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Turkey will be the next generation of profitable opportunities for
investments in real estate and industrial. Turkey is at the brink of joining
Europe the European Community. Current pricing of real estate in Turkey is
at level that is comparable to Spain's Real Estate pricing levels about 25
years ago. Ask us for
FREE assistance
with your plans in Turkey before you do anything else!.
There is therefore plenty
opportunity for growth in earnings made in real estate for the years
ahead. Turkey is a stable country giving ample protection to the foreign
buyer, again with a view that Turkey will want to meet European Community
standards. Cost of living in Turkey is one of the lowest in the European
Community with an extremely friendly population and a natural and historic
beauty that no other country can offer. Turkey is your opportunity for the
coming decades. One very important factor in owning real estate in Turkey is that there
are no capital gain taxes payable on real estate sold. This unlike many
other countries. Gains made on real estate are tax free.
For a foreign citizen to
buy property in Turkey is no longer the complex procedure it once was.
However there are inevitably certain restrictions and regulations and we
aim here to explain these so that any potential buyer is aware of what is
involved.
Firstly a non-Turkish citizen is permitted to own property inside
belediye (municipality) boundaries and with new rules village areas too.
Still the restriction does not apply to as many areas as might be imagined
and even many rural areas are officially under a council management and so
accessible to non-Turkish buyers.
When a suitable property has been found, the first step is to go to the
land registration bureau to apply for permission to purchase. The buyer
must be here, but will be assisted by his solicitor or agent. Following
this, the file is sent to Izmir where a search is done. In the case of
foreign buyers, this search includes making sure the property is not close
to any sensitive sites in terms of national defense etc. As a result it
can take up to 3 months, but is usually completed in 4 to 8 weeks.
Once a positive reply is received - which is a certainty as we would not
proceed with a sale that may not be permitted - the final stage of the
sale can take place. This involves another visit to the land registration
bureau to sign the final papers showing the property in the purchasers
name. However, it is not essential that the purchaser is present as his
solicitor can sign the papers in his place.
The purchase price is payable at the first stage of the process. As a
guarantee against any problem, a restriction will be placed on the
property immediately so that nothing can be done without the purchasers
consent. In addition, the purchaser is liable for solicitors fees, agents
fees and purchase tax which will be incurred during the procedure....
Hundreds of foreign citizens have completed
this process - which is really quite straight-forward - and are now the
owners of property in this beautiful part of the world. Some live here
permanently, while others visit for a month or two a year.
The
guidelines are
explained in more detail in our legal advice
pages.
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