostille agreement with Turkey, you go to a notary office in your country to issue a power of attorney. Then, you take it to a component authority (district governorate, municipality, etc.) to make an apostille. After you post the documents to Turkey, they are sent to a notary office in Turkey for notarized translations. You should note that some POA’s are valid only with photos, and so you should ask your local notary to add your picture to this POA as demanded.
Q: Whom may I give power of attorney to in Turkey?
A: You may give a power of attorney to any person, but the proxy should be over the age of 18.
Q: May the children under the age of 18 give power of attorney in Turkey?
A: Children under the age of 18 can give a power of attorney only with the signed consent of their parents.
Q: Is it necessary to have a photo for power of attorney?
A: Yes. It is necessary for the POA that has selling power, but it is not compulsory for other types of power of attorneys.
Q: May I give a power of attorney to someone to withdraw money from my bank account?
A: Yes, you may do your bank transactions with a power of attorney.
Q: A tax number is necessary to give a power of attorney. How does this work if I give a power of attorney when I am not in Turkey?
A: The passport number is used as a tax number when you give a power of attorney from abroad. In such cases, you should add the power to get a tax number to the power of attorney. In this way, your proxy can get your tax number on your behalf.
Q: How many people can give a power of attorney to one person?
A: There is no limit to the number of people that can give a power of attorney to the same person.
Q: What kind of transactions and services can I do with a power of attorney?
A: Power of attorney gives a proxy the authority to do financial transactions, sign legal documents, or make health care decisions, but there are some exceptions which are;
- Your proxy must be a lawyer if you want your documents to be delivered to or received from the courts.
- Your proxy must be a lawyer if you make a transaction in the immigration office.
A Sample Power of Attorney Form
There is an example of a Power of Attorney in Turkey that authorizes Consultant Cabin to buy property in Turkey and get water and electric connection on your behalf below.
I, the undersigned representative of İSTANBUL 25th NOTARY PUBLIC FUAT B………….., authorized signatory Head Clerk YUSUF İZCİOĞLU, was approached by (CUSTOMER NAME) while carrying out my duties at AKŞEMSETTİN MAH. AKDENİZ CADDESİ, NO: 105/2 FATİH/ İSTANBUL, who presented his / her (………………. details of identification presented…………………….), who verbally requested through a translator that a power of attorney be prepared.
As it was not possible to communicate with him/her, I selected the authorized translator of our notary public CAN D…, who I knew would be able to communicate with him/her to act as interpreter.
I learned through the interpreter that the relevant person possessed the required authority to undertake the said procedure, that he/she did not speak Turkish, but that he/she was literate. He/she made the following request through the said authorized translator, who I knew to possess the necessary skills, and evidence of whose identity was presented to me in the form of his identity documents.
PURCHASE OF PROPERTY: I do hereby appoint GÖKHAN ÇOLAK, holder of T.R. Identity No:……….., whose father’s name is ………and mother’s name is……., and who was born on …………in İstanbul, as the qualified and authorized person to act on my behalf in the following matters:
To make the necessary applications to the various organizations and authorities in order to obtain the required permissions so that I may be able to purchase land and property within the boundaries of the Republic of Turkey.
To track all of the procedures I would need to track on this matter; to present and collect documents in person; to prepare and sign petitions; to request and collect any documentation to be prepared in my name on the above-stated matter; to pay all duties, and receive back any which have been overpaid.
To collect the necessary documents from the Land Registry and present them to the foreign nationals branch of the police in order to obtain a residency permit; to undertake the necessary written communication; to obtain a taxation number in my name; to purchase any land or property within the boundaries of any of the districts and villages of the province of İSTANBUL, at any time he wishes, for whatever price, under whatever conditions, at whatever location, and from whosoever – whether it be private individuals or legal entities – he wishes.
To pay the purchase price; to accept any assignments to be made in the presence of the relevant land registry director or authorized officer; to sign the title book and records and all documents; to request registration; to collect the title deeds; to make arrangements for electricity, water, and natural gas to be connected to the property he is to purchase; to prepare and sign the contracts for these in the presence of the necessary authorities.
To make declarations and submit petitions; to protect my interests and rights with regard to this property; to send all types of warnings to third parties; to carry out all of the required legal and other procedures in connection with the above-stated matters, in the presence of all official organizations and authorities, and to sign them.
