Housing loans and loan rates that foreigners can use while buying a house vary from bank to another bank based on transnational regulations. So how can a foreigner buy a house in Turkey?
The legislation has been amended in May, 2012, in order to ease the ‘process of buying a house’ for foreigners. As per artice 35 of 2644. Deed Law, reciprocity stipulation for foreigners in buying a house process has been revoked. According to the latest information, a foreign national natural person can buy any kind of property (House, Office, Land and Plantation) if that foreigner complies with the terms and conditions. However, the projects planned for the brought property without a construction (Land, Plantation) should be submitted to the approval of Ministry.
Transfer of Immovable Property
Based on the legislation in force in Turkey, the transfer of an immovable property is possible only after authenticated contract and title which can be signed in Directorates of land registry. Preliminary contract for sale can be signed before a notary public but acquisition of immovable property is not possible with “preliminary contract for sale” or any other sale contract. Preliminary contract for sale means that both seller and buyer are certain about their decisions and that is all. Right of immovable property transfer is not possible in this way. Housing loan and loan rates which will be used for buying a house vary from bank to bank based on transnational regulations.
Legal Restrictions in foreigners’ buying a house process
- A foreign natural person can buy maximum 30 hectare of an immovable property in national borders and can have limited real right.
- It is impossible to buy a immovable property in military forbidden zones and zones of security and also it is forbidden to rent property in these areas.
- A foreign natural person can have immovable property in a county at the rate of 10 % based on the square measure of that county and also can have limited real right.