Property ownership for foreigners in Turkey
Turkey has attracted foreign investors who are interested in the #Turkish_real_estate_market, especially #Istanbul_real_estate_market as it has witnessed in the past few years, growth and prosperity, to become the first destination for foreign investors due to its economic importance, for being the economic center of the country.
Are foreigners entitled to own property in Turkey?
According to Article 35 of the Turkish Constitution, a foreigner has the right to own a #property_in_Turkey, whether it is an apartment, a commercial store, or an agricultural land In general, the #Turkish_government in the past several years has passed decisions that make it easier for foreigners to own properties in the country.
What are the conditions to own a #property_in_Turkey for foreigners?
If the investor wants to #buy_apartments_in_Istanbul, for example, he has the right to own more than one property, whether residential or commercial property, but if the investor prefers to buy a land and reclaim, there are some conditions he must abide by:
The investor must submit his project and reclaim the land within two years. If he wants to build an industrial facility or reclaim the land with an agricultural project, and he has two years only to activate his project.
The foreign investor should obtain approvals from the competent security authorities if the land is close to the military areas.
What are the rights of foreigners' property owners in Turkey?
A foreigner who owns a #property_in_Turkey is entitled to a two-year residence permit, which can be renewed in case of #property_purchase_in_Turkey
Foreigners are allowed to own properties in all Turkish cities, and we at Alhuda company for real estate investment and development advise our customers wishing to #buy_properties_in_Turkey to choose the city of #Istanbul as the cultural, economic and tourism capital of Turkey and as it has all the ingredients for successful investment.
Turkish law also guarantees the right to inherit the property to the rightful heirs in case of the death of the landlord. The inheritance is distributed according to the Turkish inheritance law.
The foreign landlord can sell his property at any time. We advise our valued customers when they intend to sell their property to coordinate with one of the companies or trusted real estate offices like ours.
Tax Fees for the Transfer of Ownership:
The tax of #foreign_ownership_of_property_in_turkey is paid only once and amounts to 4% of the price of the property and is often distributed equally between the seller and the buyer.
After the tax is paid, the seller waives the property to the buyer and the new owner receives the title deed from the Registry Department.
After receiving the property, the buyer can subscribe to the services of gas, electricity, water, internet and others.
This is done by paying the value of insuring and delivering the previous services once by visiting the concerned institutions, which is simple.
And we at Alhuda Company, can assist you with that by providing all the necessary services.