Turkey happens to be among the most revered and aspirational real-estate investment destinations in the world today. If you account for factors such as economic state, social security and lifestyle, Turkey is one of the best and most consistent countries across the globe. Although Turkey’s economy has had a slightly turbulent phase lately due to the disturbances caused by the brexit negotiations all across europe, the decrease in the purchasing value of Lira has tipped the odds in the expatriate’s favor, as they can now comply with the economic state of Turkey with ease. However, generally the Turkish economy has never been perilously unstable and maintains the same fortitude till date.
Given all the formerly discussed factors, the Turkish real-estate is starting to gather a substantial amount of desirability among the foreigner investors. However, buying property in Turkey might be slightly complicated for a foreigner due to challenges non-familiarity with the varying procedures, language barriers, lack of knowledge regarding acquisition and ownership policies etc. This blog seeks to cover some of the standard procedures in simplified terms to aid the foreign real estate investors in understanding the procedures with ease and go smoothly through the process necessary to settle in turkey. Following are the four mandatory steps for the expatriates to buy property in Turkey:
The first and foremost important part of looking for a suitable Turkish Property is to do the necessary homework. With a myriad of options to choose from, both in terms of property and realtors, the smart thing to do is gather the best options and then to evaluate them. Therefore, if you are looking to purchase a residential property in Turkey, you ought to find and reach out to the best realtors in the region that you wish to reside in, and compile and shortlist the best investment options to choose from. The popular choices among the investor in terms of regions include Istanbul, Antalya and Fethiye.
The second step ought to be to visit the country. The significance of this step is two-fold. For one, to settle in Turkey you must acclimate yourself with the surroundings and the culture. Turkish land is a melting pot of numerous different cultures and socio-economic classes, each of whom dictate a unique socio-cultural dynamic. Therefore, to become one with that dynamic, one must pay a visit to the particular area where s/he wishes to dwell. The second order of business in the trip, should be to have the shortlisted properties thoroughly inspected. Property Inspection can not only let you further filter out your options based on the pro’s and con’s of a property, but will also enable you to get accustomed to the surroundings and the culture of that particular area.
After having chosen the top preferences for investment, the third order of business is to fulfill the financial procedures. Turkish real-estate industry is quite uniform in terms of general proceedings, however, everyone charges differently for their services on the whole. Therefore, negotiation in terms of cost and payment terms are always welcomed, so long as they are in the benefit of both parties that are the investors and the realtors. Secondly, after having reached a consensus upon the payment terms and pricing, the chosen property needs to be reserved, so as for the agreed upon price to remain static and the property to be remained reserved in your interest. The reservation fee is usually 1100 euros which are non-refundable even if the investor decides to opt out after reservation. The third order of business is to hire a representative through the power of attorney who can carry-out the purchase for you. This will not only save you valuable time and money, but allow the sale to go on in a smooth fashion.
The fourth and final steps to buy the residence in Turkey shall be to have the property inspected one final time and to acquire the title deed. After having completed the formalities such as paperwork and financial transactions, you shall acquire the title deed or TAPU from the Turkish government to have your property be legally registered in your name.
Living in Turkey is turning into an aspiration for many expatriates due to its socio-economic and recreational appeal. The procedures are kept as simple as possible so as for the potential dwellers to take advantage of the opportunity. Given all such luxuries, there should be no reason not to settle in Turkey and begin a life full of bliss and joy.