Investing Through Buying Real Estate in Turkey in 3 Stages

 

People who decide to invest in real estate in Turkey are among the most curious about buying, holding and selling the investment. People who want to take advantage of Turkey's development and want to sell the property through appraisal plan to complete their buying process as profitably as possible. Making the right investment, holding it for a sufficient period of time and selling it at the right time will ensure maximum income to meet the person's expectations. The fact that people work with the right and reliable people in this process helps people get the highest return on their investments.

 

HOW TO BUY REAL ESTATE IN TURKEY?

 

The first thing that people considering buying a property in Turkey should pay attention to is buying the property they want with certainty. In Turkey, the so-called land register system is used. This system allows people to buy and sell real estate safely. Any negativity and confusion does not arise due to the land registry system. With the land registry system, people can safely buy and sell their properties.

 

Property law in Turkey and legal ownership of the buyer's property rights ensure that the property will be inherited. It allows the person's children, spouse or close relatives (in order of inheritance) to later become the owner of the purchased property. This means that people's heirs also benefit from the properties they buy. 

The VAT exemption applies to foreigners when buying real estate in Turkey. During the real estate buying process, VAT rates vary between 1 percent, 8 percent and 18 percent. Foreigners can later recover the VAT they paid on the properties they bought. The tax rate paid when buying a property varies depending on the size of the building. If the net quota of the property is less than 150 square meters, the VAT rate is between 1 percent and 8 percent. People who buy property can become the owner of the property after making the required tax payment.

 

In addition to foreigners, the VAT exemption can also be obtained for real estate purchased by Turkish citizens who have a work permit and have resided abroad for more than six months. These people can recover the VAT they have paid by submitting a subsequent application.

 

Companies that do not have an office, representative and income in Turkey can also benefit from the VAT exemption. These institutions must also apply after acquiring real estate and benefit from the VAT exemption.

 

People wishing to benefit from VAT exemption in Turkey should buy real estate directly from construction companies, not from individuals. The VAT exemption does not apply to real estate purchased by private individuals.

 

People who buy real estate in Turkey also have to make the entire payment. The fact that there are no problems with the transfer of documents depends on this. The deed transfer requires the seller to declare that they have received all payments from the buyer and are ready to sell. No deeds will be transferred without this declaration.

 

PAYMENTS FOR PROPERTY PURCHASED IN TURKEY – OFFERED OPTIONS

 

There are taxes that must be paid regularly to keep the property you have bought in Turkey. First, the property tax can be shown. Property taxes vary in metropolitan and other provinces depending on property ownership.

 

If the property is located in a metropolitan area, a tax of 0.2 percent for residential houses, 0.4 percent for commercial houses, 0.6 percent for agricultural land and 0.2 percent for land is required. If the property is located in other provinces, the property tax is 0.1 percent for residence, 0.2 percent for commercial residence, 0.3 percent for agricultural land, and 0.1 percent for land. The property taxes to be paid are calculated using the current values ​​of the buildings.

 

Individuals who own a home in Turkey must earn income from that property in order to pay income tax. If you live in the property you bought yourself, you pay no income tax. If you earn income from the property you buy, you are subject to income tax. Due to the income tax payment by landlords in Turkey, rental and sales prices are also increasing slightly. Part of the annual rent is deducted as income tax.

 

Anyone who owns real estate in Turkey has the right to apply for a residence permit. After purchasing the property, you can apply for a residence permit. Property owners have the right to apply and renew this application as long as the property is theirs. This right may lapse after individuals have disposed of the property.

 

People who buy real estate in Turkey have the right to apply for citizenship. If the person wants to acquire citizenship of the Republic of Turkey directly, he/she needs to purchase real estate for $250,000. If this fee is below $250,000, it is not possible to directly acquire citizenship of the Republic of Turkey. However, persons who directly seek citizenship of the Republic of Turkey should not sell the properties they have bought for 3 years. Properties sold in this process may result in the person losing citizenship of the Republic of Turkey.

 

People who buy real estate in Turkey are required to have earthquake insurance. Earthquake insurance is mandatory for electricity and water subscriptions. You cannot apply for such subscriptions without earthquake insurance. In addition to earthquake insurance, you can also take out insurances such as theft and fire, but these insurances are not compulsory.

 

Rental income in Turkey is at a level that satisfies the property owner. By renting out the purchased property, you can both earn rental income and increase the value of the property itself. So you can earn money both with the rent and with the property valuation. Short and long term rentals allow people to repay their investments in a short period of time.

 

 

HOW THE PROCESS OF REAL ESTATE SALE WORKS IN TURKEY

 

Foreign investors who buy real estate in Turkey and after some time decide to sell it, unlike Turkish investors, have no details that need to be fulfilled. The property sale process works the same for Turkish citizens and foreigners. Foreign investors can sell their properties in the same way as Turkish citizens.

 

Individuals considering selling their property may need to pay for the title deed. The land registry fee corresponds to 4% of the sale value of the property. In Turkey, the title deed fee can be shared between the buyer and the seller at two percent each.

 

If there are less than 5 years between the sale of the property you have purchased, this time you will have to pay income tax at the sale stage. This amount counts as income tax on the difference between purchase and sale. If you own the purchased property for more than 5 years, you do not have to pay income tax.

 

Due to such costs that you may incur during the real estate buying and selling process, you can get detailed information by contacting us.

 

WITH 2 CLICKS WE ARE READY TO SERVE YOU

 

As 2 Clicks, one of the leading companies managing the property buying process in Turkey, we answer all the questions that foreigners have about the properties they want to buy in Turkey and we prevent potential problems. You can also contact us to benefit from the services we offer and after the meeting you can find answers to your questions.

 

Türkmen Mahallesi, Saçıkara Sokak, B-Block NO. 21 B, Kuşadası-Aydın, Turkey. You can reach our company based in Turkey on phone number +90 (544) 443 46 24 and quick call via WhatsApp. You can send an email to 2Clicks.io via [email protected] and get detailed information about our work.

 

Call now to buy and sell property in Turkey and take advantage of Turkey's development opportunities.