My Villa Property | Ask Expert
Yes, foreigners can buy real estate in Turkey. However, there are certain restrictions and regulations that they need to comply with, such as obtaining permission from the military authorities and the Land Registry Office, and adhering to the minimum investment amount. It is advisable to seek legal assistance when buying property in Turkey as the process can be complex.
Citizens of all countries are generally allowed to buy real estate in Turkey, although there are some restrictions in place for certain countries. For example, citizens of countries that do not have diplomatic relations with Turkey may face difficulties in purchasing property. In addition, there are certain regions in Turkey where foreign ownership of real estate is restricted or prohibited. It is recommended that you consult with a lawyer or real estate professional before making a purchase to ensure that you are able to legally own property in Turkey.
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IS THERE ANY LIABILITY APPLICABLE FOR THE FOREIGN NATURAL PERSONS, WHO ACQUIRE UNBUILT REAL ESTATES?
A foreigner, who purchases an unbuilt real estate, needs to develop a project for the real estate acquired within two years starting from the acquisition date and to submit the same to the relevant Ministry, depending on the subject matter of the project, for approval. The relevant Ministry will determine the period for completion of the project.
Article 35 of the Land Registry Law No 2644 as amended by the Law No 6302 stipulates that “Natural persons of foreign origin, who are citizens of the countries as determined by the President, may acquire real estates and limited rights in rem, in cases where it is necessary for the country’s benefits and in accordance with the international bilateral relations, provided that the legal limitations are complied with”. Natural persons, who are the citizens of the countries as given in the list of designated countries, do not need to have a residence permit in addition in order to be able to acquire real estates and limited rights in rem.
1-Calculating the Amount of the Bank Receipt:
· If the bank receipt is paid in Turkish Lira, the effective sale rate of the Central Bank of the Republic of Turkey applicable on the last business day preceding the payment date is relied upon to calculate the USD equivalent of the value in the bank receipt.
2-Calculating the Value of the Official Deed:
· When finding the USD equivalent of the value given in TRY in the official deed (of sale) or the agreement for the promise of sale, the effective sale rate of the Central Bank of the Republic of Turkey applicable on the last business day preceding the date, when the application is filed for the sale transaction or when the agreement for the promise of sale is issued before the notary public, will be relied upon.
· When finding the USD equivalent of the value given in TRY in the official deed (of sale) or the agreement for the promise of sale, the value can be determined based the exchange rate applicable before the sale transaction / the date, when the agreement for the promise of sale is issued, enabling the value in USD sought to be met (or for the bank receipts with the same payment date).
· However, if multiple bank receipts are submitted with different dates, the difference in exchange rate can be a problem when finding the USD equivalent of the value given in TRY in the official deed (of sale) or the agreement for the promise of sale. In this case, the value given in the official deed (of sale) or the agreement for the promise of sale must not be lower than the total bank receipts (in TRY) that add up to the value in USD sought under the applicable regulation (based on the effective sale rate of the Central Bank of the Republic of Turkey applicable on the last business day before the payment date).
3- Calculating the Value Given in the Valuation Report:
· To find the USD equivalent of the value given the valuation report in TRY, the effective sale rate of the Central Bank of the Republic of Turkey applicable on the last business day before the report date will be relied upon.