Is It Time to Buy A House in Turkey?
REQUIREMENTS FOR APPLICATION BY REAL ESTATE INVESTMENT
- Applicants are required to purchase a property in Turkey which is worth minimum of $250.000. This can be fulfilled either by purchasing a single property or multiple properties complying with the provisions of the regulation.
- Applicants are required to keep the purchased property for at least 3 years. This commitment must be registered as an annotation on the Title Deed and/or on the Notarized Sales Contract.
- The value of the property will be determined by an official valuation survey done by the authorities that are announced by the Banking Supervision Board. The value of the property must be at least $250.000 in the valuation report.
- The property purchase price must be paid to the seller via bank transfer, to be supported by bank receipts that proves that the transaction is made from Buyer’s account to Seller’s account.
- The officially declared value of the property must be minimum of $250.000 at the time of the Notarized Sales Contract and/or of its ownership transfer at the Land Registry Office.
- Any such property within this scope must not be registered under any foreign real person’s name including the Applicant’s spouse or children; properties that have been transferred by the Applicant’s spouse or children after 12.01.2017 are not within the scope of the regulation.
- In case the property is purchased with a mortgage loan or it is subject to mortgage by any means, the mortgage value will be deducted from the value stated in the valuation survey and the remaining amount will be taken into consideration.
- Application will be sent to the Ministry Of Internal Affairs, General Directorate of Population and Citizenship Affairs, Directorate of Foreigners’ Department through the Ministry Of Environment and Urbanization, Land Registry Office.
We suggest that you seek professional assistance with a lawyer along the process.