Turkish law allows foreigners to own property in Turkey, whether it is residential, agricultural or industrial land, and it is desirable for this property to be far from military areas and any land belonging to state ownership in general, and for the purpose of buying the property to build a residential, industrial or commercial project.
But what are the conditions for owning or buying a property in Turkey:
That the area of the property to be purchased does not exceed 30 hectares, and the foreigner can get a larger area, up to double, but that is provided that the owner submits the project for which he will buy the land within two years. And he must also obtain approval from the security authorities, which usually takes one month, and this clause does not apply to all lands, but only applies to lands close to military areas, and the foreign buyer must be fully aware of the amount of space allowed for construction when determining The price of the land as the total building area is the basis for determining prices.
It is customary in Turkey, upon agreement between the seller and the buyer, for the latter to pay 10% of the value of the agreed-upon property as a security for the completion of the sale.
Fees for registering property transfer taxes:
- Fee for obtaining the title deed of the property in the name of the new owner and also the fee for calling a sworn translator (Turkish English) and that this translator is registered with the Translators Syndicate in Turkey. The buyer's passport must be translated and certified into Turkish. And there are the annual municipality fees, which are paid at the municipal palace of the municipality in which the property is located every year in May, in exchange for services related to urban planning.
The tax of owning a property in Turkey is paid only once, and it is about 4% of the price of the property to be purchased, where it is paid by 2% by the buyer and 2% by the seller as well, and this is upon receiving the title deed of the property. After that, the seller assigns the property to be sold in favor of the buyer, and this is done at the real estate office, and the latter receives the title deed and the property key, and the foreign buyer becomes the owner of the property.
The foreign buyer who owns the title deed can also apply for a real estate residence permit from the Turkish Ministry of Interior for a period of one to three years. When wanting to sell the property they own, the seller must pay the value of 15-35% of the value of the profit resulting from the value of purchase and sale within a period not exceeding five years of ownership, and with the exception of the value of 8,000 Turkish liras from the value of the total profit and if it does not exceed this value, he is not obliged to pay No tax value.