Investing in Turkey
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Living in Turkey
As an investor, one may have a suspicion about first-time-investment to the country that is totally strange for you. Becoming a master in terms and conditions of the related country might push your limit in the comprehending phase. As a course of nature, different countries means different procedures and, at some points, you may not be eligible to find clear sources on a certain subject. To eliminate the confusion and minimize your concern, Vartur Real Estate introduces each step of how to buy a property in Turkey starting from your searching stage to get a title deed (TAPU) in a detailed way.
Find a Trustable and Overwhelmingly Experienced Real Estate Agent
Turkey is a vast country spreading over Europe and Asia. From this point of view, it is located at the intersection of three cultures and numerous climates and tons of different natural beauties along with the country. As a surface area, Turkey is many times bigger than plenty of countries and seen as developing and break-even with its crowded population. Thus, it includes different living styles, architectures, cultures and common property types. Due to preparing all these aspects yourself that will cost you too much time and requiring many fieldworks in the country, a trustable real estate agent that comforts you a lot is a must as it offers the most suitable price for you and can draw a certain path according to your wishes at the same time.
Referring to Turkish real estate, your all rights are going to be guaranteed by the Turkish government as well as they are also secured by the following real estate agent that you will associate with. On this striking issue, you attain not only a temporary partnership but also have a hand on any deadlock that may reveal in Turkey. With its constancy and progressive principles since 1987, Vartur Real Estate comes forward as a helpful powerhouse standing by you in each step. When considered to be a company that has only worked with international investors, the company is going to give the best service from the western side of Turkey to metropolitan Istanbul in every sense.
Express Your Ideal Property in a Certain Way
Choices and requests are based on different occasions of investors varied according to their living style, climatic, social, economic reasons and more. However, the crucial point primarily will be of clarifying the ideal property to yourself in a certain way. For instance, if you have $100.000 to invest in Turkey, recommending much more detail than the budget will be greatly rewarding to define your ideal goal faster such as;
● Is it for living or investment?
● What kind of living style do you have?
● Which social facilities are essential for you?
● How many bedrooms should be?
● Which floors do you prefer?
● What kind of view do you want on your property?
● Average square meter?
● High-rise or Low-rise?
● Satisfying sales income in the long term or profitable rental incomes in the short term?
As your idea gets more specific, the most suitable property for you can be found as soon as possible. Otherwise, a real estate agent asks for these questions step by step to find the most ideal property for you. Drone scenes are also shared with you in addition to projects’ information with the picture.
To decide which property suits you best, it is expected you to visit Turkey after compromising on some properties with the real estate agent so that you can see selected property portfolios with a real eye. In case you prefer to purchase one of these properties, the negotiation part is implemented. This part of the whole process plays an important role because, as a reputable company, our priority is to present indisputably the best and we know ‘’One yes means thousands of no’’. That’s why a property tour supports your inner thoughts and makes you feel secure and comfortable. Beyond a property sale, you are going to meet with a new culture as a guest of Vartur Real Estate and perceive where you actually invest in.
All purchasing processes can be done remotely as well. When you agree with the seller, the agreement is approved by digital handshake and expects you to pay %100 refundable deposit during preparatory time of your paperwork and full payment. After this, the rest of the process can be handled remotely with a power of attorney given by you from the closest Turkish Consulate. To arrange the rest without coming to Turkey;
● Power of Attorney
● Notarized Passport
● Two Photos (by fast shipping)
These documents are required. However, we don’t mostly recommend this kind of commerce unless it is necessary. Besides, if you either trust your proxy heartily or not a first-time-collaboration with a real estate agent, this option can be kept in your pocket all the time. In this way, the rest of the paperwork can be conducted by the proxy.
Negotiate on the Price and Terms of Property
When you decide to focus on a certain property that can either be a villa, apartment, or office, negotiation is a method to bring the best offer for you. Depending on conditions and the relationships between the seller and the agent, compromised on the most convenient price. As an experienced company, we assure you the most suitable prices as possible as it can with great discounts. On the other hand, the budget should not be seen as only property price due to some additional fees. That’s why the budget has to be the compound of property price and extra payments such as;
· Appraisal Report Fee
· Title Deed (TAPU) Transfer Fees
· Passport Translation at Notary
· Address Document Translation at Notary for Opening a Bank Account
· Power of Attorney (Optional)
· Obtaining a Tax Number
· Cadastre Tax
· Real Estate Agent Fee
· Property Tax (Once a year, %0,2 - %0,4)
Pay Deposit – Take Primacy
Bargain deposit amounts scaling from $1,000 up to $2,000 are paid to block future pretenders on your ideal property until you collect all money and paperwork together. As this process provides you spacious time to handle cash flow, also saves you from stress. The amount of deposit you paid doesn’t give you back and is deducted from the total amount. In case you give up, unfortunately, the reserved property deposit is totally lost.
Assign a Proxy
Due to what TAPU and other paperwork take approximately 4 weeks after signing the contract, it may require assigning a proxy on behalf of you because a 4-week stay seems like a long term accommodation for many investors who have a lot to do in their countries. Besides paperwork, the proxy can also handle after sales issues with the same power of attorney such as utility membership of electricity, water and gas.
It shows the value of your property in a certified way. According to the valuation report, the real value of the property is implemented in the title deed (TAPU) so that the price of your property is documented. Besides it is essential for further steps, it is an absolutely important documentary to apply for Turkish citizenship because your total property prices in the valuation report should exceed $250,000 to get a Turkey passport.
Final Part (TAPU)
Your whole real estate process in Turkey ends with the registration to the title deed office (TAPU). If all conditions are valid and secure for both sides, the title deed registered under your name is directly sent to your hometown.
To get further information and clarify your question marks about the buying process, don’t hesitate contacting our experienced sales representatives in every sense. We are excessively glad to answer all these questions in a comprehensible way as we can.