According to the Article 35 of the Land Registry Law (“Law”) dated 22/12/1934 and numbered 2644, foreign real persons are permitted to purchase real estate in Turkey. The conditions and requirements of the acquisition are explained below:
Conditions and Requirements
- The foreign real person must be national of one of the 184 countries set out by the President of Turkey.
- The foreign real person is not allowed to acquire real estate in Turkey more than 30 hectares country-wide, as well as, such acquisition cannot exceed 10% of the urban areas in a certain district. The president of Turkey is entitled to double such limits.
- In cases where national interests requires so, the President of Turkey may, wholly or partially, cease or prohibit the acquisition of real estate by foreign real persons based on country, person, geographical region, duration, number of acquisitions, proportion, type, characteristic, square meter and amount.
- If the real estate is a vacant land, the foreign real person must submit a project in respect of the land to the relevant ministry within a period of 2 (two) years.
- According to the Law on Military Forbidden Zones and Security Zones, foreign real persons cannot acquire real estates located in first rate or second rate military security zones. Also, the President of Turkey, may decide to restrict the acquisition of real estate by foreigners in certain regions to be determined based on proximity to military forbidden zones or for other strategic reasons.
What Should Foreign Real Persons Consider in Real Estate Investment in Turkey
- According to the Article 26 of the Law, contracts regarding the transfer of the ownership of the property must be concluded before Land Registry Office in the region where the relevant property is registered. As per Article 60/3 and 89 of the Notary Law, preliminary contract for real estate sale may be concluded before the notaries.
- The transfer of the ownership of the real estate materialize with the registration of such transfer at the Land Registry Offices.
- According to the Circular of General Directorate of Land Registry and Cadastre dated 16 September 2013, a document proving the nationality of the potential purchaser must be submitted to the relevant land registry office at the time of the transfer of the ownership.
- According to the Circular of General Directorate of Land Registry and Cadastre dated 15 February 2019, a real estate value assessment report must be obtained from a real estate value assessment company with regard to the relevant real estate.
- The purchaser should check whether there is any encumbrance, attachment or limited real rights (rights in rem) on the title deed at relevant Land Registry Office.
- For the real estates to be used for the residential purposes, the purchaser should check whether the occupancy permit is obtained from relevant municipality.
Conclusion
The foreign real persons are allowed to purchase real estate in Turkey subject to the above mentioned and other certain conditions. For more information, you may contact with AYS Law Firm