Can real estate in Turkey be taken away if it was bought by a foreigner? What are the features and laws regarding real estate ownership? What are the risks when investing in construction? The answers are in this article.
Türkiye is a country where you can quickly buy an apartment, villa, residential and commercial real estate. And the purchasing procedure is simpler and faster than anywhere else.
Buying Real Estate in Turkey is Easy
Often, potential buyers, seeing the prices for apartments in Turkey have risen in recent years, say something like this: “Why Turkey for that kind of money, it’s already better somewhere in Europe.”
And to their surprise, many discover that on the way to a deal they will have so many bureaucratic obstacles that they give up and lose interest. For example, the issue of bank accounts and legalization of a large sum of money for the purchase of real estate. You can’t just pay for it, you must first show where the money comes fr om and prove the legality of the source.
Turkey is loyal in this matter. Few people face insurmountable obstacles precisely because of domestic legislation. Türkiye does not ask wh ere your money comes from, and this is one of the main security factors of the transaction.
Privacy of Investments is Ensured
Another important factor is that the transaction remains between you and Turkey, the data is not transferred to a third country. Türkiye is one of the few safe havens for investment; the country adheres to neutrality in foreign policy matters.
100% Ownership
Regarding the ownership of real estate in Turkey, everything is transparent and understandable. Foreigners have the same rights when owning objects as citizens.
In many countries, houses can be build on a plot that is leased. That is, the property will sit on land that belongs to someone else. There is no such thing in Turkey. The developer cannot build on a leased land plot. In addition, the entire plot of land is distributed among all apartment owners. This is stated in the title deed.
The legal title to real estate in Turkey is called TAPU, is issued by government authorities, without any risks. It indicates the first and last name of the owner, as well as detailed information about the object.
Any citizen and any foreigner who has received their TAPU for real estate becomes the legal owner of the property, and it can be a finished object or a construction site. He also becomes the owner of part of the land plot on which the residential complex is located. The title of property implies a timeless and absolute right of ownership and cannot be challenged.
Insurance and Guarantees
Turkey has a system of insurance against the consequences of natural disasters, mandatory for all owners. Tariffs for it are rising, the system itself is being improved. And these are work guarantees, payments are made.
In Turkey, everything works according to the laws. Ownership, insurance, inheritance, sale, everything is strictly controlled and subject to laws.
Is it Safe to Buy Property From a Developer in Turkey?
If the complex is still under construction, to purchase an apartment, an agreement is concluded with the developer in several languages, including a version in the buyer’s native language. All points will be spelled out regarding the stages of payment, guarantees and obligations of the parties. In the future, TAPU is issued, including at the stage when construction has not yet been completed.
Are Unfinished Projects Possible in Turkey?
Many buyers are worried about the delay in construction, which is observed by almost all cutters. But there is no reason to worry, everything will be completed. Different factors have influenced the construction sector recently - an increase in the cost of basic building materials, salaries, other nuances, residence permits, market activity.
The practice of a developer taking money from investors and flying off somewhere in an unknown direction does not exist in Turkey. There are escrow accounts that protect investors’ money, and there is control by government agencies. If the developer has financial problems, his property will simply be transferred to another company for completion.
Within the framework of Turkish legislation, the developer has the right to shift the completion date of the complex to 6 months. You definitely need to pay attention to the reputation of the developer. Reliable developers who have been on the market for a long time complete everything. The developer needs to have a reputation and experience in order to be approved for a large project.
How Does Turkish Legislation Protect Investors of New Buildings?
The Turkish system for the construction of real estate and its sale at the construction stage is structured in such a way as to protect the buyer as much as possible and make unfinished construction unprofitable, primarily for the construction companies themselves.
The activities of construction organizations are strictly controlled by authorities, large fines have been approved, and possible deprivation of a construction license.
Before construction begins, the timing of intermediate stages is determined, and after the completion of each of them, the commission conducts inspections.
If a Turkish developer attracts credit funds, he provides the bank with impressive property as collateral.
When purchasing an apartment from a developer in Turkey, it is important to carefully read the contract, in particular the construction deadlines, the equipment of the apartment upon completion of the project, penalties for delays, and the time frame within which the developer eliminates deficiencies.
How to Legally Verify Secondary Real Estate?
All transactions are carried out with the involvement of an expert appraiser, who provides the buyer with an independent expert report. It contains all the information on the property. No one can influence the expert who is responsible and values his license and reputation. This document protects the buyer as much as possible from wrong decisions and the purchase of problematic secondary real estate.
Buying a home in Turkey gives you the right to obtain a residence permit and citizenship. Mortgage is also available to foreigners. For a quick consultation, write your question in the feedback form on the website.