Here are the Steps to Take to Acquire and Buy a Property in Turkey
File Mar 07, 2021
Prepared with the cooperation of the Istanbul Chamber of Commerce (ITO) and the content contributions of the Real Estate International Promotion Association (GİGDER), the Guide to Buying Property in Istanbul was published for investors in 6 languages: English, Arabic, French, Chinese, Russian and Persian. “Buying a property and investment procedures” are in our news in detail answering the most important questions of investors from international banking transactions and requirements of obtaining Turkish citizenship through investment to real estate investment process in Turkey and the sectors in Turkey offering investment and project opportunities.
Prepared by cooperation of ITO and GIGDER, “Property Buying Guide: Istanbul“ suggests that property purchasing process is fast and easy in Turkey which is popular among investors from all over the world not only for holidays but also for all year round living with its climate, affordable prices and high return on investment. According to the guide, the property ownership process, which starts with the payment of a deposit, ends with the opening of a bank account, signing the contract, obtaining the real estate appraisal report, obtaining the tax number and then receiving the title deed.
According to the advantages of buying real estate transfer contacts from Turkey, 7 important step in this area is defined as follows:
Determine your wishes and criteria!
While making your investment decision, you must first consider your wishes and criteria such as “purchase purpose”, “location”, “budget” and “features of real estate”. For example, do you intend to buy a property that you will come for holidays or for long term living, or is it just a real estate investment? This question is the first question you need to answer.
If you are buying a property for investment purposes, you want it to be in a location to gain value. For this reason, it is important to follow urban transformation projects and to follow projects that will add value to its area, such as the new airport. You expect a summer house to be close to the beaches, and a house where you can live with your family to be close to your children’s school. Budget is another important criterion. This can be planned much more easily in Turkey than other countries thanks to the payment plans offered by construciton companies and bank loans. However, do not forget that there are stages that require extra expenses such as title deed and document transactions.
The suitability of the property features to your wishes will be an important criterion in your selection. Be sure to ask yourself such questions: “Are you looking for a smart home? Do you want extra areas such as pool, garden? Do the property features benefit your investment value?”
Work with the right real estate agent
Make sure you get professional support to ensure you are making the right investment. Your real estate agent must be experienced, professional and reliable. A good real estate agent easily understands the wishes you set in the previous step and provides you with the right advice based on your search. Your agent dominates all the procedures, locations, features and life in the city, and makes the process easy for you.
Ask a lot of questions during the viewing tour
You have created your wish list and found the right real estate agent. Now it is time to discover the properties you are looking for. Do not hesitate to ask questions, take pictures and take notes during the tour. Later, when comparing the alternatives, being able to access and master these details will make it very easy for you to choose.
Compare and evaluate the options
After seeing the alternatives, you should choose the one that suits you best. For this, you can go back to the first step and evaluate how well they fit the wish list you created. You can also ask for the help of your real estate agent with regard to selection.
Bid and agree on terms
Now that you have chosen your property, it’s time to bid and review the terms! In the deal process, your goal is not only to buy the property at the lowest price; it should be to achieve the best results for all terms of the contract such as delivery and transfer date, payment schedule.
Pay attention to the sales contract and deposit
Once the agreement is reached, the next step is to sign the contract. At this stage, you should make sure that any terms you verbally agree with the seller are stated in the contract. Also, every payment, including the deposit you paid at the time of the contract, must be clearly written in the sales contract, along with their dates. If the terms are not clearly stated in the contract, your expectations and results may differ. A correct sales contract will avoid any disputes that may arise.
Perform the title deed transactions easily
The deed transfer takes place within 2-3 days after the application to the Land Registry and Cadastre Directorates, with the signing of the buyer and seller together. In real estate sales to foreign buyers, it generally takes a period of time to transfer the buyer’s money from their country to Turkey. Remember to pay attention to this time, get a tax number with your passport and open a bank account before proceeding. If you are ready to pay, obtain the necessary documents for the title deed and the valuation report to be prepared by an independent valuation institution authorized by the SPK and apply to the Land Registry and Cadastre Directorates with these documents. The land registry office will usually call you for an appointment within two days. Since your documents will be prepared in Turkish, you will need a sworn translator on the day of the transaction. You can get support from real estate agents for all these transactions.
The process after the purchase is also relatively easier in Turkey than other countries. You can apply to service offices to open subscriptions such as electricity, natural gas and internet and see that everything becomes available within a few days.