If you have some question marks in your mind about buying real estate in Turkey, this page will help you to find it out your answers. If you do not find your answer on the Frequently Asked Questions (FAQ) page, we will be glad to receive your questions from the contact page.
Mortgage & Finance
Do banks charge me when I open a bank account in Turkey?
No, there is no cost of opening a bank account in Turkey.
Is it time-consuming to open a bank account in Turkey?
Unlike most other countries, transactions are much easier and less time-consuming in Turkey. You can open a bank account within an hour when you get to the bank with ready documents. Learn more about opening a bank account in Turkey.
Are state banks more secure than private banks in Turkey?
No. All banks in Turkey are subject to the state banking law. There is no difference between state banks and private banks in terms of security.
Can someone withdraw money from my bank account with a power of attorney?
Yes. Banks accept POA for financial transactions in Turkey. So, your proxy can withdraw money from your bank account by showing a valid power of attorney.
How is the general cost of living in Turkey compared to European countries?
You’ll find most items up to 50% cheaper than the European countries and the USA. However, electrical items are the most expensive ones compared to these countries. Read more about the cost of living in Turkey.
Can foreigners get mortgages from Turkish banks?
Yes, foreign property buyers can get mortgages in Turkey. We have completed this process with %100 success for foreigners since we established our company.
Is it advantageous to get a mortgage in Turkey?
It depends on the interest rates of the buyer’s home country. If your residential country provides mortgage with lower interest rates, you can prefer getting the mortgage in your country for an overseas property purchase. You can also consider buying properties with an installment from construction companies.
What is the LTV (loan – to – value) ratio in Turkey for foreign property buyers?
In Turkey, the LTV ratio is 50% for foreign real estate buyers. This means you can get a mortgage up to 50% of the sales price of the real estate and you should already have the rest amount for advance payment.
Can I get a mortgage in Turkey if I do not have a bank account in Turkey before?
Yes, foreigners can use housing loans in Turkey. There is no obligation to have an account in advance. In accordance with the banking practice, the mortgage is offered with the main income currency of the loanee. For example, Europeans can get Euro credits. Before opening a bank account, they proceed by evaluating your credibility according to your declarations and opening an account immediately if positive. Learn more about mortgages in Turkey for foreign property buyers.
Can I pay for the property by cheque?
In Turkey, cheques are not accepted as a way of payment for real estate purchases. We only accept cash, bank transfer, and bitcoins.
Can I get a tax number online in Turkey?
Yes, you can get a tax number online besides being able to get it from tax offices located in every city and its districts in Turkey. Read more about getting a tax ID number in Turkey.
What happens if I lose my tax ID number?
A tax number can be easily reprinted in Turkey. However, we advise you to keep a copy of it safe to prevent unnecessary work.
How long can I use a tax ID number in Turkey?
Tax numbers do not have a validation period in Turkey. You can use your tax ID number throughout your life.
What are the taxes regarding the real estate in Turkey?
State property tax, environmental tax, and wealth tax. However, these are relatively low. Related page: Real Estate Taxation in Turkey
Is an appraisal report necessary? What does the appraisal process involve and how long does it take?
The appraisal report keeps from overpriced property sales. When one buys a property, Land Registry and Cadastre ask for SPK validated Valuation Report as a proof document that the purchase was made at the correct price. Your addressee is a direct Real Estate Appraisal Department of Land Registry and Cadastre. The process takes 3 - 6 days. Learn more about the appraisal report.
How long is an appraisal report valid?
Title deed offices ask for appraisal reports prepared within the last three months. In case our clients "appraisal reports" validations end, Istanbul Homes helps its customers renew their reports free of charge.
What is the general buying process in Turkey?
After paying the reservation fee, Istanbul Homes will carry out the title deed checks. A contract will be drawn up between the seller and the purchaser. This will give the details of the completion date, payment schedule, and terms & conditions. When this is signed by all parties, the deposit is paid and the application is made to Tapu and Land Registry Office. After the application, you can get title deed within 2-3 working days. You can sign a power of attorney to conclude all the necessary paperwork if your circumstances require it. Related pages: Buying Property in Turkey, Property Purchasing in Turkey
On a new development, what is the average deposit required? Can I pay in installments?
