Buyer guide for Turkish properties:
At www.propertyturk.com, we have been selling Turkish properties since 2008, we Have come across with many different questions from international buyers . There is a lot to be studied and understood before buying a real estate abroad, in this article our head broker Mr. Fikret Akinci will explain the fundamentals:
1- Why buy a property in Turkey?
– Turkey is becoming a dynamic country and GDP has been growing from 2 % to 10 % over the last ten years .
– Turkey is a member Of NATO and is within G200 countries and its economy is within the biggest 15 in the world overtaking Italy and Spain over the last 10 years.
– Turkey has the youngest population in Europe and the main hub for the 12 industries such as : Textile, car manufacturing, after market, fruit and vegetable market, home Textile, tourism, health care, construction, historical studies, supplying army equipment’s, building massive projects, aerospace industries.
– Turkey Is after Discovering gas within 2 to 3 years, the gas will be brought up from the Mediterranean Sea to supply Europe for 20 years.
-Turkey will be allowed to search for petroleum after the year of 2023, after that it will be considered within the 7 richest countries in the world.
Giving all these reasons, Turkish properties value will be increased up to 7 to 10 % per year and bring 5 to 9 % net rental income To the owners, making it one of the most profitable real estate investments in the world.
2- which city to invest:
At www.propertyturk.com we have over 13 years of experience in real estate both in London and Turkey ( Mr. Fikret has studied MBA and MSc At university in London And he worked at GLL in London focusing on Turkish property market and then he moved to Turkey and analysed all parts of the country for investment, his conclusion is : cities as Istanbul and Antalya, Izmir and Mugla-Bodrum has the highest appreciation rate in Turkey. Istanbul is the best winner by far in Turkey for the reasons being:
The Biggest international companies
The Biggest airport in the world
The biggest worldwide Tourism destination with more than 200 million tourists visits every year
Best schools, best businesses
Highest earners live in Istanbul
Istanbul is historically the capital of the world for three empires es, Roman and Constantinople and Ottoman Empire ruled the world from Istanbul
Istanbul is the only city in the world that connects two continents
Istanbul has the best shopping malls and hotels such as: Ruffles, Swiss hotels, Four seasons, Kempinski, Mandarin, Shangri-La, St. Regis , Fairmont, Armani and many more that have established themselves in Istanbul.
FedEx, DHL and UPS made Istanbul the main hub in the world, so that international parcels can be distributed from Asia to Europe and from America to Africa.
Istanbul has built the biggest hospitals in the world to attract health care international tourists
Even in the coronavirus pandemic, Britain UK lost 100.000 people but Turkey only lost 4.000 people this shows how effective turkey’s health care system is .
Istanbul is also becoming one of the central hubs in Europe for international education, people from all around the globe came to study in the Turkish universities
International businesses such as GP Morgan, Rosh, and many other multi million dollars world companies chose Istanbul for their hub in Europe and Middle East
For all these reasons listed above, 1.384.729 plus properties were sold in one year. The year of 2019 out which 45.783 to international buyers, and in Istanbul alone 273.775 properties were sold .
Turkish property market is a rising star in the world because Turkey is a dynamic country With many people marrying every year Buying new properties, Turkish government gives people loans to Turkish people with 0.70 % interest so that they can mortgage
Combine local demands as well as international buyers increase the value of properties every year Turkish property market is at the beginning of its cycle.
The investors buying in 2020 up to 2023 will make between 7 % up to 20% capital appreciation per year
Furthermore, Turkish properties are free hold, means it’s yours forever as long as you don’t sell, whereas in Europe the government give 100 up to 200 years also inheritance tax is 0.5 % whereas In England is 45%.
Income tax for Turkish properties is 5 % of the rent per year whereas in England it is 25%
We at www.propertyturk.com get your deed at the same day of purchase , if you buy at full price , I’d Instalments we get you up to 15 % discount , 30% down payment and 30/40 months instalments , cash payment we get you 25 up to 35 % Discount, we also you help you open a bank account and get a tax number, our after sales team will help you with your property electricity . Another reason why buy in Turkey, is to get Turkish citizenship by investment when you buy a property with more than $250.000 And pay full. Our legal team Will get you and all your children under the age of 18
Turkish citizenship in 10 weeks after you give power of attorney to our lawyer to apply on your behalf and to supply the required documents:
-8 biometric photographs for each applicant.
