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New Real Estate Law in Türkiye 2023

17/10/2023 Investment in Turkey 936 New Real Estate Law in Türkiye 2023

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  • Is there something called the new real estate law in Türkiye 2023? We will leave to you the main paragraphs of the article that give you the answer clearly. As we all know, the real estate law in Turkey for foreigners changes, amends, and updates every period and period, and this is normal, because the Turkish government responds to the real estate market and its fluctuations, etc., with flexibility.
  • The new real estate law for foreigners has several conditions that we must know before buying real estate in Turkey , or searching for apartments for sale in Turkey, and this matter is overlooked by many who are eager to buy without knowing the laws related to purchasing in their entirety, and then they are surprised by “obstacles or Difficult stops during the purchasing journey.

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  • Damas Turk Real Estate’s job today is as follows:
  1. Firstly, an introduction to the new real estate law in Türkiye 2023.
  2. Secondly, a list of the radical changes that have occurred in the law in recent times.
  3. Third, the impact of the new real estate law on the conditions for obtaining Turkish citizenship.
  4. Fourth, the impact of the new real estate law on real estate residency in Türkiye.
  5. Fifthly, what are the steps for purchasing real estate in Türkiye with Damas Turk Real Estate? 
  • You will find a comprehensive and comprehensive explanation of all of these ideas so that we can get the answer to the question that we asked at the beginning. Without them, the answer will not be completely complete. Therefore, we invite you to follow up carefully and carefully to understand all of these ideas and the other ideas that emerge from them. Let us learn about them. All this and more.

What are the radical changes that have occurred in real estate law in Turkey until 2023?

In this paragraph, we will mention to you the new amendments or updates that have occurred to the real estate law in Turkey with regard to ownership on the one hand, and with regard to the incentives provided by the Turkish government with regard to real estate as well. As for secondary matters, they are in the subsequent paragraphs after this paragraph.

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First, buying a property in Turkey in exchange for Turkish citizenship for $400,000  

  • On 05/13/2022, the Turkish government approved new updates to the Turkish citizenship law in exchange for purchasing a property in Turkey, and they were issued in the Official Gazette. What are the most prominent radical amendments that occurred to the law then?! Raising the minimum value for purchasing real estate in exchange for obtaining Turkish citizenship to $400,000
  • What was nice about that period was that the decision was implemented exactly a month after its issuance, and it was a good opportunity for everyone who wanted to obtain Turkish citizenship in exchange for purchasing a property worth $250,000, which means that the Turkish government had provided a great opportunity for foreigners in that period, and it flourished. The real estate market and the demand has increased significantly. 
  • This update was one of the radical amendments to the law on purchasing real estate in exchange for Turkish citizenship, which at the beginning was the required value of one million US dollars, and then in 2018 it was amended to become 250 thousand US dollars, and finally in the middle of last year it was raised to 400 thousand US dollars. .

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Secondly, buy a property in Turkey in exchange for a Turkish residency worth at least 75 thousand dollars

  • Before the beginning of 2022, the value was unconditional when purchasing the property in exchange for obtaining the real estate residency, but after months of that year and the noticeable increase in real estate prices, there became a number required to be achieved in order to obtain the real estate residency, and this value is 75 thousand dollars? But does it apply to all cities and regions?
  • This value is only in the major cities in Turkey, such as Istanbul, Trabzon, Bursa, Ankara, Antalya, and others. As for the smaller cities, it is 50 thousand dollars. This law is in effect as of the writing of this article, and the value may change at any time in light of the updates that occur periodically in the country. Turkey.
  • So, in the year 2023, there are two main points that have brought about a radical change, and they are what we mentioned above. As for the other matters, they are somewhat less important than these amendments, but what we will list next is a condition in achieving what is required by purchasing real estate in Turkey, so we divided them into There are two parts, the first with regard to Turkish citizenship, and the second with regard to real estate residency. 

What is the impact of the new real estate law on the conditions for obtaining Turkish citizenship in 2023?

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First, it is mandatory to have a real estate evaluation document when buying or selling DEĞERLEME RAPORU to a foreign party 

  •  Real estate evaluation was made mandatory for foreigners specifically on February 15, 2019, and the decision stipulates that in any sale process in which there is a foreign party, this document must be requested for the property whose ownership is to be transferred, and it is not required among Turks in general, in order to guarantee the right of the foreigner in light of his ignorance of the real estate market. Turkish. 
  • Damas Turk Real Estate introduces you to the real estate evaluation as a comprehensive report on the condition of the property to be sold, in which all information about the property and the history of its establishment is presented as well. It is organized by engineering companies whose work is to evaluate real estate in Turkey, and they must have certificates imposed by the Turkish government under what It is called SPK, but why did the Turkish government impose it on foreigners specifically?!
  1. First, verify the history of the property before purchasing. Sometimes the property has a mortgage or debts, or may still have installments, so the sale process is completed and the foreign buyer has agreed to accept this mortgage or debt, etc. So here the report explains what the condition of the property was before. Purchase, it ensures a safe and legal transfer of ownership.
  2. Secondly, knowing the market value of the property.. Unfortunately, sometimes real estate owners take advantage of foreigners’ ignorance of real estate prices in the market, so they deliberately raise prices for the sake of deception and benefit. The real estate evaluation report in Turkey here gives us the real and logical price of the property, and on this basis the buyer advances from In order to complete the property purchase process. 

