We will learn about real estate in Turkey starting from the procedures for owning real estate and then the costs of owning these properties, and this knowledge is necessary for anyone who wants to experience real estate investment in Turkey and know the economic feasibility of this important investment step.
Procedures for owning real estate in Turkey:
In order to be able to buy real estate in Turkey, the following procedures must be followed:
1 - Dealing with a real estate agent:
You must cooperate with a real estate company known for its experience in the Turkish real estate market, as it provides you with many services from the moment you arrive in Turkey until buying the property and registering it in your name, As these companies enable you to obtain real estate advice from experts and specialists in the field of real estate in Turkey, including engineers, real estate dealers and lawyers who follow all legal procedures and are keen to preserve your rights and ensure that you do not fall into the trap of real estate fraud.
2 - Setting the goal of owning real estate in Turkey:
When you decide to own a property in Turkey, you must determine in your mind the purpose of this property, whether it is for housing, or in order to obtain real estate residency as a step towards obtaining Turkish citizenship, or in order to invest in it by renting or reselling it, this helps you to choose the right property that achieves your desired goal.
3 - Field visit to real estate:
If you aspire to participate in real estate investment projects under construction, be very careful to visit the construction site and verify for yourself the quality and quality of the materials used, as well as to ensure that all the specifications agreed upon between the owner and the buyer are met. Thus, your rights are guaranteed, and there are many real estate companies that are interested in this stage and provide periodic field visits to real estate.
4- See real estate prices in Turkey:
You will need to negotiate the price of the property not only on the price but also on the terms of sale, so you must have a background on real estate prices in Turkey through reliable sources who provide you with the right information so that you can buy the right property at the right price.
5- There is a set of identification papers that must be organized and prepared in order to own real estate in Turkey.
6- Follow up on the technical specifications of the apartment and the project you wish to own.
7- If you want to own a property for housing, you must study the room divisions and their suitability to your needs and the number of your family members before making a purchase decision.
8- Pay attention to choosing the appropriate view , and check that it is not possible to close the view later.
9- Knowing well the environment surrounding the house and the construction site, and making sure that there is no cause for concern and inconvenience in the surrounding environment.
10- Ensuring the safety of the legal status of the house, and the cleanliness of its record in the title deed departments, as many real estates are tied to a mortgage or have certain problems.
11- Preparing the economic feasibility of real estate investment in Turkey by calculating the expenses and imports resulting from real estate investment in Turkey if the imports are monthly or annually, as there are additional expenses on the property in exchange for the project services.
12- Take caution and beware of tempting investment offers and attractive real estate prices, as they may have some legal problems.
13- Obtaining a tax number for the buyer from the relevant tax department:
One of the important things that the process of buying a property without it is not correct is to extract the tax number from the real estate department, and this number is given to every person who does not hold Turkish citizenship in order to facilitate all government procedures for him, and without it he cannot own real estate in Turkey or apply for a Turkish citizenship.
14- Opening a bank account with an international bank:
As it is necessary to open a bank account, as it is required that the buying and selling process be done through a bank transfer exclusively, which is useful later in obtaining real estate residence and is considered one of the necessary supporting documents in order to obtain Turkish citizenship.
15- Signing the contract between the seller and the buyer in the company’s office with an attorney, if necessary:
After doing all the previous steps, the most important step comes, which is the signing of the purchase contract between the buyer and the real estate company. This contract is drawn up in both Turkish and the buyer’s native language, and then a deposit is paid to the real estate company in return for the seizure of the property pending the issuance of the title deed .
16- Attached to the primary contract is the title deed of the real estate and is in the name of the owner who signed the contract or his official representative.
17- Preparing a copy of the project’s building permit, two personal photos of the buyer, a translated and certified copy of the buyer’s passport and a copy of the seller’s identity card, and part of the property value is paid as a deposit for the reservation of the property.
18- Waiting for the procedures that take approximately two months to register the property, due to sending the documents to the affiliated security departments to obtain the security approval.
19- Completion of the property registration duly by the state employee and in the presence of a sworn translator to explain to you the terms of the contract, after the issuance of the security approval and a visit to the Real Estate Ownership Department.
20- The title deed and the key are duly delivered after signing the contract in the presence of the real estate consultant from the real estate company if it is the mediator, and the rest of the property value has been transferred or delivered after an initial payment of the property value has been paid.
21- Obtaining an energy performance certificate that classifies the energy efficiency of the building in order to obtain services such as electricity and water, and a certificate of registration in compulsory earthquake insurance.
Factors affecting real estate costs in Turkey:
In our talk about real estate in Turkey, we will go through the costs of buying real estate in Turkey:
Investment in the real estate sector is a type of long-term investment and is considered a safe investment in crises that witness sharp fluctuations in exchange rates. Real estate investment in Turkey is witnessing a strong demand by investors to protect their capital from the risks of investing in other sectors. This increase in demand led, in one way or another, to a rise in real estate prices to nearly 45%.
Paying the real estate tax incurred on the property, which amounts to 4% of the value of the purchased property. It is paid in equal parts, that is, 2% by the seller and 2% by the buyer. This tax is paid only once and not annually. Of course, there are some costs necessary to pay the tax.
Property fees, which are paid annually and amount to 0.003% of the property value.
Tax on property rental income.
A tax on capital gains, which is defined as the difference between the value of the property at the time of purchase and the value of the property at the time of sale.
The costs of residential complex services, which are security protection fees, electricity fees, maintenance fees and other costs required by any property in order to live in it and benefit from its facilities.
In this way, we have taken an idea of the real estate world in Turkey, how to obtain it and the costs involved, which directly affect real estate prices in Turkey.
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