In the past, it has been next to impossible for foreigners to buy property in Turkey. Turkey had strict prohibitions against foreigners being able to buy and own property for sale in Turkey. With the liberalization of the real estate laws in 2003, foreign nationals have started showing considerable interest in the properties for sale in Turkey. Since 2003, the Turkish law states that if Turkish citizens are allowed to buy property in a particular country, only then can natives of that foreign country buy
properties for sale in Turkey . It would be wrong to say that there is now a huge demand for Turkish property among foreigners, but keeping in mind that the laws were liberalized very recently, property for sale in Turkey has become the object of many foreigners' interest. Now that Turkey has been admitted into the European Union, investing in properties for sale in Turkey may prove to be profitable for real estate buyers all over the world.
Residential properties in Turkey, in particular, are extremely profitable. They help investors from all over the world gain a strong foothold in the Turkish real estate market. Residential apartments vary from the extremely posh, luxurious and thus expensive ones, to those that are relatively more ordinary, moderately priced, and suitable for people who wish to spend only part of the year in Turkey. Most of the residential properties for sale in Turkey are located in the resort communities.
Over the years, Turkey's growing popularity as an important tourist destination has lured foreign nationals to invest in holiday properties in Turkey. The Turkish Government has also adopted strong measures to promote the country as a holiday destination. Because of such measures, more and more people are now purchasing holiday properties in Turkey in the form of apartments, villas and other such types of houses. Moreover, when these foreigners are not living in these houses, they rent it out to residents of Turkey, thus reaping great profits.
The basic procedure for buying properties for sale in Turkey includes the following steps: The property for sale in Turkey must be identified, and the price settled. Next, the contract must be signed and the property secured by paying around 10% of the price. This is generally negotiable. Thirdly, a solicitor or any other legal representative in Turkey must be appointed, in order to carry out the legal paperwork.
By granting him the Power of Attorney, the legal representative can perform all legal formalities on your behalf, without your having to keep traveling to Turkey from time to time. The legal representative is also required to investigate the legal details of the property, and apply to the military authority for permission to own the property. The procedure normally takes between one and a half to two months. Once all these formalities have been completed, the final step is to finalize the transaction in the presence of the Land Registry Officer, by paying the remaining money and getting the property registered under the name of the buyer.
According to the legal framework, Turkish citizens and foreign owners of
property in Turkey , have equal ownership rights.
