Common questions

Advice Property Company – Turkey

Who are we ?

Due to the rapid development and economic renaissance in the Turkish market Advice Property Company was established in 2017 with a clear vision to create an integrated service system that serves Turkey’s visitors, including investors, tourists and students. Our services vary from real estate and investment services, in addition to legal services that include obtaining Turkish citizenship, establishing companies and obtaining residence permits of all kinds.

When was our company established ?

Advice Property company was established in 2017.

Where is the company headquarter located ?

The main headquarter of Advice Property company is located in the center of Istanbul – Beylikduzu.

Why Advice Property company for real estate ?

Why Advice Property?

What are the services that can Advice Property company offer me ?

What are the real estate fields that Advice Property is specializing in ?

Advice Property provides many services to meet all the needs of its customers from all over the world :

Real estate investment in Turkey

What are the most important facts that encourage real estate investment in Turkey?

Why real estate investment in Turkey?

What are the types of real estate investment in Turkey ?

  1.  Buying and displaying a property for rent : buying and renting a property result in guaranteeing a fixed monthly income. So, the average value of profit from rent is equivalent to 4% per annum of the property price.
  2. Buying and reselling the property : buying a property in a project under construction in one of the vital areas near by the means of transportation, which increases the price of the property and facilitates the fact of reselling it.
  3. Land purchase : the purchase of lands in strategic locations that may be included in the city organizational plans.
  4. Real estate development : by purchasing a land in a strategic location as well as developing a distinctive real estate project with integrated services that guarantee a high profit return.
  5. Urban transformation projects : by developing old buildings, that are prone to falling and not resisting earthquakes, into urban buildings that are resistant to earthquakes and natural disasters, while providing a large area for the con straction company in order to cover the project costs and achieve a distinct profit margin.

What is the urban transformation project ?

Indeed, the urban transformation law has been enacted in Turkey in order to develop all old buildings, that are prone to falling as well as not resisting earthquakes, into civilized buildings that are resistant to earthquakes and natural disasters such as torrents and floods, Along with taking into account the preservation of public services and the improvement of environmental conditions surrounding residential buildings. Besides, the Turkish government aims to develop approximately 15 million properties under the urban transformation law, with a budget of more than 400 billion USD.

           Moreover, the Turkish government encourages investors and real estate development companies to complete this huge project by providing many facilities, the most important of which is exempting construction companies from taxes, from the beginning of the project to its end.

           What is more, the law aims to develop the property with the agreement of the owners for a specific period of time with the same specifications and old space while keeping a large building area for the construction company in order to cover the project costs and achieve a distinct profit margin.

What are the procedures for implementing the urban transformation project ?

  1. Determine the building to be renovated.
  2. The construction company makes a specific offer to the property owner that includes the agreement on new spaces, finishing specifications, public services and facilities such as elevator, parking, guarding, security and gardens.
  3. The agreement is required to be signed between the construction company and all owners without exception.
  4. The construction company undertakes to pay rent to the owners of the property during the project period in order to find temporary housing until the completion of the project, which is from 18 to 24 months, depending on the size of the project as well as the costs of transporting the property owners to and from the property to be renovated.
  5. The state contributes 800 Turkish liras per month in exchange for rent and 1200 liras in exchange for a transfer for each real estate unit.
  6.  Registration of contracts in the real estate registry.
  7. Obtaining building permits, which are often larger areas than the previous area of the property, so that the company covers from these areas the construction costs and achieves the target profit margin, which ranges from 40% to 60%.
  8. Evacuation of the property within 3 to 4 weeks.
  9. The demolition process begins.
  10. Rebuild.
  11. Finishing and handing over of housing units to their owners.

Real estate ownership in turkey

Do foreigners have the right to own property in Turkey ? When was that ? and how ?

Yes, foreign citizens have the right to own property inside the Turkish territory. Therefore, the Turkish Parliament issued a law granting the right to own real estate on any land of the Turkish Republic, canceling the principle of reciprocity, except for holders of passports from countries : Armenia-Cuba-North Korea-Nigeria.

             Law number 35 of the land registration law number 2644 and amended by law number 6302, which allows foreigners to own property in Turkey, which allows foreigners to own property in Turkey.

Does a Syrian citizen have the right to own property in Turkey ?

Yes, the Syrian has the right to own  property in Turkey, But in this case, he or she must own a company registered in his name in Turkey.

What are the legal restrictions on foreigners owning real estate in Turkey ?

In fact, foreigners are allowed to own a maximum of 30 hectares, which equivalent to 300 thousand square meters in Turkey.

              Further, foreigners are not entitled to own or rent property within a range of 400 meters from all military barracks of the Turkish army and strategic and security sites such as airports, sea ports, oil and energy stations, and other cultural as well as religious center of the Turkish state.

              Furthermore, foreigner can buy real estate in a region or town with a maximum of 10% of the total land in this area or town.

What types of real estate can foreigners own in Turkey ?

 Foreigners have the right to own all types of real estate in Turkey : “ residential – commercial – lands – farms – factories – schools … etc ”.

What are the procedures for owning a property in Turkey ?

