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Building permitted lands are more commercial investment properties in Turkey. They are called as "arsa" in Turkish. The land buyers are two types; investors and building companies. In cities like İstanbul, Ankara and Antalya, if a ground owner tell to the real estate agencies that his/her ground is for sale, it takes generally 2-3 months time to sell the land if the price is at the market value.
Ground owners are mainly local people in Turkey. Most of them are not in building or construction business and they have only one or few lands for sale. They want to get most money at once. As a foreigner, you need to get Military Permission according to the Turkish Property Law. It is not allowed for foreigners to buy any property close to the military zones. Permission and sales process takes generally 5 weeks. For Turkish property buyers, this time is generally 2-3 days.
- "finding land offers". It is difficult to find the correct land on internet. Most of the advertisements are old dated which gives incorrect information.
- "acting fast". If a foreigner find a land for sale, most times their money is outside of Turkey. It takes several days to bring in Turkey.
- "unreliable ground owners". It is almost impossible to convince the ground owner get some money and wait for 1,5 months. We have noticed several times immoral behaviors of the sellers. For example; The ground owner get some deposit money and agreed to sell for 500.000 Euro. After tapu application, we heard that he tries to sell the land we bought for 600.000 Euro through other estate agents. We are in the bag and he tries to get more.
-"overpricing". It is not only the foreigners problem also for Turkish buyers it is a big problem. It is very diffiucult that you find the ground owner. You mostly reach them through an estate agent. It is very normal sharing their properties between the estate agents. Each estate agent puts 10% to 50% on the price. You can not know exact sales price, if there more than one estate agent.
- Get in contact with a reliable real estate agent, to get informed new land offers. Ask them they add you in their database as a land buyer.
- Prepare your money in Turkey to act fast.
- Establish an investment company to get your tapu fastly on your behalf.
(After June.2013 foreing real persons will be able to buy the ground also very fast like Turkish people. It will be written on each tapu which area is not allowed for foreigners and no need to ask to Military Headquarters)
- Negotiate directly with the seller with your estate agent. More estate agents between you and seller, the more you pay.
Please read full article on Ministry of Foreign Affairs Website, Guidance For Foreigners
There are different types of building permission on the lands are available in Turkey; high rise, low rise, commercial lands, partial commercial and partial residential grounds. When you determine the price of the ground, you should know how many squaremeters you are allowed to built. Total construction squaremeter is your sellable area. Total construction area is the keypoint of the price determination. The building companies make the price calculation according to the sellable area.
According to the new property law in Turkey, foreigners can not buy agricultural grounds and rural lands. If they establish an investment company in Turkey for agriculture, factory, industry or energy production, than wellcome. Foreigners can buy only building permitted lands for investment. Building Permissions are for 5 years given by the municipality in Turkey.
When a foreign owned company or foreign real person, you should accept a condition and it is declared you by the Land Registry authorities; "I understand and accept that I will prepare the property development and get "building permission" in 2 years time. At last 5 years time, I will finish the development." In case you do not finish this property development on time, the authorities will put on auction your development as it is. After they are sold, you get back the money. It is strongly advised for foreign buyers prepare the money of the total investment amount.
Antalya Homes Real Estate is the correct partner for the land investors in Turkey. We are able to solve your need in a professional way. Our principals are;
• All offers online are up to date.
• We only negotiate directly to seller and buyer. We do not accept any other parties.
• We prepare secure and money saving contracts when buying and building it.
• We do not overprice. We only ask 2% from the buyer and 2% from the seller.
Author: Bayram Tekce's Google + page