You will normally pay a 10% reservation fee and then 30% as a deposit within four weeks. Most developers offer stage payments (lump sum to be paid after each building stage) often with a degree of flexibility towards your circumstances. This will be agreed at the time of purchase. See the list of properties with installments from the construction companies.
Who sets the price of the property?
If you are purchasing a property on new development, the price will be set by the developer. Regardless of agents commissions, you should still pay the same price with whoever you purchase through, whether you go direct or through a third party.
What documents are required for title deed conveyance?
Appraisal report, passport translation at the notary public, the power of attorney if needed, 2 photos, local tax number, and bank account. Read more about title deed conveyance.
How long does the title deed conveyance process take?
Generally, it takes one day after the application to the General Directorate of Land Registry and Cadastre with all required documents. Sometimes, depending on the work volume at the title deed offices, it may be delayed one day or two.
What is Title Deed Escrow (Tapu Takas)?
Title deed escrow is an alternative way of title deed conveyance in Turkey. Here, the buyer pays the money to the seller through Takasbank which is the central clearing and settlement institution in Turkey. Money is transferred to the seller after the confirmation report of the successful title deed conveyance to the buyer. Learn detailed information about the Title Deed Swap system.
What is hypothec?
A hypothec is a commitment, right, or security given by contract or by operation of law to a debtee over the property of the account holder without a move of ownership or title to the debtee. In Turkey, hypothec on title deed is utilized when purchasers owe a measure of cash to vendors. It is expelled from the title deed when the obligation is paid.
Is it compulsory to have an interpreter to issue a power of attorney for buying a property in Turkey?
Since power of attorney is a serious decision that lets someone else act on your behalf and all documents are in the Turkish language, it is an obligation to have a sworn interpreter to translate the information on the papers for you before you sign.
Can I give a power of attorney if I am not in Turkey?
Yes, you can give a power of attorney at Turkish embassies. Also, notary offices in your country can prepare a power of attorney if your country is a part of The Hague Apostille Convention. Read more about the power of attorney.
Can I get a residence permit in Turkey (İkamet Tezkeresi) if I buy a property?
If a foreigner owns property in Turkey, he/she gets a residence permit which is renewed every two years if he/she keeps the ownership. Learn more about Residence Permit in Turkey.
Do I need a residence permit to buy a property in Turkey?
NO! However, having a residence permit has some advantages and the Istanbul Homes expert team helps you get your residence permit if you demand.
Can foreign companies buy property in Turkey?
Foreign companies (legal entities) can not buy on their behalf directly. A foreign legal entity should first establish a company in Turkey. This Turkish company may acquire property ownership. Istanbul Homes will serve you professionally for this complicated process. We have already practiced this several times.
Are there English speaking lawyers in Turkey?
Yes, there are reputable English speaking lawyers/solicitors. We can introduce them to you during your viewing trip. Read more about lawyer and solicitor supports.
What are the costs associated with buying a property in Turkey?
Title deed conveyance tax, Land Registry, and Cadastre circulating capital fee, notary, and translation costs. All expenses of property purchases are explained in our purchase expenses page.
When can I move into my property?
Your keys will be delivered on the title deed conveyance day and you can move into your new home following the title deed conveyance.
What is DASK?
DASK (Doğal Afet Sigortaları Kurumu) is compulsory earthquake insurance for utility subscriptions in Turkey. You can not register your property for utilities like water, electricity, and natural gas without a valid DASK in Turkey. A DASK also covers your losses after an earthquake.
Is there a property management service in Turkey?
Yes, some companies provide property management services in every city.
How much is the property maintenance fee in Turkey?
The maintenance fee varies depending on the complex features. When there are more facilities in the complex, maintenance fees can increase. We inform our clients about the maintenance fee during the viewing tours. Read more about service charges and apartment maintenance fees in Turkey.
How can I furnish my new home?
Many developers offer furnishing packs. If you wish, you can buy a furnished property or we can offer a place to buy. A furniture tour for your new home is one of our free aftersale services.
Why would I need Turkish residence permit?
A residence permit will make all your transactions easier when you are in Turkey. Besides, it prevents visa costs. Read more about residence permit in Turkey.
How can I insure my property in Turkey?
