If you are looking to buy a house in Turkey as a nonresident, there are a few things that you should keep in mind. If you are not a permanent resident, there are other ways to buy a property in Turkey. You can purchase a house through a Turkish company or lease the property for an extended period.
No matter which option you choose, it is important to work with a real estate agent familiar with the purchasing process for foreigners. In this blog, we will explore the different ways to buy a property in Turkey as a foreigner.
If you are looking for a home in Turkey, it is important to work with a real estate agent who understands your needs and can help you find the right property.
Some things to keep in mind when searching for a property:
- What type of property do you want?
- How much space do you need?
- What is your budget and preferred location?
- Are you looking for a furnished or unfurnished property?
Once you have answered these questions, your agent can start to show you properties that fit your criteria.
If you choose to purchase a property through a Turkish company, there are several things that you should keep in mind.
First, the company must be registered with the Turkish Ministry of Trade and Commerce. The company must also be registered with the Turkish Corporation Registry.
You should ensure that your real estate agent is familiar with this process and guide you through it. The documents in Turkey are often in Turkish, so they need to be translated into English before submitting for approval. You will also need a translator when signing contracts with the company’s representative.
To buy a property through this method, you must have an accountant prepare financial statements on your behalf for tax purposes in Turkey. You will also need to provide the company with proof of income from overseas sources and documentation showing that you can finance the purchase yourself.
For some people, leasing a property is the best option. This method is ideal for people who are only in Turkey for a short period.
You can still own real estate when you lease, but your rights to the property expire at the end of the leasing contract. You cannot sell or rent out your home while it’s under lease without getting approval from both parties first.
If you are interested in this option, you will need to work with a real estate agent familiar with leasing contracts.
No matter which method you choose for buying or leasing property, it’s important that your agent be experienced and trustworthy. If you are not fluent in Turkish, try to find an English-speaking agent to avoid miscommunications during the process.
Many areas in Turkey are perfect for foreigners, but here are some of our favorites:
Gaziantep – This city is located in the southeast of Turkey, and it’s home to many ex-pats. Gaziantep is close to the Syrian border and has a vibrant nightlife scene, making it perfect for young professionals who enjoy meeting new people and having fun.
Antalya – This city on Turkey’s southwestern coast offers an amazing climate with year-round warm weather and sunny blue skies. Antalya is also home to some of the best beaches in Turkey.
Istanbul – Istanbul is a city that has something for everyone. It’s a cultural melting pot with stunning architecture, delicious food, and plenty of activities to keep you busy. You can buy the house for sale in Istanbul to enjoy the city’s fabulous nightlife, historic sites, and restaurants.
Ankara – Ankara is the capital of Turkey, and it has many great schools for children who are learning English. The pace in this city is slower than in other major cities like Istanbul or Antalya, so if you’re looking to get away from the busy lifestyle that comes with living in a big city, Ankara is a great option.
No matter where you choose to buy property in Turkey, it’s important to work with an experienced real estate agent who can help you through the process.
When you buy property in Turkey, keep these points in mind:
You will need to pay for your home with cash or a bank loan. There is currently no mortgage market like the United States has. However, foreign citizens can take out loans using their overseas income as collateral to prove that it is sustainable.
The purchasing process can take a few months, so it is important to start planning.
- You will need to submit several documents, including your passport, proof of income, and financial statements.
- You will also need to have a property appraisal done by a licensed appraiser in Turkey.
As the Turkish real estate market grows, more and more foreigners are investing in property.
Property prices remain low compared to other countries like France and Italy. The government also offers incentives for foreign buyers who purchase homes through a registered company or legal representative. These benefits include exemption from certain taxes and the right to apply for a residency permit.
The Turkish real estate market is constantly changing, so it’s important to work with an up-to-date agent on the latest trends. If you are interested in buying or leasing property in Turkey, contact us today for more information.
Now that you know the different ways to buy a property in Turkey as a foreigner, it’s time to decide which option is best for you. By following these tips, you can make the process go smoothly and avoid any potential problems.
Moreover, if you are looking for apartments for sale in Istanbul, look no further than homes and beyond. It is one of the most reputable and reliable real estate agencies in Istanbul, with a large portfolio of properties to offer.