Introduction to Buying an Apartment in Turkey
Buying an apartment in Turkey is a significant step requiring careful planning and a comprehensive understanding of the process. This guide provides everything you need to know for a successful purchase in 2024, from initial research to completing the deal.
Consult a Real Estate Advisor
Start with a strong step by consulting a professional real estate advisor. They will guide you through Turkish laws, taxes, and related costs, and help develop a strategy that fits your needs, whether for living or investment.
Receive Property Offers
Explore options. Once you understand the legal and financial details, the real estate advisor will direct you to a selection of suitable offers. You can choose between a ready apartment or one under construction, based on price and location.
Initial Property Reservation
Secure your spot. If you find the perfect apartment, you can secure it with an initial reservation, usually requiring a nominal deposit of $1,000 to $2,000. This deposit ensures the apartment is not sold to another buyer before you view it in person and is refundable if you are not satisfied.
Arrange Travel to Turkey
Plan your visit. Coordinate your arrival in Turkey with your real estate advisor, who will meet you at the airport and arrange all aspects of your stay for a smooth experience.
Inspection Procedures and Report Preparation
Property Tour
Inspect the property. After arriving, you will have a detailed tour of the chosen apartment to examine all aspects, ensuring it meets your expectations.
Property Valuation Report
Verify market value. The valuation report determines the actual market value of the apartment, issued by an accredited company or committee, valid for three months.
Complete the Purchase
Sign the Purchase Contract
After confirming details, you will sign a purchase contract in Turkish and English, explained by your advisor and notarized for legal status.
Sale of Foreign Currency
Exchange currency. According to new regulations, sell foreign currency to the Central Bank of Turkey and exchange it for Turkish Lira. The intermediary bank will issue a confirmation notice, necessary for finalizing the deal.
Transfer Property Payment
Pay for the property. After exchanging currency for Turkish Lira, transfer the full payment to the seller’s account. Payment must be in Turkish Lira.
Transfer Ownership Procedures
Register the Title Deed
Complete ownership transfer by scheduling an appointment at the Land Registry and Cadastre Directorate, providing required documents to receive the title deed confirming your ownership.
Required Documents for Buying an Apartment in Turkey in 2024
- Tax Number for Buyer: Obtain a Turkish tax number.
- Personal Photos: Recent photos of the buyer.
- Valid Passport: Valid passport.
- Certified Translation: Certified translation of the passport if needed.
- Property Valuation Report: Recent report.
- Purchase Contract: Notarized contract.
- Currency Sale Receipt: Receipt for selling foreign currency.
- Payment Transfer Receipt: Receipt for transferring property value.
By following this guide, you will be well-prepared to successfully purchase an apartment in Turkey and enjoy your new property.
For more information, contact Invest Real Estate for top property offers in Turkey.
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