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Real EstateBuying Real Estate – Property in Turkey

9 December 2017

Buying Real Estate – Property in Turkey

First we would like to give you a brief guide on the nature of the system in acquiring property and in sales transactions here and then in the series of articles we will discuss the advantages and give advice on investments and business ventures in real estate.

The Legal Basis Of Real Estate

Since 2012 the situation for foreigners wanting to buy property has been eased due to the amendment of Article 35 of the Land Registry Law No. 2644, wherin the condition of reciprocity for foreigners who wish to buy property in Turkey has been abolished.

In effect any person with foreign nationality can property, business, or land within these legal restrictions. Foreign nationals who buy real estate land one must submit the project which they will construct on the land adhering to the relevant Ministry within 2 years.

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Turkey Real Estate Property Lawyer

Formalities and Real Estate Deeds

In the Turkish laws and regulations, transfer of ownership of a property is only possible with an official deed being formed and signed at the Land Registry Directorates.

Restrictions in Buying Property

  • Foreign nationals can buy a maximum of 30 hectares of property in Turkey in total.

  • It is forbidden for foreigners to acquire or rent property within military forbidden zones and security zones.

  • Foreign Nationals can acquire property in a district or town of up to 10 % of the total area of the said district/town.

  • Legal restrictions do not apply in the creation of mortgages for real persons and commercial companies who have a legal personality which are established in foreign countries.

In in following cases:

  1. if the properties are acquired in violation of laws;

  2. if properties are used in violation of purpose of purchase;

  3. if the owner does not apply to the Ministry within the time specifyed for a project commitment;

  4. if such projects are not materialized within time designated, the property may be subject to certain legal provisions.

Real Estate Application and Procedure

Application:

Your lawyer or agent may help you in these procedures:

The buyer of the property or his/her authorized representative/lawyer should make a preliminary application to the Land Registry Directorate.

Necessary Documents for Real Estate

  • Title deed of the property or information on village/district, block, building plot, detachment.

  • Buyers Identification document or passport (Together with its translation).

  • Property Value Statement Document”to be provided from the relevant municipality.

  • Real Estate compulsory earthquake insurance policy for the property.

  • 1 photo of the seller, 2 photos of the buyer. (photos to be taken within last 6 months)

  • A certified translator and 2 witness.

  • The original or certified copy of the power of attorney and its approved translatio If the power of attorney is written abroad.

Power of Attorneys for Real Estate issued abroad

  • Powers of Attorney are issued by the Turkish Embassies or Consulates.

  • If the power of attorney which is issued by a notary of a foreign country which is certified by the The Hague Convention dated 5 October 1961 and if it bears “Apostille (Convention de La Haye du Octobre 1961)” in French, there is no need for an additional certification of the said power of attorney by a Turkish Consulate.

Notes for Foreign Real Estate Buyers

The foreigner must investigate with the Land Registry Directorate if there is any limitation on the property, such as mortgage, arrestment or any obstacle which prevents the sale of the property.

  • If the application for buying property is rejected, the act can be appealed to the relevant Regional Office of the Land Registry Directorate.

  • If there is any disagreement between the vendor and buyer regarding the sale of the property, the case has to be brought before the Turkish courts by referring to judicial authorities.

  • It is not a condition for the foreigner who wishes to buy a property in Turkey to own a resisency permit

Real Estate Procedure Fees

  • Both the vendor and the purchaser must pay the tittle deed fee, calculated according to the selling price which cannot be less than the “Property Statement Value” to be issued by the relevant municipality, according to the Charges Law No:492, the title deed fee percentage for 2017 is % 2.

  • A Circulating capital fee which is determined locally has to be paid.

  • When the Land Registry Directorate investigates with the relevant military authorities whether the property is located within a military or special zone, a circulating capital fee for the map prepared by the Cadastre Directorate has to be paid.

Real Estate and Companies with Foreign Capital

  • If the foreign investors hold, individually or collectively, 50 % or more shares of the said company,

  • If the foreign investors have a right to assign or remove the managers of the said companies on the condition that the said company has a legal personality in Turkey, they can buy property in Turkey.

Real Estate Acquisitions by Foreign Companies

Acquisition of property by companies which are registered in Turkey is governed by the Law of the Land Registry Law.

Foreign commercial corporations can acquire property and limited rights in rem within the provisions of certain laws:

– Petroleum Law – Law on Encouragement of Tourism – Industrial Law

Other foreign corporations (i.e. foundation, association,…) cannot buy real estate property and acquire limited in right in rem.

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