Buying property in Turkey: new building and resale

Buying a home on the primary market

Buying property in Turkey at the construction stage has become one of the most popular types of investments among foreign buyers today - the price will be more affordable than if you invest in a finished object, and the installment payment will take longer. During construction, real estate in Turkey grows in price by 15-25%. After laying the foundation and building the frame, the developer submits an application to the cadastral office for the division of the object into independent shares, that is, apartments. As a rule, this happens when the object is ready by 30-50% and after receiving a TAPU for each apartment by the developer, he is ready to transfer the property to future owners.

As soon as the buyer is determined with a specific apartment or house, a meeting is organized with a representative of the developer, the owner or director of the company, at which all the terms of the transaction are discussed in detail, a purchase and sale agreement is drawn up, where the final price and payment schedule are prescribed (if there is an interest-free installment plan, and this is a common practice for developers,) the dates of delivery of the object are agreed upon, if it is under construction, special conditions and wishes of the buyer are entered and prescribed for the interior design of the apartment. The document also outlines the rights and obligations of the parties, warranty obligations and penalties in case of delay in the construction period - the developer will be obliged to pay for each overdue month.

Then, within a week, the first payment is made, ranging from 30% to 50% of the total cost of the object. According to the contract with the developer, even if the object is still under construction, the price is not subject to change. If the buyer refuses to purchase for some reason, then he must pay penalties in the amount of 5-30% of the cost of the object. Here, each developer has its own conditions and the amount of penalties.

After the entire amount has been paid for the object (payment can be made either in cash at the developers' accounting department or by wire transfer via bank transfers to the developer's settlement account), documents are submitted to the cadastral office for the renewal of ownership rights in the name of the buyer. Usually, the procedure for reissuing a TAPU takes a maximum of 2-3 working days. After the TAPU is received, it is necessary to enter the data of the new owners in the local municipality (beyanname).

Next, a technical passport for the apartment (ferdi iskan) is issued - as a rule, the presence of the buyer is not necessary for this, usually it is done by the developer himself or the real estate agency accompanying the transaction. However, it can be issued only if the house has an act of putting the building into operation (on iskana) - this is the main document that the developer must receive. The cost of registration of this document ranges from 1200 (190 euros) to 1800 lira (290 euros).

After that, the registration of subscription contracts for the connection of water supply and electricity to the apartment takes place. Many people open bank accounts in Turkey and link automatic payment for electricity and water bills to their accounts.According to the cost, the average payment is about 1000 liras (160 euros) when buying a new building and 400 liras (64 euros) when buying a secondary property. The buyer can do all these procedures personally or by means of a power of attorney issued to a representative of the company or his agency.

Buying a home on the secondary market

Secondary real estate attracts several factors: the price (often the sale is urgent, therefore the price is minimal), the housing is ready to move in and does not require the costs associated with the purchase of furniture, household appliances and air conditioners, there is no risk of delay in construction or unfinished housing in principle. However, too "elderly" secondary has badly worn furniture and appliances, and the implementation of replacement is associated with additional investments.

There are also pitfalls: it often happens that an urgent sale is connected with the mortgage encumbrance of this apartment and the amount of encumbrance can be found only in the cadastral office. Very cheap options for ready-made housing, as a rule, carry the risk of the absence of the most important document on the commissioning of iskana, without which it is impossible to legally issue electricity and water meters. But the main point: today the secondary involves paying the entire amount within 3-4 weeks at most after making a deposit -no installments possible when buying housing under construction.


TAPU must be presented by the current owner to a potential buyer. If the owner is not in the city, then the authorized person who has the original power of attorney from the owner to perform cadastral operations on his behalf is in his hands. If the property is sold "turnkey", then the contract of sale must indicate a list of furniture, household appliances, accessories, etc. 

The process of buying real estate on the secondary market is not much different from buying a new home from a developer. After the buyer determines his choice, a purchase and sale agreement is concluded between the buyer, the seller and the real estate agency, where the price, terms and conditions of the transaction are prescribed. The agency checks the property for its legal purity, then when signing the contract, an advance is made; it usually ranges from 500 euros to 10% of the value of the object.

Next, the date of the transaction itself will be determined, at which all three parties must be present at the same time, the agency submits documents to the cadastral office on this day, and, as a rule, within 2-3 days, the property rights are reissued. Payment for an apartment on the secondary market is made on the day of the transaction itself, either in cash or to the seller's bank account. Next, the procedure for renewing subscription contracts for the connection of water and electricity services takes place.

General purchase rules

Regardless of the market in which real estate is purchased, buyers will need a passport 
 and a notarized translation of the passport into Turkish, which is done in any notary office in Turkey. The cost of passport translation is 180-200 Turkish lira (about 30 euros). The tax number is issued within 10 minutes absolutely free of charge in tax Turkey.

Innovations and purchase costs

According to the new law, from April 2019, for all transactions and re-registration of property rights in Turkey, a mandatory cadastral appraisal examination of real estate is required. As a rule, it is carried out after the signing of the contract of sale. This expert report contains all the information about the purchased real estate: area, specifications, indoor and outdoor plans, availability of all permits for a particular property, cadastral value of the object, availability of mortgages, arrests or mortgages for an apartment, etc.

The cost of the examination varies from 1000 (160 euros) to 1500 liras (240 euros), depending on the company that has a license and accreditation of the cadastral office to conduct such an examination. Usually the procedure is paid by the buyer's side. Also, the procedure for registration of real estate ownership includes registration of a technical passport for real estate (genel iskan), insurance against earthquakes and natural disasters, without which it is impossible to conclude contracts with utility providers, On average, we recommend laying an additional 1200-2000 euros for the costs of registration of real estate.

The expert report is prepared in 2-3 working days, and the personal presence of the buyer and seller is not necessary - the agency can do this in advance before the transaction itself. Then, on the day of submission of documents for the renewal of property rights to the cadastral office, the personal presence of the seller and buyer or their representatives, who have a power of attorney for the purchase or sale, issued by a Turkish notary or a Turkish consulate, is required.

Next, cadastral forms, a buyer's questionnaire and a transaction application are filled in, original passports and notarized translations of passports and photographs are submitted. The property acquisition tax is paid 4% of the cadastral value (indicated in the report on the examination). The tax discount (when 3% is paid instead of 4%) has been extended until the end of 2019. The services of a sworn translator are also paid for: according to the law, all transactions with foreigners must be accompanied by sworn and accredited translators in the cadastral office. For example, in Alanya, the cost of these services is about 500 liras (80 euros).

Real estate agencies

The whole process of buying real estatein Turkey, it takes a minimum of 2 to 3 working days, and a minimum of necessary documents. The main thing is to choose the right professional agent. According to the new law, only licensed agencies that have received accreditation from the Chamber of Commerce, as well as those who have passed specialized courses and passed exams and have a diploma of a realtor of the 4th or 5th level have the right to engage in the sale and rental of real estate in Turkey. (meslek yeterlelik belgesi 4 veya 5 seviye).

Thank you for your help in preparing the material:

Anna Unal, CEO of the companyMAXHOME Invest

Ksenia Baldzhi, Director of the company's sales department Liga Real Estate