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So, the most important main objectives achieved by the existence of this real estate evaluation are, in brief, as follows:

  • Guaranteeing the rights of foreigners in light of their ignorance of prices in Turkey and legal matters, and deterring some from exploiting this point
  • Knowing the market value of real estate and limiting the increase due to the greed of some real estate owners and others as well.
  • Obtaining information in a legal form and not having to pay money to obtain it.
  • Knowing the problems and other problems with the property in light of the presence of many things that some people do not know.

Secondly, obtain a currency exchange document through the Central Bank of DÖVİZ ALIM BELGESİ

  • This law has been in effect since the middle of last year 2022, and has been made mandatory only for those who wish to buy a property in exchange for obtaining Turkish citizenship, but shortly after, directly after the decision was put forward, it was made mandatory for any sale or purchase of a property in Turkey for foreigners, but what does it mean? This document and how it is? 
  • This process is carried out by transferring the value of the property to be purchased from hard currencies into the Turkish currency exclusively through the Central Bank! Yes, with the aim of giving the real value of hard money against the Turkish lira. This process is adopted by the Central Bank, and sometimes the zero price in it is better than what is in the currency exchange market. 

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  • This process is done through several methods, for example, going directly to the central bank and exchanging currencies, and this is somewhat difficult, but the most effective method is to deposit your money (hard currency) in the bank of your account, and then ask the bank of your account to exchange the money online. Through the Central Bank, and obtains the currency exchange certificate directly at that moment. 
  • Therefore, a currency exchange certificate must be issued and this process must be done for any property purchase for foreigners in Turkey, which is a very sensitive matter, and this document must be attached with the other papers that are prepared to obtain the title deed “Tabu”. Therefore, attention must be paid to this point, as we mentioned: Sensitive. 

Third, Turkish citizenship entitles one person from the owners of the shared property to “shares”.

  • This amendment was proposed at the beginning of this year 2023, stipulating that each property through which Turkish citizenship can be provided to only one person if the required value A is completed and exceeds it, even if it is also double the value! It is not permissible for more than one person to share the property in order to obtain Turkish citizenship. 

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  • For example, one of the clients wanted to obtain Turkish citizenship by purchasing a villa worth one million dollars, and he wanted it to be in the form of shares between him and his brother, so that each person would register half of it. In this case, one person from the brothers would obtain Turkish citizenship, and no The other has the right even if the value is fully completed! The law was issued, but has it been implemented officially? To date, there is no confirmation or denial, unfortunately. 

What is the impact of the new real estate law on real estate residency in Türkiye 2023?

First, make sure that the property you want to purchase is located in the cities and areas where a real estate residence permit is available 

  • What do we mean by that? After the increase in the number of foreigners in Turkey, there became areas and cities with a large density of these foreigners, due to their concentration in certain areas or places next to each other. This affected the increase in the population in those areas, affected the increase in traffic congestion in them, and finally affected the fabric. Turks in these areas.

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  • The solution was that every area in which the number of foreigners increased by 20% was completely closed to the presence of any foreigner except in exceptional cases, and obtaining real estate residency in these areas became dependent on the fact that the value of the foreigners there must be less than the mentioned percentage. 
  • Therefore, a basic condition before purchasing the property and in order to obtain it is to search for the areas available for foreigners to reside there under real estate residency in Turkey, or to seek the assistance of a real estate expert and consultant, just as we at Damas Turk Real Estate provide legal consultations through Turkish lawyers specialized in foreigners’ affairs.

Secondly, the property for the purpose of obtaining real estate residency must be designated for housing and residence

  • What else do we mean by that? The property we purchased must be habitable only! This is stipulated in the title deed document granted in exchange for it, and the Immigration Department cannot provide real estate residency in violation of this text. There are simply only two types of deed documents that can be obtained for real estate residency, which are the full ownership deed and the floor easement deed.
  • These two documents are intended only for residential properties, and sometimes they may be in some commercial stores, and here you must pay attention and focus, because the clarification in the title deed must be written that the property is intended for housing, and anything less than that is illegal for real estate residence in Turkey.

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What are the steps for purchasing real estate in Turkey based on the new law with Damas Turk Real Estate?

