Knowing and preparing the required documents for purchasing property in Turkey is crucial to successfully completing the sale in accordance with the real estate ownership laws for foreigners. In this article, Skyline Real Estate provides essential information on buying property in Turkey, including the necessary documents, the purchasing process, and the taxes that must be paid. We will also discuss the types of properties that foreigners can own in Turkey and recommend the best provinces for property investment.

We hope you find this article informative and beneficial.

Required Documents for Buying Property in Turkey

As mentioned in the introduction, providing a set of documents is the most crucial step in acquiring property in Turkey. These documents include:

1. Tax Identification Number (TIN): Required for official transactions and opening a bank account in Turkey. It is issued for free (detailed steps for obtaining it are provided below).
2. Translated Passport Copy: A notarized and translated copy of your passport.
3. Four Personal Photos.
4. Property Valuation Report: A report that specifies the actual value of the property.

These are the required documents for purchasing property in Turkey. Now, let's learn how to obtain a Tax Identification Number, one of the most important documents you need not only for property ownership but also for other legal transactions.

How to Obtain a Tax Identification Number in Turkey

You can obtain a Tax Identification Number by following these steps:

1. Provide a copy of your valid passport.
2. Visit the nearest tax office in Turkey.
3. Request the issuance of a tax number from the relevant officer.
4. Enter your information into the tax office system.

Finally, you will receive a document containing various information, including your Tax Identification Number.

Steps for Buying Property in Turkey

Buying property can sometimes be a risky investment that might lead to financial loss if not handled correctly. To avoid these risks, follow these steps:

Determine the Purpose of Buying the Property

• Decide whether the purchase is for living and settling in Turkey, for real estate investment, or for obtaining Turkish citizenship.
• Determine the geographical location you want to buy in and the budget allocated for the purchase, which will determine the property's features and specifications.

Choose a Reliable Real Estate Agent

• Research online for property listings in Turkey and find attractive offers from real estate agents.
• Select an agent based on the quality of services offered, the reputation and history of the company, and customer reviews on their website and social media platforms.

Inspect the Property

• Ensure that the property matches the specifications provided and the images or videos shown.
• Verify details like the quality of the infrastructure, room layout, potential modifications, view, surrounding environment, and the legal status of the property.

Complete the Ownership Procedures

• After organizing and translating the required documents, follow these steps to finalize the ownership process:
  • Open a bank account in Turkey to transfer the money.
  • Sign the purchase contract after agreeing on the terms.
  • Register the property at the land registry office once approval is granted.
  • Obtain the title deed, which is the primary document for property ownership in Turkey.

Taxes on Property Purchase in Turkey

Property taxes in Turkey are calculated as a percentage of the property's value. These taxes are categorized into three types: taxes paid at the time of purchase, annual taxes, and monthly maintenance fees. Below are the one-time taxes paid when purchasing a property:

• Title Deed Tax: Paid when registering the title deed in the land registry, 4% of the property's price, split equally between the buyer and the seller.
• Value-Added Tax (VAT): Paid once at the time of purchase, ranging from 1% to 18% based on the property type, size, and location. Foreign investors are often exempt from this tax.

Types of Properties Foreigners Can Own in Turkey

Turkey's property laws allow foreigners from various countries to purchase properties on its lands, with specific exceptions for nationals from Syria, Cuba, North Korea, Armenia, and Cyprus. There are also regional restrictions for bordering countries like Greece. Foreigners can buy apartments, villas, land, farms, commercial properties, and large projects like malls, schools, and hotels.

Best Provinces in Turkey for Property Ownership

All Turkish cities are known for their modern infrastructure, but if you plan to own property in Turkey for residence or investment, we recommend the following cities:

• Istanbul: Renowned for its cultural significance and tourism and investment opportunities, featuring properties with sea views, proximity to historical landmarks, or central locations.
• Antalya: A prime tourist destination on the Mediterranean coast, known for high investment returns.
• Trabzon: A favorite among Arab buyers, located on the Black Sea coast, offering reasonably priced yet elegantly designed properties.

We hope this article by Skyline Real Estate has provided you with valuable insights on the required documents for buying property in Turkey, the steps for property ownership, an overview of applicable taxes, and the best provinces for purchasing property.