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Rules of purchase of the real estate in Turkey.- Who can buy, what restrictions for the buyer exist? Citizens and commercial corporate entities of the countries with which reciprocity agreements have been signed and companies established in line with Foreign Direct Investment Law No. 4875 in Turkey may purchase a real estate in Turkey on their own names provided that the property is not located in military and security zones. The reciprocity agreement with Russia and Ukraine is restricted to purchase of buildings only but not land. - What documents are necessary for the buyer for purchase of the real estate? Once a sale is agreed with the owner, an application has to be made to the local Land Registry Office. The Land Registry Office then carries out a search for the abovementioned restriction through correspondence with the military authorities in the area. As soon as the search is completed (it usually takes 2-3 months), the Land Registry Office then transfers the title and issues the new title deed (in 1 day). It is suggested that you appoint an agent to deal with all necessary transactions by means of a legal document called “Power of Attorney” for buying property. This should be done in the presence of a Notary-Public. During the application, the buyers are to provide local Title Deeds Registry Office (“Tapu Sicil Mudurlugu” in Turkish) with the following documents:
Upon receipt of the title deed the foreign citizen gets the visa for the period of 3 months and during this period can apply for the residence permit, which is usually issued for the period of 5 years with further extention. - What charges the buyer at purchase of the real estate (bears(carries) duties etc.) Taxes: Both purchaser and seller are liable for a 1.5 per cent property transfer tax, based on the declared price of the property. - What taxes per one year the proprietor should pay? There is a municipal property tax, again, based on the declared value of the property, at the rate of 0.1 per cent for residential properties and 0.3 per cent for land annually. The newly built residential properties are exempt from the municipal property tax for the first five years. - The most popular objects of the real estate for purchase it is apartments or Cottages or something another? Apartments and villas are both around the same in popularity. - Provisional cost of purchase. Residential property prices vary between 40.000 and 800.000 €. - Other national features of the market of the real estate. Much profitable to buy properties straight from development company. Thus you can also purchase furniture and equipment for less price, and also give your property for rent. - Economic advantage of investments in the real estate of the country or the reason of stability of investments. The real estate market in turkey at present is very strong as the prices are lower and the country is establishing itself stronger all the time.
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Rules of purchase of the real estate |
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