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Real Estate in Turkey

by Parima Property on August 6, 2020
Real Estate in Turkey
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Turkey’s Geographical Location

Turkey is distinguished by its geographical and strategic location, as it is located at the crossroads of countries between the three world continents “Asia, Africa, and Europe”

Where the European part of Turkey is known as “Thrace” takes 3% of Turkey’s total area, and Istanbul is the largest city in it.

Turkey’s location in the Anatolia Peninsula is strategic one. Therefore, is considered one of the most important central land sites in the world.

The importance of Turkey is evident as it is considered the bridge between the Arab countries. In addition, it is one of the most oil-producing countries.

Some historians believe that Turkey was able to obtain its unique character, as it blended Islamic culture with the European one.

Are there any nationalities forbidden to own real estate in Turkey?

The real estate market in Turkey is witnessing a great recovery due to the huge demand for it. Numbers and statistics show that the number of properties sold in Istanbul during September 2019 has exceeded 8 thousand properties.

Turkish law is well known for helping foreigners to invest in real estate. However, there are always some red lines.

There are some nationalities prohibited from owning real estate in Turkey, such as:

Syrian:

Some may think that this is related to the recent events that took place in Syria and the presence of Syrian refugees in Turkey. However, this decision dates back to 1939, where a referendum took place in the state of Hatay, and the state was removed from the French Mandate Authority to be annexed to Turkish territory. This decision has resulted in strict measures, included preventing Syrians from owning property notably that the number of Syrians in Turkey has increased by 2011 and if they cannot invest in the real estate sector, this will be a huge burden on the Turkish state.

Cypriot:

This decision dates back to 1925. However, it was largely applied and strict in 1974 when the Turkish army entered Cyprus to protect the rights of the Turkish Cypriots and conflicts occurred at the time. Those countries are still the same and the law has not been modified at all.

Armenian:

The history of the prohibition dates back to before the First World War when wars erupted between the Armenians and the Turks, and the Turks continued to apply the laws of preventing real estate ownership to this day.

North Korea:

The reason for preventing possession related North Korea as a country isolated from the natural world and Turkey is keen to keep good relations between the countries.

Nigeria:

The prohibition is due to international legislation and penalties, but it is formally forbidden and not enforced.

There are restrictions on some nationalities that are allowed to own real estate in Turkey, such as the Russians and Ukrainians who cannot purchase real estate along the Black Coast of Turkey.

Greeks are also not allowed to buy real estate on the Black Sea coast and some areas of the Aegean Sea in Turkey.

Notably, some countries that have restrictions on the type of ownership that can be purchased, such as Morocco, the Marshall Root, and Egypt, where they are not entitled to own agricultural lands in Turkey.

On the other hand, there are some countries whose citizens are entitled to own only one residence, such as China and Denmark.

In 2012, and for the first time in the history of Turkey, the principle of reciprocity was abolished, and the Turkish Real Estate Law No. 2644 was issued, where the Turkish state allowed citizens of other countries to own property even if those countries prevented Turkish citizens from real estate ownership.

Blue and Red Tapu in Turkey

What is the difference between blue and red Tapu in Turkey?

Tabu: is the document that confirms the property’s ownership for the same person, as it indicates his name, type of property, real estate survey numbers, and the location of the property…

In Turkey, there are two types of Tabu to determine the type of property’s ownership in an official and licensed way:

Blue Tabu: Specified for field lands or agricultural lands, therefor it is not allowed to build residential buildings on it.

Such as (raising poultry or livestock) and is called the title deed.

The state’s condition for giving the blue tapu is to provide a feasibility study of the project that you will undertake, and if your project does not succeed after a year, the state will then confiscate your ownership of the lands.

Red Tabu: It is for residential units and real estate lands of all kinds… (house, villa, office), even lands that include the city’s organizational chart.

More details about the Tapu in Turkey:

  • Tapu is only granted to the property owner. However, other people such as (lessor or current) are not given a title deed.
  • All the details related to the person who owns the property are mentioned in the tabu, and if the name of one person is mentioned without placing a ratio of 1/3 or an equivalent, this means that the same person is the only owner of the property.
  • The presence of a percentage and partners in tabu means that the entire property is divided among partners and it is not divided regionally, but all partners share the property.

Important golden tips for everyone who wants to apply for a flat in Turkey:

Feeling comfortable at home is one of the most important ingredients, especially in a fast-moving and highly demanding country like Turkey:

  • determine your goal and make sure that the property meets all your needs /investment, housing, office… /
  • You must distinguish between the housing apartment and the investment apartment, and when you do, your options will be completely different.

As the housing apartment should suit your family’s requirements, located in the city center, and has a good view. However, the investment apartment is for benefiting its financial return only.

  • Make sure of the legality of this property and the validity of the existing official papers, and whether it is incomplete or not, is the tabu complete? Is it a record of non-settlement with the bank? And all matters related to the property.
  • Construction company evaluation: Ensure the reliability of the construction company and the intermediary company because it is more familiar with the related details than you are, so try to use a company with a good reputation.
  • Bring a lawyer with you in the buying and selling process, because lawyers can ascertain all legal matters without being subject to fraud.
  • Do not hesitate to ask all questions to the selling customers because you are the one who puts your own money to buy this property and you have the right to know everything about it.
  • Never buy a property on a scheme. Not all companies terminate their housing projects. In this case, you must obtain all the guarantees for the company to be punished in the case of late delivery or failure to fulfill its promises.
  • The location of the property plays a huge role in determining the price of the apartment, and the property is evaluated on several grounds, including its proximity to transportation, health services and transportation, its location within the city or on its outskirts, and its location on a high floor, underground or others…
  • Do not receive property without a contract: You must make sure that there is a contract between you and the owner of the apartment to protect yourself from making mistakes.
  • Inquire about the monthly returns and inquire about the value of the monthly expenses paid to those in charge.

Why does real estate lose in Turkey?

  • Choosing the wrong area: The area you may choose from the beginning may be undesirable because the old areas are not the best for investment as well as the areas on the outskirts of the city.
  • The difference between residential and commercial real estate: Most Turks often want to invest their money in commercial real estate and must make sure to invest in desirable property for the indigenous people.
  • Cheap real estate prices: This is a big investment mistake. The real price of the property must be taken into consideration so that the price does not carry an exaggeration and it should not be very cheap, as this loses its credibility if it deserves more than that.
  • There must be real estate awareness and a correct choice of the area from the start.
  • Looking at the property with an investor’s eye and studying the returns that will come from the property before purchasing it.
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