To give undertakings to the necessary authorities and organizations, that under the principles of reciprocity, the independent and permanent limited real rights over properties which I will procure within the boundaries of the Republic of Turkey will not exceed 2.5 (two and a half) hectares, and that should it be determined as otherwise, I unconditionally accept and undertake that the excess properties be sold in return for cash.
To prepare and sign any documents necessary in this respect; to obtain the necessary written permissions from the Ministry of Defense or the authorized military organizations, the Land Registry General Directorate and relevant Land Registry Directorates or the relevant organizations and authorities, in order that I may obtain property within Turkey; to undertake all of the necessary written communication, and to make and accept declarations.”
The written statement has been read by the interpreter to the relevant party. The relevant person declared through the interpreter that what was written on the statement is in accordance with him/her wishes, and the statement has been signed by the relevant person, the authorized translator, and by myself. The twenty-first day of the month of February in the year two thousand and twelve 21.02.2012.
DECLARATION BY THE INTERPRETER: I have communicated the wishes of the relevant party who speaks ENGLISH to the notary public. I have translated the above statement written by the notary to the relevant party. He/she has stated that the above is in accordance with him/her true wishes. And I hereby declare that the relevant party has accepted this statement and signed it in my presence.
AUTHORISING PARTY: TRANSLATOR CAN D….. T.R. No: ………………………………
and YOUR NAME and SIGNATURE.
Tapu | Title Deed
The title deed (Tapu) is a legal document as proof of a person’s legal right to own a property. Its authority is the General Directorate of Land Registry and Cadastre (Tapu ve Kadastro Genel Müdürlüğü – TKGM). TKGM (before Defterhane-i Amire) is a heritage institution of the Ottoman Empire to the Turkish Republic as one of the oldest corporate that was established in 1847.
Since all properties are freehold in Turkey, once you own a property, you have full ownership rights on your property in Turkey. To add, your family has also the right of inheritance (succession) after your death.
The Title Deed Conveyance Process in Turkey
A conveyance starts with a seller’s application at title deed offices. You can find title deed offices of TKGM in all cities in Turkey, and applications are accepted on weekdays until noontime. A buyer does not have to be present at the title deed office during the application.
For the application, all the documents should be ready. The required documents for title deed conveyance are as follows;
- The translation and the original of buyer’s passport,
- Buyer’s tax number,
- Statement of identity information form,
- Appraisal report,
- Current title deed,
- Seller’s ID
Title deed expenses are paid within the time frame between the application and the final signatures. The expenses include title deed conveyance tax, stamp taxes, and circulating capital.
Both parties are invited to the title deed office for final signatures by sending an SMS about the date and time of the appointment. The appointment date is given mostly the same day in the afternoon or within two days at the latest that depends on the work volume at the title deed office. If any of the parties is a foreigner, a sworn interpreter must be present at the title deed office. The translator is responsible for explaining the terms of the conveyance to the party since the papers are prepared only in the Turkish language. The title deed is printed by the officers and given to the buyer after the seller and buyer sign the title deed conveyance agreement.
Consultant Cabin guides you through all the title deed process from preparing the necessary documents to the final signatures as a part of free after-sale services.
Turkish Tapu Explained: Meanings of Terms Used Taşınmaz bilgileri/Property Information: Information about the address of the property
• İlçe: Town
• Mahalle/Köy: District/Village
• Ada:Block number
• Parsel: Parcel number
• Yüz Ölçümü: Size of the land area
• Niteliği: Feature (whether it is vacant, cultivated, or land with buildings)
Bağımsız Bölüm/Independent Section: Information about the independent unit such as an apartment, house, etc.
- Arsa Payı: Land share
- Proje Alanı:Project square meters
- Blok/Giriş/Kat No:Block/Entrance/Floor numbers
- Bağımsız Bölüm No: Structural statuses like if it is an independent flat, house, or duplex unit number
- Cilt/Sayfa No: Number of volume/page
- Malik bilgileri/Owner Information:Information about owners of the property
- Adı/Soyadı – Baba Adı: Name(s) of the current owner(s) and his/her father
Tescile ilişkin bilgiler/Registration information: Information about location, price, and type of property
- Taşınmaz Tip/No: Type and number of property
- Edinme Sebebi: Reason for purchase
- İşlem Bedeli:Purchase price
- Konum Bilgisi:Adress information (QR Code)
- Tescil Tarihi/Yevmiye No:Registration date
Frequently Asked Questions (FAQ)
Q: What is the title deed (Tapu)?