First, consult together to determine the goal for purchasing real estate in Türkiye  

  • Determining the desired goal of buying a property in Turkey must be clear and clear. If it is not, we will get lost in searching for apartments for sale in Turkey. The goal varies from one region to another, and the goal is also variable from one city to another, so you must know the goals that are compatible with buying. Real estate in Turkey.
  • In Turkey, there are completely main goals, which are investment and housing. These two goals are the most requested by Arab communities when they come to buy a property in Turkey. Therefore, we must determine whether we will buy a property for investment or for housing and stability. The reason is that each city differs in content and style. Moin is different from other city in Turkey. 

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Secondly, conducting real estate tours of distinctive areas and properties that meet the goal  

  • It is never possible to choose an apartment or property without visiting it and inspecting it on the ground, but not only the property, but also the city, region and neighborhood in which the apartment is located. Do not rely only on one visit to the property or project, but rather try to find out the place where the apartment is located, and get to know it. For all its services, facilities, etc. 
  • What helps define all this? It is the real estate company you have chosen that is concerned with conducting real estate tours of the project you wish to own, and the Damas Turk Real Estate field team is the one who introduces you to the region and the city, its history, details, and vital and service facilities before you even see the property you are nominated for inspection, and this is from some of the experiences we have gained over the course of The past ten years.

Third, negotiating and obtaining the best price is our mission at Damas Turk Real Estate 

  • Studying the price of the apartment and obtaining competitive prices is also something that many people who aspire to buy a property in Turkey may overlook. The real estate consultant, in light of his presence in the Turkish market, knows how to negotiate with real estate owners, and understands the mentality with which he must discuss with them, and who Through this, he can obtain good and competitive prices. 

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  • In general, this is not your job, but rather the job of Damas Turk Real Estate, as the field team knows the average real estate prices in Turkey, and knows how much the real value of the apartment you want to buy is. The matter is certainly not easy, and therefore we must cooperate together to reveal the true value of any... A property you want to buy in Turkey.

Fourth, a complete definition of how to purchase real estate and the mechanism by which it is done 

  • Knowing the mechanism of ownership transfer and the things that should be paid attention to while buying a property in Turkey is a very sensitive stage, which you must memorize by heart before purchasing, whether through searching on online platforms, or through acquaintances and friends you have in Istanbul. The important thing is to discover the mechanism, otherwise you may encounter incomprehensible and unclear processes. 
  • The mechanism has become clear in the Turkish real estate market, and it is no secret to anyone when purchasing an apartment for sale in Turkey that the matter is easy and not as complicated as some companies that seek to exploit the ignorance of some customers. Do not worry as long as you are with us, as we explain all of this with pen and paper, as they say. In colloquial terms, this means all the details that we will present to you easily and conveniently. 

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Fifthly, delivering the title deed to you, and providing free Damas Turk real estate services for after-sales  

  • This is the last stop on the journey of buying a property in Turkey with dear clients, which culminates in obtaining the title deed, which comes after completing all the previous steps that we have mentioned to you, the most important of which is what we mentioned about knowing the mechanism of ownership transfer and the things that you should pay attention to.
  • We have summarized it for you in a number of matters, namely preparing the papers and submitting the application through the property owner, and waiting for a text message that includes setting the date to sign the waiver in the Land Registry Department. After receiving the title deed, there are procedures that must be worked on and completed so as not to remain a distraction for the property owner. The new ones, all of which we do for free after the property purchase process.
  • First, register the property in the relevant municipality in which the property was purchased. The property must be registered in the municipality in order to clarify the name of the new owner, and in order for us to know what the value of the annual taxes related to the property is, and in the event of delay, there will be specific fines later, so care must be taken to register the property in The municipality in order to avoid all this.
  • In the second stage, we begin by opening subscriptions related to the daily needs of the property, which are water, gas, electricity and internet subscriptions, which must be transferred directly to the name of the new property owner. This is done through specialized companies for each sector. Water and gas are two companies affiliated with the state, and electricity is private companies. And the Internet as well, so our mission is to help you achieve this through specialists from Damas Turk Real Estate Company. 

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  • With the completion of the steps to purchase real estate in Turkey with Damas Turk Real Estate, we have fully handed over the trust to you, and we have introduced you to the new real estate law in Turkey 2023, and the amendments and updates that have emerged from it over the past few years, with regard to purchasing real estate in exchange for obtaining a real estate residence permit. Or buy real estate in order to obtain Turkish citizenship.  
  • The task of purchasing a property will not be distinguished except by achieving the best option for you in Turkey, which is through searching for apartments for sale in Turkey, or apartments for sale in Istanbul if you wish to reside there, and we have many, many real estate projects in Turkey, suitable for obtaining For Turkish citizenship, you can follow the pages of our website, or contact us directly with an expert advisory team. 
  • Damas Turk Real Estate is a company that offers you its distinguished services by choosing the best methods for you to obtain a Turkish passport and Turkish citizenship. Our team of lawyers also helps you in obtaining all the required papers and others. Leave the task to its people in the team of your best and professional company, “Damas Turk Real Estate” Padura. By contacting us immediately through the available means of communication. 

 

Edited by Damas Turk Real Estate©

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