General Facts of Owning a Property in Turkey
Foreigners may buy property in Turkey since 2004. According to Land Registry and Cadastre Directorate statistics, property sales to foreigners are increasing exponentially every year. Turkish Government has changed the rule of buying property in Turkey for foreigners in 2013 that; "Every nationality may buy property." The only restriction for foreigners is; property should not be near military zones. Turkish Government gave another important right to real estate buyers; "Every house owner (and his family too) may obtain Residence Permit in Turkey." This residence permit can be renewed every year.
Based on the positive indicators in recent years, we can say that the real estate market in Turkey has a great potential for development.
The Differences of Buying Property between Foreigner Buyers and Turkish Buyers
1. Choose an Established Real Estate Agency
As real estate companies have mostly low reputation in Turkey, it is common to hear different stories including fraud, telling a lie, purchase expenses, additional costs, losing money, etc. There are thousands of real estate agencies in Turkey offering villas in many different languages. You should consider if they are well prepared for foreign sales and established the company. Most of their website is outdated, and property listings are not updated and have wrong prices.
2. Choose Professionals
Every taxi driver, receptionist, waiter or tourism agency guy is a real estate agent in Turkey. They all have a brother or a friend or an uncle who is building/selling apartments.
3. No Problem, No Problem, No Problem!
If someone in Turkey is telling you 3 times, "No Problem," there is a big problem. This means in Turkish; "buy this apartment, it is not my problem anymore."
4. Turkish Buyers Buy Faster than a Foreigner
When a Turkish person decides to buy property, payment and tapu delivery is done in 2-3 days time. It does not work with foreigners same. Because foreigners come here with limited money (Mostly you do not bring more than 10.000 Euro cash with you), they can not pay directly if they like a house.
The fastest foreigner may receive Title Deed in 5 working days;
- Viewing tour and sales contract 2 days,
- Money transfer and Title Deed application 3 days,
(You should consider that after signing the sales contract, next day you need to apply for Title Deed (Tapu) procedure which also takes about 3 days time. Therefore when you wait for your money by bank transfer, tapu process would get ready.)
5. Commission Rates for Foreign Property Buyers and Turkish Buyers
It is very common in Turkey that house prices include 6% commission if a construction company is selling to foreigners. Many international real estate agencies do not ask additional 3% commission from foreigners. Real Estate agencies and construction companies publish commission included prices on their websites.
On the other hand, traditional Turkish market does not work like this. According to Chamber of Commerce; Real Estate Agencies may demand 3% from the seller and 3% from the buyer.
6. Foreigners needs After Sales Service
It is a very easy process to sell a property to a Turkish citizen. Money at one side, tapu is on the other side. Real Estate agencies do not effort anything after tapu delivery for Turkish Citizens. Foreigners need quality after sales service. Foreigners are abroad, don't know; how it works, where they may find it, price policy, residence permit, abonnements, etc.
Process of Buying Property in Turkey
If you decide to purchase a property in Turkey, Antalya Homes Emlak A.Ş. is a correct real estate agency for you. Firstly we advise you to contact us before coming to Turkey. We prepare you the best property options (lowest price at best possible quality) according to your expectation for a viewing tour. You only need to bring your passport and 3.000 USD (or Euro) cash down payment with you. Passport and cash are the only things you need for buying a property in Turkey.
When you like to purchase a property on viewing tour, we prepare a sales contract. Sales contract contains all promised conditions of the sales between the seller and buyer like; home details, payment plan, tapu and key delivery conditions, compensation, force majors, etc.
Then we let translate your passport at Notary Public. We receive a tax number on the same day. You may give power of attorney to a lawyer or to a representation to proceed on behalf of you at Notary Public. We help you to open a bank account if you need to transfer your money into Turkey. We prepare your documents and sellers documents for Land Registry and Cadastre Directorate. We manage Tapu process with our special staff, just working for this process.
During your money come to Turkey, tapu application is done. If there is military approval is existing previously, we may get your tapu (title deed) in 2-3 working days after application. If there isn't any military approval, be aware that it takes about 6 weeks.
Tapu clerk asks seller during the final signature at Tapu Office; "Have you received all your money?" The seller must declare officially; "Yes, I have received all my money!". Because it is an official declaration, Sellers ask all their promised payment before final signature.
Bank loan, Tapu and key delivery are followed by Antalya Homes Real Estate if all promises are kept from both sides. Real estate agencies in Turkey receive 3% commission on tapu delivery date from both sides (buyer and seller) separately. For detailed information check Frequently Asked Questions page.
"If you are dreaming of being a homeowner in Turkey, our article on the advice on buying a house in Turkey will be extremely helpful."