According to the Turkish Law on ‘Property Purchase By Foreigners in Turkey’ Foreigners can purchase real estate just like Turkish citizens. You can find the information below and follow the instructions & required documents. We will be helping you with your purchasing in Istanbul and also assisting you with our market knowledge and experience.
The first step of buying process is to set your requirements explicitly. This is the most important part as a start. You should identify number of bedrooms, size, location preference, maximum budget etc. either for investment, vacation or for both purposes. After clarifying these points, making your decision will be much easier. In Turkey, Istanbul has the highest potential for real estate investment which may offer you various investment opportunities for now or continously in the future.
Your specific requirements for your investment and your budget will be a filter for these various options and possibilities. In this way, we will be able to offer a better match for you. Our professional consultants will be assisting you during the evaluation process of the alternatives which will be a suitable investment according to your specific requirements mentioned.
After you select the property that you will purchase, it is better to pay a fully refundable deposit to secure the property purchase and the price. the deposit can be paid cash or with your credit card in most of the sales offices. A deposit payment is symbolic and fully refundable for 1 or 2 weeks. Please kindly check for further details with our investment consultants for specific projects.
After you have paid the deposit, your contract will be prepared for the signature of both the investor and the developer. The contract will be written in Turkish and English including your payment schedule and property floor plan that you have chosen. (Completed projects mostly require a cash payment, off-plan (Under Construction) projects usually present a long term payment plan with several installments until construction of the project is completed).
During the contract preparation, initially your passport will be required for the official paperwork. They also require your full home adress and contact details. If you want to open a bank account in Turkey, the documents that you need to provide are; an original passport, notarized passport translation, any utility bill showing your original home address from your own country and a Turkish TAX number.
At first you need to make sure that your passport has been translated by a sworn translator and approved at a notary office . With the translation of your passport you are able to get your Turkish TAX number from the Tax Office and then you will be able to open your bank account. During this process, our professional investment consultants can and will be more then happy to assist you again.
The process of payment is very easy. You can make international money transfers from any of your accounts in your country or other countries directly to the developers’ bank account in different currencies (most preferred are; USD, EURO and TL). It is also possible to transfer the money first to your own account in Turkey ( if you have one), then to the developers’s account.
The most crucial point is to make the payment directly to the developers’ account, not to any third parties. Through the bank transfers, you can follow up your payment with the developer. Complete projects require cash payments, under construction projects present a longer payment plan with installment payments.
You can approach our investment consultants for further information for specific Project and properties.
In order to receive a title deed for the property, the construction of the building should be completed for the approvals from the officials. After the approvals, you will be able to apply for title deed. The approval process may take approximately 2-3 months. First, your application is sent to Title Deed Office and then to The Turkish Military Head Office in order to check if the property is in a military zone or restricted area. This part of the process has been already checked by our experts in order to avoid any possible problem.
Till then, all of your rights on property will be secured by your sales contract and Turkish regulations.
When your purchase is approved, you will be taken to the Title Deed Office with a sworn translator to sign your free hold ownership documents. You also have an option to give a power of attorney to a lawyer to complete the process on behalf of you in order to save the time and effort. Through these steps, you ensure that the purchase will continue without any problems.