Turkey has always been an attractive destination for tourists from all over the world. However, recently it has been captivating investors from all over the world, especially in the sector of real estate. This high appeal is due to so many factors, such as the prime location being in the middle of two continents.
Homes sales in Turkey reached 107785 sales in July 2021, with 4495 sales made to foreigners. The top 3 nationalities in house sales in Turkey for July 2021 were respectively Iraq, Iran, and Russia.
Facing these important observations, people are willing more and more to invest in Turkey and own a property in this beautiful country. So, if ever you are considering making a good investment in Turkey, here are some useful instructions to follow.
Identify your requirements
Before even starting to look for the features of your dream home, begin with pointing out the aim of the purchase, whether you are seeking an attractive investment opportunity or are willing to enjoy a pleasant time where you can spend your holiday with your family in your own place every time you feel like doing it. Or maybe you are planning to move and settle down in Turkey.
This question that might be simple has major importance in determining the most suitable property for you. Once you set the purpose, you should evaluate the characteristics of your target property according to your preferences, your needs, and your family profile. It will help if you think about the view, the number of rooms, size, and floor…
After you set all these specific details, you should evaluate them with the budget you can afford to increase your chances of getting the property that matches your request the most.
Familiarize with the country
Maybe you have been researching on the internet or browsing from a website to another. However, a quick visit might be helpful. Although your presence is not compulsory and you can complete the sale from your abroad, if you have never visited Turkey before, it would be better to schedule a brief drop by and try to evaluate the areas as a future resident or investor instead of sightseeing as a tourist.
In fact, you would maybe like to have the iconic Bosporus view every day of your holiday. However, as a resident getting to your workplace in the shortest time possible would be more important for you; besides, an investor would care more about the investment value of the property rather than its size or rooms number.
Accept to consider new options
Once you start your journey to find the right property in Turkey, maybe you have already pictured the ideal home in your head influenced by some advertising materials or some familiar experiences. However, you might figure out that it’s not suitable for your needs.
Don’t let this situation discourage you, and be open to evaluating new options that might be the most accurate alternative for your profile. In this situation, the support of an expert would be an advantage.
Have an idea about the purchase procedure
People are sometimes discouraged in such situations by the complicated and several instructions they have to go through while purchasing a property in their own country. How about when you are buying in another country where you don’t have any idea about the laws.
So start by gathering some information from a trustable source.
Here are some instructions that might be helpful.
Reserve the property
As the demand for real estate is high and continuous in Turkey, especially in some big cities such as Istanbul, prices and availability are regularly changing. So if you still have some time until your upcoming visit to Turkey or you cannot travel right away, this step could be helpful, so you don’t miss a reasonable price and a good investment opportunity. The deposit amount is generally 1% of the property value, and it’s valid and refundable within a certain period decided by the owner. After paying the deposit, you will get a receipt with the amount and the date.
Sign the contract
It’s a legal document set between the buyer and the seller, and it includes the details of the property, the sale price, the deposit, and the payment terms. A sworn translator and a notary must be present while signing the contract when the buyer is not a Turkish Citizen.
Make the payment
The payment should be through a bank transfer either directly from your residence country or through a Turkish bank. W should mention that customers willing to apply for Turkish Citizenship through Real estate investment must make the transfer from their personal account with their identity details. However, if they want to get a tax exemption, they have to transfer the amount in hard currency from an international bank from outside Turkey.
Power of Attorney
If you cannot be present during the sale procedure or in specific steps, you can give a power of attorney to a lawyer or a trustworthy person so he can make the procedures on your behalf. A power of attorney must be made in the Turkish consulate or embassy in your residence country and sent through the post.
When the payment is completely finished, you can obtain the title deed of your property. This procedure generally takes about 6 weeks after applying all the requested documents to the Land Registry office.
Get the support of a reputable advisor
The more the real estate sector in Turkey is blooming, the more agents and real estate agencies appear in helter-skelter every day. So, you have to find a company with a good history and a remarkable background to avoid any fraud. Thus, an experienced advisor will join you in every step through the whole procedure and provide you with accurate information and service whenever you need it.