A Quick Guide to Real-Estate Investment in Turkey
“I want to buy a property in Turkey, how should I go about it?”– A investor
Since the government in Turkey has opened the market to foreigners, there has been a steady increase in the demand of properties. Your investment in Turkish real-estate can be the most profitable decision.
What Makes Turkey an Attractive Investment Destination?
Turkey is one country which is part of Europe as well as Asia. Hoping to be a part of Europe, the country is slowly gearing towards EU standards. Turkish can speak English frequently and you will not have any issues in communicating with locals here. Services here are excellent and you can buy goods at cheaper prices than the markets anywhere else. Then the local climate is beautiful and when you come across the clean environment where you realize that you are at a place that is really good and worth staying. If you want to buy a property here then you need to go as under:
Search the Property You Like
There are many ways to find the property you like, you can search for one on the internet. You can find almost all variants of property here. So, whether it is a studio apartment, one or two room flat, you can always find one. If you are buying the property for immediate usage, then you will need to find a property which is well furnished. But if you want a property for investment, then you should try to get it at the lowest prices.
Buying the Property
The first thing you will need is the buyer’s tax number. It is given to all the foreigners residing in Turkey to help transfer the ownership of the property.
Then you need to open a bank account in a Turkish bank. It is not very difficult and you will need your passport and a tax number. You can open an account at Turkish bank in USD or Lira.
Once you have the bank account, you will need to go for registration of the contract of sale. It has many things and is signed by the buyer and the seller. The buyer pays a sum to make sure that the property is reserved for him and he is not going to sell it to anyone else. Once the contract is signed, the buyer will transfer the remaining amount of money agreed within two weeks to the bank account of the real-estate company and then move with the registration process. The next thing is to get the Taboo.
Now you are ready to get the taboo but before it, you will have to pay the full value of the property as well as the applicable taxes and the charges. If the property is of resale then you can get it within 1-2 days. Once the property is registered in your name, you become the owner of the property and then you can set the water and the electricity meter on your name.
Rent it Out
Once you become the owner of the property, you can stay in it. But if you have purchased it for investment then you can rent it out and get returns as well. You can go for the property management services provided by the real estate companies who will manage your property for you. They will rent it out and will even provide you with an alternative to stay when you come to stay.
When you are going to invest in Turkish real estate, you can use this guide to take the right decisions and benefit from the property in many ways.