According to the current legislation, a foreigner can apply for the local citizenship five years after they bought a property in Turkey and if they followed certain rules. For instance, a property owner need to prolong their residence permit within these five years and the time spent in other countries must not exceed six months. Another requirement is a property owner needs to officially verify their source of income.
The Turkey’s legislation allows to register up to 10 people in the TAPU. They can be:
Every owner registered in the TAPU owns a property share, the size of which is determined by a buyer in advance. Every owner has a right to do what they want with a property, but they have to get a permission from other owners.
Very often, foreigners misunderstand an interest-free loan and a mortgage loan. While mortgage loans are given by Turkish banks (a 5.5-5.6% interest rate), interest-free loans are given by development companies.
The standard payment terms of interest-free loans in Turkey are as follows:
A lot of foreigners are thinking about buying an apartment on the Mediterranean coast. Even now you can buy an apartment at a price of €35,000. However, even in this you may need some savings. Therefore, a mortgage loan is a great opportunity to get an overseas property by the sea for many foreigners.
Every year, the local government and banks try to make the whole procedure of getting a mortgage loan easier and more accessible for foreigners.
In order to get a mortgage loan in Turkey, a foreign resident needs is required to submit a certain set of documents along with a mortgage application to the bank (some of the documents may need to be translated in Turkish):
In addition to the above documents, you will need to get a tax identification number and open an account in a local bank.
Each option has its own benefits. For instance, when you buy a property under construction, you save money, as prices of such properties can be considerably lower. But in this case you risk not to get your property on time. However, most developers in Turkey strictly comply with the construction standards and terms specified in the contract. So, a lot of people prefer to buy properties under construction, which is a great investment option.
If you do not want to wait when you apartment will be ready and you are going to move in straight after purchasing it, then you should definitely consider already built options.
This is a good question. As a rule, every person makes their own decision based on their personal needs. However, it may also depend on properties developers have to offer. The Turkish real estate market offers all sorts of property deals so that you can easily find the one that will perfectly suit you.
Very often apartments are sold with the already installed kitchen set and sink, air conditioner, entrance door and video intercom. The walls are usually painted or wallpapered, the floor is laminated or tiled. Such apartments are ready to move in and buyers have an opportunity to furnish and decorate them according to their preferences.
If you are going to buy an apartment for rent or you do not have enough time to decorate it, then the best option in this case is to buy a furnished apartment. Developers mostly offer standard design projects. Villas are also offered furnished as a rule. Choosing a furnished property, you save your time.