A:It is a legal document that proves a person’s ownership of a property.
Q: What are the required documents for title deed conveyance?
A:The documents that you need are in the following:
- The translation and the original buyer’s passport,
- Buyer’s tax number,
- Statement of identity information form,
- Appraisal report,
- Current title deed,
- Seller’s ID.
Q: How do I obtain the title deed (Tapu) in Turkey?
A: You should prepare all the required documents. If you buy real estate in Turkey, the seller provides its documents. Preparing the appraisal report takes two days in general. To add, if you are a foreign buyer, you should prepare all documents’ translations. After all required documents are ready, the seller should apply for title deed conveyance at Land Registry and Cadastre Office. In general, the title deed office invites buying and selling parties for final signatures in the afternoon.
Q: What are the title deed fees?
A: Title deed conveyance fees as follows;
- According to the laws, both a buyer and a seller pay a 2% fee. If you do not negotiate before purchasing the property, the buyer is expected to pay all conveyance tax as a Turkish custom.
- Appraisal Report Fee
- Title deed office circulating capital
Q: What is the right time for payment; money first or title deed first?
A: Money is first! Before signing the document, the title deed clerk asks the seller “Have you received your full payment for the property?”, and the answer should be “Yes!”. “First, receive the full payment, then title deed conveyance” is the correct order and the custom in Turkey.
Q: How long does the title deed conveyance process last?
A: In general, the process takes one or two days depends on the work volume at Land Registry and Cadastre office.
Q: Is property ownership leasehold or freehold in Turkey?
A: All title deeds in Turkey are freehold. There is not any leasehold property in Turkey.
Q: Is there a specific process for title deed conveyance if I purchase a property for Turkish citizenship?
A: You can buy and sell properties at your free will normally since all properties are freehold in Turkey. On the other hand, you cannot sell the property within three years when you buy a property for Turkish citizenship by investment, and this must be stated on the title deed papers.
Q: May my children under the age of 18 have title deeds on their names?
A: Yes. In this case, the child’s birth certificate with an apostille is also necessary.
Q: May I share a title deed with other people?
A: Yes. You may buy a property with several people together. Depending on your share amount, you have ownership rights of the property. There is not any limit to shareholders of a property.
Q: How many people can share a title deed?
A: There is no limit to the number of people whose names can be written on the same title deed.
Q: Does my spouse have the rights on my property?
A: According to the Turkish civil code, if you buy a property after your marriage, your spouse has the same rights as you if your spouse’s name is not even written on the title deed.
Q: When I lost my original title deed, may I have it printed?
A: Yes, you may! Reprinting a title deed is a simple task. The Directorate of Land Registry and Cadastre preserve your original registration as hard and software copy with high security.
Q: What is hypothec?
A: Hypothec is a right, obligation, or security given by contract or operation of law to a creditor over property of the debtor without transferring possession or title to the creditor. In Turkey, Hypothec on title deed is used when a buyer owes an amount of money to a seller, and it removes from the title deed when the buyer pays the debt.
Q: How is the hypothec removed?
A: The removal of a hypothec from a title deed is a simple transaction. The owner applies for the hypothec removal in the morning, and the signatures are taken on the same day in the afternoon.
Q: What happens to my property when I die?
A: In Turkey, your family members have the right of succession after your death since the properties you buy are freehold.
Q: What is Title Deed Escrow (Tapu Takas)?
A: Title deed escrow (Tapu Takas) is an online safe payment system for a property purchase that the General Directorate of Land Registry and Cadastre stands between buyers and sellers. The payment is transferred to the title deed office’s bank account (Takasbank), and after the registration, the title deed office transfers the payment to the seller within seconds.
Q: What are the communication channels for the Title Deed Office?
