Turkey is introducing a registration system for real estate sales and rentals through a state-run system. This practice, widely used around the world, helps avoid unprofessional services in the real estate market.
No More “Black Realtors”
Turkey’s real estate market is undergoing significant changes, becoming more comfortable for all its participants. The country is transitioning to the Electronic Listing Verification System (EIDS), starting on September 15, 2024.
This new system will help eliminate “black realtors” from the market, speculative price hikes, and rental deposit fraud. From September 15, 2024, EIDS will be implemented in some provinces, and by January 1, 2025, it will be operational across Turkey.
The core of this new regulation is that property owners will now register their properties for sale or rent through the e-government portal. Only authorized, licensed real estate agents will have access to this database. All information from property owners will first go through moderation.
EIDS is designed to protect the interests of landlords, tenants, buyers, and sellers.
In Turkey, real estate agents must be licensed, and professionals are required to undergo training. Stay Property is an official player in the real estate market; our agents are continuously trained and improve their knowledge. Additionally, developers regularly provide presentations of their projects for our specialists, ensuring that clients can always rely on their manager’s expertise to make the right choice.
FAQ: What is the Real Estate Agency Commission in Turkey?
There are no additional commissions for clients when purchasing real estate. It’s important to note that all prices in developer price lists are fixed, regardless of whether the buyer approaches directly or through a real estate agent.
However, this is not the main reason to seek professional help when choosing real estate in Turkey. For example, our company, Stay Property, provides not only a full range of transaction support services but also free post-sale services to help set up your apartment or villa. Our agency’s information tours offer clients several optimal real estate options in Alanya or Istanbul for comparison.
Cash Payments for Rent Are Prohibited
Important changes have also been introduced regarding rentals. Starting October 1, 2024, cash payments for rent will be prohibited under the new rules in Turkey.
Rent payments must be made through bank accounts or RTT postal service offices.
Fines for cash payments will be imposed, with a minimum of 5,000 TL or 10% of the rent for each month paid in cash.
These new regulations are outlined in Law No. 7524, dated August 2, 2024. These measures are designed to ensure both tax control and the safety of all parties involved.
It’s also worth noting that the 25% cap on rent increases has been lifted. Now, rent can be increased by up to 64.91%, based on inflation data, but only after the current lease term has expired.
Special Offers in the Turkish Real Estate Market
Our company is pleased to offer exclusive long-term payment plans of 20-36 months on some Stay Property construction projects, even though these projects are far past the foundation stage. The initial down payment is only 20%.
Additionally, we have properties in our portfolio that are near completion, which will be ideal for short-term rentals. Our company handles both management and rental services.
Moreover, there are opportunities for those looking to obtain Turkish citizenship through real estate investment but do not have the full amount of 400,000 USD. You can pay 50% of the property cost under our citizenship projects, receive the title deed (tap) and apply for citizenship. The remaining amount can be paid in installments.
We are happy to assist you in selecting real estate for moving to Turkey, for rental investments, or for high-yield resale investments. Our specialists are always ready to consult clients on all significant changes in Turkish real estate laws and the market.