How to Buy Property in Turkey
If you are considering buying property in Turkey, there are several steps that you should take to make the transaction a success. These steps include obtaining the Turkish Tax Number, getting a title deed, and power of attorney. These steps will help you secure the best deal possible. In addition, you should expect lower yields in Turkey.
Obtaining a Turkish Tax Number
Obtaining a Turkish Tax Number is one of the most important procedures when buying property in Turkey. It is necessary for the transaction to be official and enables you to access financial services in Turkey. However, obtaining a tax number does not mean that you are required to pay taxes in Turkey.
You can obtain a Tax Identification Number in Turkey by visiting any tax office and presenting your passport or a copy of it. This is an important document because it serves as an ID number for financial transactions and is also used to open bank accounts. It takes around 15 minutes to obtain. Once you have your tax ID number, you can open a bank account and invest in Turkish real estate. In addition, you can obtain a residence permit through your local TERRA real estate agent.
Obtaining a Turkish Tax Number when purchasing property in Turkey is not difficult if you understand Turkish. Once you have a certificate of your commitment to buy a particular property, you should contact a solicitor in Turkey to complete the deal for you. Your solicitor will be able to verify the legality of the municipality checks and title deed in your name. You can then pick up the deed and start living in your new home. But before you can start living in your new home, you need to register your Turkish TAPU, or Turkish Tax Number, and register it.
Obtaining a title deed
Obtaining a title deed is essential if you wish to own property in Turkey. The government imposes certain fees, including the conveyance tax. The seller must bear these costs, or they can be shared between the buyer and seller. In either case, the fee should be clearly specified in the contract. In addition, the buyer should also expect reimbursement for any additional expenses.
When purchasing property in Turkey, foreigners who wish to share ownership may find that there are ambiguous laws regarding this process. The Turkish law, for example, grants a title deed to a single person, and to all co-owners, but lists their percentage of ownership separately. It is also important to ensure that you obtain a title deed for each piece of property you purchase. Obtaining a title deed will help you protect your investment and your rights.
Obtaining a power of attorney
A power of attorney (POA) is a legal document that allows a person to handle various aspects of purchasing a property. For example, it can be used to sign title deed papers and arrange utility subscriptions. It also gives an authority to make investment decisions. It is important to ensure that the person you give the power to has the necessary expertise and authority to complete the purchase.
In order to make the document legally valid, it must be notarized. You can do this in Turkey or in your home country. In any case, you will need to have the document translated into Turkish, as well.
Expecting lower yields
Despite the low yields, Turkey offers good investment opportunities, particularly for buy-to-let investors. Property prices are likely to rise over the next five years, thanks to the strong tourist industry, which is helping drive up rental yields. Property prices in Turkey are also very competitive, as developers are likely to offer units at a price well below market value.
However, investors must be aware of the vacancy rate, which can make their net yields lower. It’s best to factor in 10% of the purchase price in order to cover ongoing costs. Also, it’s best to set up a local bank account to handle property expenses. You can also consider working with a property management company based in the city where you bought the property, which will ensure that the costs are covered and the unit is rented out regularly.
Before buying a property in Turkey, Altin Turk Investment provides you with all the necessary information in detail with our consultations and we offer the necessary support throughout the process.
