Property for sale in Turkey by owners
Benefits of Property For Sale in Turkey by Owners
Foreigners are permitted to buy property in Turkey under their own names. The only restriction is that the property must be in a town or municipality and cannot be located in a military zone or in a rural area. However, Turkish real estate is currently undervalued. To avoid buying a substandard property, consider the benefits of property for sale in Turkey by owners.
Turkish real estate is undervalued today
If you’re looking for an investment property that is undervalued today, you’ll find that Turkish real estate is a good choice. Although Turkey is a rich nation and ranks high on the human development index, its economy is not in prime shape. Its currency, the lira, is in free fall and depreciating rapidly. This depreciation is a critical factor to consider before investing in Turkish real estate.
According to the Institute of Statistics, real estate sales increased in Turkey by nearly a third last year. In March alone, there were 134,170 real estate transactions. Despite a high inflation rate in March, demand grew by about a third. About 94,437 of these transactions were on the primary real estate market, with the remainder being purchased on the secondary market.
Turkish real estate is fully furnished with white goods
In Turkey, most real estate for sale comes fully furnished and includes white goods. Before buying, you should clarify what the seller intends to include. You should also get a lawyer to include important items in the contract. You should also take a look at the local housing market in Turkey.
Real estate prices are rising across the country. The most expensive areas include Istanbul and the highly touristic southern belt. The TAB Real Estate Investment Chairman Ahmet Temeltas has estimated that Istanbul’s price will increase by 200 percent in a short period of time. He also believes that some provinces in Turkey will see the largest price increases.
Prices vary depending on the size of the apartment and the services provided. Generally, a one-bedroom apartment costs about 60,000 Euros in a tourist suburb. A two-bedroom apartment in a larger city will set you back around two hundred thousand Euros.
Turkish real estate purchase commitment is valid for under construction or off-plan projects
Real estate in Turkey is a huge market with a variety of choices for foreign investors. Foreigners can purchase residential properties or build houses on land. The decision to purchase a property in Turkey depends on one’s activity and the desired location. However, before committing to a property in Turkey, foreign investors must submit a project to a Turkish ministry two years in advance of the actual construction.
While purchasing an apartment on an under construction or off-plan scheme, investors should be wary of paying the entire amount at once. The developer may have a right to cancel the deal if the investor doesn’t meet his payment obligations. Also, the investor should consider the wasteland area, total number of rooms, and internal facilities. In addition, the investor should consider whether the apartment is a separate property or part of the larger property. After considering all of the above factors, an investor must decide how he will make payments.
Turkish real estate tax is exempt from payment
If you plan to buy a property in Turkey, you can get a tax exemption for property taxes. However, you have to meet certain conditions. First, you must not have a primary office in Turkey and you must cancel your registered address before you can get a tax exemption. Second, the property you plan to buy has to be new and not a resale property. Finally, you must pay your taxes in foreign currency and show proof of payment. Last but not the least, you should not sell the property before a year has passed.
Real estate that is eligible for tax exemptions in Turkey include residential buildings, villas, and housing units. However, this tax exemption is only applicable to newly constructed real estate, and does not apply to old property. In addition, agricultural lands are not eligible for tax exemptions. The decision also does not apply to foreign legal entities based in Turkey, or foreign residents who have lived in Turkey for at least six months during the previous year.
Steps for buying a property in Turkey
If you’re interested in buying a property in Turkey, the process is fairly straightforward. There are several steps that you need to take, but overall, the process is not dissimilar from buying property in most other European countries. In most cases, the purchase process involves two key steps: establishing a purchase agreement with the seller and paying a deposit. The deposit is usually 10% of the total purchase price and is required to secure the property.
First, you need to locate a property that suits your budget and needs. You should then carry out due diligence on the property and get a lawyer in Turkey to negotiate the price with the seller. Once you find the right property, you should pay a deposit of 10 to 25 percent of the purchase price to the seller. After the final agreement is signed, both parties must complete the process by obtaining a new title for the property.