In Turkey in 2021, the sale of real estate to citizens of other states
In Turkey, in 2021, the sale of real estate to citizens of other states will continue. The main provisions on the purchase and sale of real estate in the republic for foreigners: It is now possible to buy real estate legally only from licensed agencies, or from owners who have confirmed their ownership of the object being sold. In 2020, a new law was issued in Turkey, according to which only companies with a permissive license can sell real estate. When contacting the agency, be sure to require this document. The purchase and sale transaction can be made remotely. You can apply for a TAPA and other documents without arriving in Turkey. The mechanism has already been tested, in 2020 many foreigners purchased housing in this way. We told you more about this here. The cost of registration of TAPU (the main document confirming ownership), as well as all taxes will increase by 9.11%. This decision was made by the Ministry of Treasury and Finance of Turkey, taking into account inflation. Recall that the cost of TAPU registration is 4% of the cadastral value of real estate. It is, as a rule, significantly lower than the market price. The tax on TAPU registration is paid once, when making a purchase and sale transaction. As for the annual taxes, they remained the same. For residential real estate and land plots without a building permit, owners pay 0.1-0.2% of the cadastral value, for commercial real estate the annual tax is 0.2-0.4%, for land plots for the construction of residential facilities the tax amount is 0.3-0.6%. Tax payments differ depending on the territory where the property is purchased. Also, registration of DASC insurance is mandatory. This is the state insurance against earthquakes and other natural disasters, which operates throughout the country. Real estate prices in Turkey have increased in 2020, the country has become a world leader in the growth of housing costs. And in 2021, according to preliminary forecasts, prices will rise. Industry experts advise not to delay the purchase of housing, which continues to rise in price. Investing in real estate is a direct path to obtaining Turkish citizenship. To obtain Turkish citizenship in 2021, you need to purchase real estate in the amount of 250 thousand dollars. The assessment of investment real estate is carried out by a special commission. Projects of residential complexes in Turkey will be more diverse, developers are building in a new way, taking into account new preferences of buyers. So, the demand for apartments with large balconies, private gardens has increased. The demand for suburban real estate has also increased. Priority is given to villas, houses equipped with smart home systems. Foreign citizens can buy real estate in Turkey for cash, with a mortgage, as well as on interest-free installments. You can find out more about each option from our specialists. When buying any property in Turkey, a foreign citizen and his family members (wife / husband, as well as minor children) receive a residence permit.