Buying a property in Turkey … the best choice for Arabs
Arab ownership in Turkey has recently doubled in buying real estate in Turkey, which has led to an increase in the number of Arab real estate in Turkey during the past ten years, especially after the economic renaissance that took place in the country, and the stability it enjoyed at the political and social level, which contributed to the development of Its infrastructure has developed extensively, which has witnessed the strength of the social and tourism services it provides.
The ownership of Arabs in Turkey had a large share in buying real estate in Turkey, motivated by the decision to grant Turkish citizenship in exchange for real estate investment worth 250 thousand US dollars, as such a decision had a clear impact on the increase in the demand for Arab ownership in Turkey
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Those wishing to buy a property in Turkey
Those wishing to own real estate in Turkey are divided into three sections:
- Natural persons who wish to obtain Turkish citizenship.
- Foreign companies established aspiring to invest in Turkey.
- Companies established in Turkey whose projects are managed from abroad
Obtaining Turkish citizenship by buying a property
In 2010, the real estate law was issued that provides for the granting of Turkish citizenship to foreigners in one of the following ways:
- Anyone who buys a Turkish property with a minimum value of (250,000) US dollars, obtains Turkish citizenship, and this is required to refrain from selling this property for a period of three years.
- Anyone who deposits an amount of (500 thousand) US dollars, or its equivalent, in a Turkish bank and does not withdraw it for a period of three years, obtains Turkish citizenship.
Steps to buy a property in Turkey
- The buyer is looking for the right property for the purposes of his purchase, whether for commercial investment, citizenship, or residence by going to the offices of real estate consultants located in Turkey.
- After selecting the appropriate property, an appointment is set with the property owner in order to agree on the terms of sale and sign the contract.
- Obtaining a tax number from the tax departments based on the passport. So that the buyer can pay the property tax in the future.
- Passport translation and attestation from Notre Center, in addition to two personal photos.
- Opening a bank account to be able to make payments in an official way and transfer money from the country of residence to Turkey.
- Apply to the Real Estate Registration and Transfer of Ownership Department from the seller to the buyer to obtain the title deed (Tabu) and the key to the property
- Pay the Tapu fee (4% of the property value), and in most cases it is paid equally between the seller and the buyer.
Conditions for buying a property in Turkey
- The law of real estate ownership in Turkey allows (foreigners) to own, provided that the property is not adjacent to a security or military zone, and that the percentage of foreign ownership is not satisfied. In addition, there are annual property taxes that vary from place to place.
- The ownership law allows real estate investment, and the property purchase tax is estimated at (4%) of the property value (paid only once) (usually divided equally between the seller and the buyer), and if the purchase was made from a real estate company, an additional (18%) may be added to calculate it as a sales tax It is borne by the buyer.
How to buy a property in Turkey
After the buyer agrees to buy a property in Turkey, the legal procedures are immediately initiated, which are as follows:
- Obtaining a tax number for the buyer from the relevant tax department.
- Opening an account in one of the banks that have agreements with Middle Eastern banks.
- The contract is signed between the seller and the buyer in the company’s office, and a lawyer can be appointed for those who wish.
- Attached with the initial contract is the title deed of the property, and it is in the name of the property owner in Turkey. After that, the procedures take an average of 30-60 days to register the apartment, in order to obtain the security approval.
- After the security approval is issued, a summons is made to go to the real estate ownership department and complete the property’s registration of assets” by the state employee and in the presence of a sworn translator to explain the terms of the contract.
Tips for those who want to buy a property in Turkey
- Verify the eligibility of the seller or the person responsible for selling the property; In terms of having the right to carry out the sale.
- Ensure that there is no other owner or buyer of the property.
- Verify that the property is free of rights resulting from the mortgage, rent or any other rights.
- Visit the real estate website and verify its suitability and suitability for use in housing, work or the specific purpose of purchasing it.
- Obtain a copy of the property ownership contract to ensure that the previous owner did not perform any form of transfer of ownership, and to ensure that there are no rights arising from it.
- Ensure that the area, specifications, and information contained in the title deed are identical
(Tabu) with the shape of the property in reality.