Legal Obligations To Purchase Real Estate In Turkey
Purchasing property in Turkey is one of the best ways to make an investment in the country that can pay for itself in the long run. Whether you wish to make a commercial or personal investment, keep in mind that you have to adhere to the country’s property laws if you want the process to go smoothly. The following are some you need to keep in mind:
Legal considerations for foreign investors in Turkey
The purchase and regulation of real estate in Turkey is regulated by Statute 7782 and Article 35 of the Property Act. Foreigners can purchase property in Turkey either as a residence or an office that has to be registered according to the building or localized development scheme of the area. It also has to be in accordance with legal requirements and the same is the case with limited title based rights for property in the country.
As a foreign investor you can purchase at most 2.5 hectares of land when it comes to surface area. The areas are determined by the Council of Ministers and according to them international investors can purchase up to 10% of the surface area of real estate that is registered within a development scheme and it should not exceed this limit.
You can own a property in Turkey or an apartment in Istanbul for any reason whatsoever but there are different approaches to this. You may use it for anything you want so if you want to purchase land that has no constructions in it or wish to use it for agriculture, then you can do so. In such a case though, you will have to submit a project concerning such developments on your land to the Ministry of Environment and Urban Planning at any time within the 2 years following the purchase. If you have no plans to develop the land you wish to purchase you will not be allowed to do so.
In case the limitations are ignored or the project is not completed within the stated time, investors are given a time limit by the Ministry of Finance. This will be 1 year at the most which you will have to utilize to the best of your abilities to make the land you purchased a commodity for yourself. If you fail to do so, the Ministry of Finance will take appropriate action and if you wish to sell the property, you will be compensated for the loss.
ALAProperty has been aiding foreign investors and especially those from the Middle East make lucrative investment decisions in real estate in Turkey. We started operations back in 2010 and have head quarters in Istanbul itself. These investments have resulted in big returns with aid from strategic marketing practices for apartments in Istanbul as well as residential villas.
For more information contact us by dialing +90 212 235 64 14 or just fill out our query form with any detailed questions you may have.