How to buy an apartment in a new building in Turkey: step by step instructions

Buying foreign real estate from a developer is the best solution for most investors. We will tell you everything about how to buy an apartment in Turkey and what you need for this!
Published at 28/07/2022
  1. Preparatory stage
  2. Signing a contract of sale
  3. Making a deposit
  4. Preparation for registration of ownership
  5. Property payment
  6. Transfer of ownership
1.

Preparatory stage

Preparatory stage

If you are interested in how to buy an apartment in a new building in Turkey as a foreigner, start by searching for a new building. Compare offers in different regions, decide on the price segment of real estate, pay attention to the location of the objects you like. The most financially attractive will be an apartment in Turkey at the construction stage - this way you will save about 30% of its cost, and if there are additional discounts, the benefit can reach 40%. Be sure to check the documents and the reputation of the developer.

2.

Signing a contract of sale

Signing a contract of sale

The procedure for buying an apartment in Turkey begins with the signing of a preliminary contract between a developer and a client. This document does not give ownership rights, but fixes a number of important guarantees, rights and obligations of the parties. To conclude such an agreement, only a passport is required.  

3.

Making a deposit

Making a deposit

Modern rules for buying an apartment in Turkey require a deposit of 5-10% of the value of the object. This is done simultaneously with the signing of the contract. The payment of the deposit must be recorded in a separate item. Please note that if a contract is terminated by a buyer, this amount will not be refunded.

4.

Preparation for registration of ownership

Preparation for registration of ownership

If the process of buying an apartment in a new building in Turkey has already been launched, it is worth preparing all the necessary documents to complete it. In addition to a passport, you will need a TIN (issued at the nearest branch of the Tax Inspectorate). If you wish, you can open an account at a local bank - it will be useful for transferring money for a transaction, and in the future for paying off utility bills. When learning how to buy an apartment in Turkey correctly, please note that the conclusion of a transaction and other formalities can be handled by an intermediary on the basis of a power of attorney.  

5.

Property payment

Property payment

The payment scheme does not affect the process of buying an apartment from a developer in Turkey. It all depends on whether you contribute the amount from your own assets or apply for a mortgage. Turkish banks offer fairly favorable lending conditions for residents and non-residents. If the entire amount is on hand, part of it, if desired, can be paid in cash. The rest - by direct transfer from your country or with the help of a previously opened account in a local bank. If you are interested in how you can buy an apartment in Turkey from a developer, please note that in the case of using a mortgage or installment plan, the encumbrance will be entered in the Tapu (certificate of ownership) until it is fully repaid.

6.

Transfer of ownership

Transfer of ownership

When the question of what you need to know when buying an apartment in Turkey is resolved, the contract is signed, and payment has been made in full, the transfer of ownership takes place. To do this, the seller, the buyer, the realtor or other intermediary involved in the transaction, and the state translator (if the buyer does not speak Turkish) meet at the Cadastral Office. An application for a change of ownership is filed and associated taxes are paid. Within 5 days, the buyer receives Tapu.

Conclusions

Since the question of who can buy an apartment in Turkey after the abolition of the principle of reciprocity is not raised, any interested investor can become an owner of a profitable property in a short time. To ensure that there are no problems with the deal, you should contact independent experts on GEOLN.COM. Specialists will quickly check any new building, give their advice and provide legal support for the purchase using their knowledge of the market and their own databases of information.

How to buy an apartment in a new building in Turkey: step by step instructions — Advices from experts and reviews of real estate on GEOLN.COM. Photo 7

Diana Kabakci

The leading expert of the real estate market in Georgia
Education: MBA
Sphere: Real estate / Investments / Lawyer
Consultations made: 250
Expert on countries: Cyprus, Georgia, Kazakhstan, Poland
Known languages: Russian / Georgian / English / Turkish
Experience: 14 years
Expert publications: 665