Property insurance is made regarding the features of the property. Insurance companies will present their offers when you give them the necessary information about your home. They will complete the insurance purchase after your confirmation of the price. Property insurance is one of our aftersales services. Learn detailed information about property insurance in Turkey.
How will I pay my utility bills in Turkey?
There are bill payment centers almost in all neighborhoods in Turkey. You can pay your bills by going to one of these centers. Also, you can make automatic payment orders for your utility bills. Istanbul Homes will also assist you with this, as a free aftersales service. Take a look at our after-sales service page.
What are the costs when I want to resell my property?
If you have owned the property for five years or more, you are exempt from property profit tax. You are supposed to ensure that all bills are paid up to date. Read more about real estate taxation here.
Can I rent out my property?
Yes, Turkey offers good investment chances with a high return on investment. Istanbul Homes follows this process for its customers as a free after-sales service. Check rental income guaranteed properties here.
Can I become a Turkish citizen if I buy property in Turkey?
Yes. Foreigners who buy properties worth 400.000 USD in Turkey can get Turkish citizenship. Related pages: Citizenship in Turkey, Turkish Citizenship By Fund Investment
Do I have to I buy one property worth 400.000 USD or can it be multiple properties to cover the price for Turkish citizenship by real estate investment?
There is not such a restriction. You can buy more than one property to cover a total of 400.000 USD and the properties even can be in different cities.
How long does it take to get Turkish passports after purchasing the properties?
It may take up to 60 days to finalize the citizenship process depending on the work volume at government agencies. The Turkish government has opened a special Citizenship office to reduce the time applicants spend. Learn more about a Turkish passport and its advantages.
Can I get Turkish nationality without visiting Turkey?
Yes. If you send your power of attorney to a lawyer or someone you trust in Turkey, your proxy can follow the process on your behalf. In this way, you will complete the purchase and Turkish nationality process even without visiting Turkey. Also, the Istanbul Homes expert team follows the whole process for its customers. After finishing all the necessary work for you, we either post your Turkish passports to your address or we keep them safe for you until you visit us.
Is my current citizenship canceled when I become a Turkish citizen by real estate investment?
No, Turkish laws allow dual or multiple citizenship. It totally depends on your home country’s laws.
Can I buy an under construction property to apply for Turkish citizenship by investment program?
Yes, the government accepts Notarized Property Purchase Commitment, too. If the payment is above 400.000 USD, you may apply with Notarized Property Purchase Commitment for citizenship. For detailed information, read "Under Construction Properties are Now Available for Turkish Citizenship by Investment" article.
Can I get Turkish Citizenship if I buy commercial properties with rental income?
Yes. You, your spouse and your children under the age of 18 (on the application date) can get citizenship.
Does my family have to come to Turkey at any stage of the process when getting Turkish citizenship?
No. Only the applicant may visit Turkey and apply on behalf of his/her family with the required documents.
Can my parents get Turkish citizenship with me if I buy properties in Turkey?
No, parents are not covered when adult purchases; only spouse, and children under the age of eighteen can benefit from your purchase.
Is property ownership in Turkey freehold or leasehold?
All properties in Turkey are "freehold".
What is a title deed (Tapu) like?
A title deed (TAPU) is a document that proves and protects the ownership rights of a real estate. It shows the location, size, type, and owner of a property.
Do I have to pay the maintenance fee if I don't use the property?
It is a legal obligation to pay maintenance fee if your property is in a compound. Also, it is morally a must-do because this collected money is used for enhancing the surroundings of the property. Related page: Service Charges and Apartment Maintenance Fee in Turkey
I lost my original title deed, can I have it reprinted?
No problem! Reprinting a title deed is a simple task. Your original registration is protected as hard and software copy with high security at The Directorate of Land Registry and Cadastre.
How many people can share a title deed?
There is no limit for the number of people whose names can be written on the same title deed.
What happens to my property when I die?
Since the properties you buy in Turkey are freehold, your family members inherit your properties after your death. Read more about property inheritance in Turkey.
Who pays the maintenance fee If I rent out my property, me or the tenant?
Tenant pays the maintenance fee as a customs in Turkey. However sometimes, depending on the rental agreement between the two parties, it can be included in the rental price.