Turkey has a wonderful climate, high investment attractiveness, which makes many people buy real estate here. In addition to resort areas, a good investment would be to purchase various properties in the largest city of the country – Istanbul. There is a wide variety of residential and commercial real estate. Buy property in Istanbul is offered by a well-known company.
Features of the acquisition process
There is no difference in the procedure for buying and processing documents for Turkish citizens and foreigners, all actions and conditions are the same. However, when choosing a property, it is worth considering several factors:
- If the area or territory in Istanbul is strategically important, then foreigners cannot buy real estate here.
- If land plots are purchased, their area should not exceed 30 hectares.
- If there is a stay property of a real estate object worth more than 75 thousand US dollars, then you can apply for a residence permit for the owner and his family members.
- When concluding a purchase and sale transaction, a tax is levied, which is 4% of the cadastral valuation.
Property tax is also paid annually. For residential properties it is 0.2% of the cadastral value, for commercial properties – 0.4%. These payments can be made once a year or in two installments, dividing the amount into equal parts.
Main stages of purchase
The process consists of the following stages:
- The area of the city and the type of property are selected. The absence of encumbrances on it and the complete transparency of the ownership history are determined.
- A package of documents is collected, among which there must be the owner’s passport and confirmation of the legal origin of funds. It is also required to obtain a tax number in Turkey.
- An account is opened in a Turkish bank and the money is transferred there. A preliminary agreement is concluded with the owner and he is paid a deposit.
- Next, a purchase and sale agreement is created and signed indicating all the characteristics of the property, information about the seller and the buyer.
- Funds for the property and taxes are paid.
All documents and receipts are transferred to the appropriate authority, the transaction is registered and a certificate is issued confirming the ownership of the property.
You can also buy real estate in Istanbul on credit, you need to get confirmation from one of the banks. The registration process can be carried out independently, or through an authorized person, giving him a power of attorney.
