How to navigate the Turkish real estate market as a foreign invester
Photo by Hulki Okan Tabak on Unsplash
The Turkish real estate market has become increasingly popular among foreign investors due to its strategic location, a diverse range of types of accommodation, and attractive investment opportunities. This article will provide valuable insights and guidance on each step of exploring the Turkish real estate market as a foreign buyer, including legal regulations, choosing the right property, finding a reliable real estate agent, financing options, and the buying process.
Finding a reliable real estate agent
Choosing a reliable real estate agent is essential for foreign buyers in the Turkish real estate market. International property agencies like DeCosta https://www.decosta.group/ recognise the importance of presenting the Turkish real estate market to foreign buyers and offer comprehensive services to assist its clients throughout the buying process. They can provide valuable insights, negotiate on your behalf, and ensure legal requirements are met. Research and read reviews before choosing an agent with a deep understanding of the local market, fluency in your language, and a proven track record.
Legal framework
Understanding the legal regulations of the Turkish real estate market is crucial for foreign buyers. To own property, foreigners must acquire a title deed, or “tapu”. Fortunately, obtaining this status has become much easier due to the welcoming policy of the Turkish government. Foreign buyers should also be familiar with taxation laws, such as property and capital gains taxes. By working with a trustworthy agency, foreign buyers can navigate the legal framework and avoid legal issues for a smooth buying process.
Choosing the right property
There are a few additional factors to consider when looking for your dream villa in Turkey. Here are some tips to help you make an informed decision:
- research the neighbourhood and its amenities;
- consider the resale value of the property;
- verify the ownership and title of the property;
- check the property’s maintenance and upkeep history;
- review the Homeowner’s Association (HOA) regulations if applicable.
Financing options
Foreign buyers in Turkey can obtain financing from local banks and other financial institutions by providing proof of income, a valid passport, and a residence permit. Loan amounts range from 50% to 70% of the property value, with interest rates varying depending on the lender and loan term. It’s crucial to compare rates and terms from different lenders and explore all financing options, including those offered by trustworthy real estate agencies.
As a foreign buyer, navigating the Turkish real estate market can be complex and complicated, especially if you don’t know Turkish. Nonetheless, with some help from a trustworthy property agency, you can handle it without stress and nerves in the shortest term to start enjoying the beauty of Turkey even in the upcoming summer.
