The Turkish property market is growing very rapidly. Foreign investors are one of the significant reasons of this growth. Foreign individuals are allowed to buy properties in Turkey and procedures are quite easy. A foreign individual can buy a property within one day if the property’s title deed is ready to sell.
Foreigners must have following documents in addition to documents required by local citizens:
- Potential tax number which is taken from tax office,
- Translated copy of valid passport.
Points shoul be considered by foreign individuals who are planning to buy a property in Turkey:
- Detailed check should be done in directorate of land registry offices if there is any hypothec, confiscation or restrictions on properties.
- Work with expert and trustable companies.
- Foreigners are not obliged to get residence permit in order to buy a property.
- The Republic of Turkey’s courts are always open to foreigners in any case of a conflict.
- Be sure that the property you are planning to buy is not within the boundry of a military district. Foreignors are not allowed to buy a property which is within the boundaries of “special security area”. You can check the situation of the property from directorate of land registry offices.
Increment value of the property subjects to income tax if it is sold within 5 years after the acquisition date.