-Translated and attested by Turkish notary passport copies
-marriage and birth certificate
-bank transfer of $250.000
Once you supply all these documents, we at www.propertyturk.com get you the Turkish citizenship in 10 weeks. Our lawyer will get you residency within 3 weeks and we apply for your passport and identity card card.
Another reason why to invest in Turkey, we at www.propertyturk.com have investment options in three different segments:
1- Rent guarantee options:
We have rent guarantee apartments/ shops / hotel apartments with rental income from 7 up to 9% per year, the properties can be used for Turkish citizenship as well as for investment.
Mr Fikret defines buying a property from Turkey as fruit picking, as he says you must pick the fruit at the right time otherwise your fruit will be off or too early to eat, same thing with properties. Mr Fikret has been serving Al Shamsi, Al Than, Al Shalhoub an Al Saud and many other families with budgets from $50.000 up to $100 million.
2- personal usage properties and commercial properties:
3- Turkish citizenship by investment properties
Who can buy a property in Turkey?
Nationalities from Armania, Syria , North Korea, Kuba , cannot buy properties from Turkey . Nationalities from Morocco, Egypt, Latvia, Albania, Afghanistan can only buy residential properties.
Apart from the nationalities mentioned above, all other countries can buy a property and get Turkish citizenship.
– Cost of buying a property in Turkey:
Stamp duty 2-4 %
Lawyer fees
Agency fee
Starting from June 2020, a new law in Turkish property market was implemented: you must use a certified supervisor real estate consultant with level 5 reference number, at www.propertyturk.com we are a number 5 certified real estate consultants. Without a certificate of real estate construction buying a property will be considered illegal and there will be fines up to 50.000 tl .We at www.propertyturk.com are experts about ‘tapu’ and ‘land ownership tapu’
-The Deed “Tapu”:
What is a tapu?: Turkish title deed is the most important document for the property ownership . The deed outlines information about the property, the location, land, the owner, the price, which is registered and supplied by cadastre general directorate. It is important to consult a number 5 certified consultant like Mr Fikret who understands the title deed transfer process.
There are two types of title deed:
1- Blue title deed: 1) land ownership
2) shared ownership
1- Red title deed: 1) kat artifaki: the deed is given when construction is under process
2) kat mulkiyeti: is when work is completed
How much does the title deed costs: stamp duty is 4%. dividing this cost between the buyer and the construction company is subject to negotiation.
When Will you get the title deed?
You will get the title deed when you complete the following steps:
1) at www.propertyturk.com we will make an appointment with the title deed office
2) buyer and seller agree on a declaration of the value
3) stamp duty will be paid
4) The buyer transfers the money to the seller
5) the seller signs to the title deed confirmation of the transfer at the title deed office
6) the buyer signs and accepts the deed
7) the title deed is issued by the deed office within half an hour
In conclusion, buying a property is a journey most people make a quick decision based on a salesperson’s persuasion who does not know Istanbul and buying and selling property business. Please do not make that mistake, being a property broker/ consultant requires minimum 5 years of experience in the Property field and the knowledge of the city and there are many elements to consider before giving a consultation such as public transportation, schools, business, shopping malls neighbourhoods, past current and future prospective of that location.
Be a winner at purchase. Even 1% Extra profit at purchase is money.
We at www.propertyturk.com since 2008 have made lots of buyers winners; with the current government SPK reports, international buyers are protected. We at www.propertyturk.com go beyond and make sure we give you the best consultation when you buy a property in Istanbul, Bodrum, Antalya… etc for personal usage of for investment or for citizenship applications.
Looking forward to answering your questions, should you have further enquiries for property purchase from Turkey please contact us.
Best regards
Fikret AKINCI
00905387275296
info@propertyturk.com
www.propertyturk.com
