Property Purchasing in Turkey: Process and Procedures
As per Article 35 of land registry law 2644 amended as per law 6302, reciprocity is no longer a basis for foreigners wishing to purchase Turkish properties w.e.f. May 18, 2012. So, whether you are seeking to buy posh villas in Turkey or a snug apartment, nationals from as many as 183 countries can buy property and real estate in Turkey. The information regarding the same ca be obtained from Turkish consulates and embassies abroad and the General Directorate for Land Registry and Cadastre. Foreign nationals can purchase any genre of property within legal restrictions.
Legal Conditions for Foreigners Purchasing Property in Turkey
Transfer of ownership of property is only permitted when the official deed and registry has been signed at the Land Registry directorate. A sales commitment agreement can also be drawn before the notary. Legal ownership does not pass with these agreements however. A maximum of 30 hectares of property in total can be purchased by foreign nationals. Foreigners cannot acquire or rent property in those zones which are forbidden or high security. They can acquire properties or limited in-rem rights in a district or town up to 10 percent of the total area of the concerned district or town.
The Conditions for Transfer of Ownership
The owner of the property (foreigner in this case) should make an application on a preliminary basis with the Land Registry directorate. Necessary documents include the title deed of the property, identification document or passport (with translated version) compulsory earthquake insurance policy fo the buildings, and photos of the seller and buyer. In case the POA is prepared abroad, the original and certified copy of the power of attorney along with approved translations can work.
Power of Attorney
These are issues by Turkish consular offices or embassies. The POA issued by the foreign notary should be certified as per the Hague convention bearing the Apostille, to prevent need for additional certification. If the POA is issued by a notary of a foreign country not part of the Hague , the signature and seal of the foreign authority needs to be certified by the Turkish consulate in that nation.
Acquisition of Properties by Foreign Companies
These are governed by the Article 35 of the Land Registry Law No 2644. Foreign commercial corporations established according to legal regulations can acquire properties and limited in rem rights as per special laws. These include Law on Industrial Zones No 4737, Law on Encouragement of Tourism No. 2632 and Petroleum Law 6326. There are certain conditions for companies with foreign capital owned by foreign investors.
Property in Turkey needs to be purchased once a military check has been carried out. If your property exceeds USD 1 million in value and there are conditions on resale within 3 years, this can be a fast route to acquisition of citizenship. Additionally, even if the property is of a lower value, but certain conditions of residence are met, post the approval of the authorities, Turkish citizenship can be obtained. Purchasing property in Turkey therefore, has more advantages than just one!