A: You can contact the General Directorate of Land Registry and Cadastre by using the channels below;
Mortgage in Turkey for Foreigners
If you are in search of financing the purchase of your new property in Turkey, you can get a mortgage from a Turkish bank. In the Turkish mortgage system, the banks provide long-term loans to their customers for up to 75% of the property value. The banks’ mortgage loan terms range from 12 months to 240 months. To add, foreign buyers and investors choose USD or Euro currencies that are more advantageous than TL since it contains inflation rates.
Getting a Mortgage in Turkey for a Foreigner
In general, getting a loan for a foreigner may be complicated in Turkey because of a lack of knowledge and communication gaps, and the process can fail. At this point, Consultant Cabin assists in your credit application process after you have chosen the property you want to buy.
Before applying for credit, you should prepare all required documents that are in the following;
- Passport and Notary Translation
- Tax ID number
- Proof of your address. Valid documents include a Residence permit, an ID card, or utility bill that shows your address and name. Electricity, water, internet, and gas utility bills are the most commonly used.
- Proof of your monthly income
- Bank statement showing your account activities in the last three months
- Title Deed of the aim property
The process starts with opening a bank account, and then you are ready to apply for credit. After the application, the bank sends you a “preliminary approval” approximately three or four days later. In the following of this approval, a valuation appraiser will analyze your property value when you pay the appraisal report fee. According to the property’s valuation report, you may get up to 50% credit as a foreign buyer. After the final approval, the title deed conveyance process can begin, and you can move in. On the other hand, you should note that the Turkish banks will only approve if the property has no existing debt attached.
As an alternative way, you can benefit from the construction companies’ offers to buy an apartment in Turkey. Many construction companies in Turkey offer 0% interest in long-term payment plans on off-plan or newly-constructed properties. Repayment terms differ from 12 to 60 months. These are suitable for all types of buyers from the age of 25 to 70 years old since you do not need to buy appraisal costs, pay interest, or fill in lengthy amounts of paperwork. (Click here to buy property in Turkey with profitable installment options)
For more information on interest-free payment plans or mortgages in Turkey, you may contact us via telephone, email, or visit us at our local offices situated around the country.
Frequently Asked Questions (FAQ)
Q: May foreigners get a mortgage in Turkey to buy a property?
A: Yes, foreigners may benefit from mortgage loans of Turkish Banks to buy real estate.
Q: Who may get a mortgage from the banks in Turkey?
A: Anyone from any nationality may benefit from a bank loan in Turkey. The buyer must have a regular income that can be proved and be over the age of 18.
Q: Which banks may I get a mortgage loan from?
A: You can get a mortgage from almost all of the banks in Turkey, but you should consider interest rates before making your decision. Consultant Cabin assists you in the best options by checking the current interest rates.
Q: What are the steps of this process that I should follow to get a mortgage loan in Turkey?
A: Firstly, you choose your property according to your needs and expectations at Consultant Cabin, and then all required documents should be ready to apply for a mortgage at the bank. After the bank sends you a preliminary approval approximately three or four days later, a valuation appraiser will analyze your property value. According to the report, the title deed conveyance process begins, and then you can move into your dream property.
Q: Is it advantageous to get a mortgage in Turkey?
A: It depends on the interest rates of a mortgage in Turkey and your country. It would be more advantageous for you to get a mortgage loan if the interest rates in your country are in better condition. In Turkey, the interest rates are higher than most of the other countries since the inflation rate is relatively high.
Q: What are the interest rates for a mortgage loan in Turkey?
A: The banks prefer to provide mortgage loans in the same currency as your income. If you are a foreigner who earns in foreign currency, you can get a loan in USD and Euro currencies. The interest rates of foreign currencies are between 5% and 7%. The interest rate of the Turkish Lira is between 11% and 15% annually.
Q: What percentage of the sales amount may I get as a loan?
A: The Turkish banks provide mortgage loans up to 50% of the sales price of the properties for foreign buyers.
Q: What are the dates of redemption options?
A: Redemption dates differ between 60 and 120 months in general. However, you may choose 24 or 36 month periods if you want.
Q: May I get a mortgage loan for an under-construction property?
A: No. Some banks prefer to give mortgages after 90% of the construction is completed.
Q: May I get a residence permit if I buy a property with bank credit?
A: Bank credit is an option for you to finance the purchase of your property. You may get a residence permit even if you buy the property with bank credit.