  1. Choosing the right property.
  2. Ensure the following information :
  1. Extracting the tax number.
  2. Translating  the passport into the Turkish language by a certified translator registered through the Translators Syndicate, along with its attestation by the notary.
  3. A contract of “ commitment of sale agreement “ is a preliminary sale contract  certified by a notary between the seller and the buyer in both languages, English and Turkish.
  4. Review the real estate registry “ Land Registry Department “ within 15 days of the approval being issued with the seller. Therefore, it is preferable to have a certified translator translator to ensure the correctness of the data, the property number and its area.  

Can foreign companies buy real estate in Turkey ?

Yes, your company can own real estate in Turkey.

What is the minimum period in which you can own a property in Turkey ?

The property purchase procedures can be completed within one to two days as a maximum.

What documents must be provided with the seller ?

  1. The title deed of the real estate property.
  2. A “ document indicating the value of the property “ obtained from the relevant municipality.
  3. A recent personal picture, size 4 x 6 cm, it must not be old more than 6 months.
  4. A copy of the project building permit and its registration document in the municipality.
  5. Copies of all the company’s documents, such as : the company’s establishment license, a copy of the commercial registration.
  6. Real estate insurance certificate against earthquakes.

What documents must be available with the buyer ?

  1. Obtaining a tax number.
  2. Passport translated to Turkish by a sworn certified by  the notary.
  3. Two recent personal photos size 4 x 6 cm, that must be ols more than 6 months.

What are the official documents that you must bring from your home country to own in Turkey ?

Passport only.

Are more than one person entitled to participate in owning the same property, along with registring it in the name of all partners?

Yes, according to the Turkish law related to foreign ownership, more than on person without any family relationship has the right to own the same property, and the title of the property is registered in the name of each person.

What does the term freehold title denote ?

This term refers to the owner’s absolute rights to the property, which means that he or she can inert, trade or lease it whenever he or she wishes.

Is ownership in Turkey free ownership for life, is it possible to inherit properties owned by foreigners ?

When buying a property in Turkey, this includes ownership of the land. What is more, the ownership of the property is automatically inherited from the foreigner to the husband or wife or children.

What is the title deed “ Tabu “ ?

In fact, the title deed “ Tabu “ ia a legal document, which proves that you have ownership rights over your property in Turkey. All official title deeds are registered in the real estate registry office.

How long does it take to obtain the title deed “ tabu “?

The procedures for obtaining the title deed can take from 4 to 6 weeks after purchasing the property.

Legal procedures

What are the procedure of buying a property in Turkey ?

What are the steps that must be taken into account before purchasing a property?

Can I authorize someone to manage real estate matters in Turkey ?

Yes, by delegating a legal agency through the Turkish embassy or consulate in your home country, or through a public notary if you are in Turkey.

Why should you hire a lawyer as well as dealing in a legal framework ?

Taxes and fees

What is the tax number ? and how do we get it ?

The tax number is your own number that is sometimes asked for in legal and official transactions or to open a bank account in Turkey. Besides, this number can be obtained regardless of whether you have an official residence in Turkey or not.

So, it is obtained through ;

What are the real estate’s prices in Turkey ?

Mainly, real estate and land prices in Turkey vary to suit all budgets, but in general, real estate prices in istanbul are higher than other Turkish cities, of course, there are several factors that play a role in determining prices, for example; the building  age, region, area, its proximity to the means of transportation, and many more other factors.

Edditionaly, real estate prices vary according to the region in which you want to buy a property, however, there is no minimum or maximum prices requirement.

 

         Are government’s taxes equal for Turks and foreigners ?

         Yes, definitely, the tax system is the same for both. Consequently, it is paid by theTurkish as well as the foreign alike, without any discrimination.

What is the property purchase tax ?

So, the value of the property registration and transfer tax is 4% of the property price, which is only paid once by the buyer after completing the purchase process. Further, it is paid to the Turkish state in the real estate month.

Moreover, in case that the purchase is in a project under construction, this tax shall be paid after the completion and the delivery of the project as well.

Are there annual taxes on real estate ?

Yes, there are limited annual taxes on residential real estate reach about 0.002% of the property’s value.

How much is the real estate brokerage commission in Turkey ?

In fact, the buyer and the seller pay 3% of the property’s value to the broker.

When I rent out my property, what taxes do I have to pay ?

The annual tax for renting the property is 15% of annual rent.

What is the profit tax ?

Capital gains tax is only paid for selling the property during the first 5 years from the date of purchase. Along with this, it is calculated at 35% of the difference between the current value of the property and its value when it was sold the first time.

Besides, if any property is sold after 5 years from the date of its purchase, tax exemption is obtained by law as well as it becomes on the seller.

What are the monthly returns ?

It is a monthly fee paid to the management of the complex or real estate in exchange for cleaning, maintenance and guarding services. In addition to, the use of the complex’s facilities such as swimming pools, gyms, saunas, etc.

It worth approximately 3-4 liras per square meter of the property’s area.

Is it possible to insure home and properties as well?

Yes, there are  many local and international insurance companies.

What is the property insurance against earthquakes ? Is it mandatory ?

Insurance against earthquakes and natural disasters, known as ‘’DASK’’, is a mandatory insurance and a legal condition that must be performed. What is more, insurance is made on the property after registering it and obtaining the title deed. Indeed, it is renewed annually and its value depends on the value of the property.

Are there any other expenses ?

Yes, it is related to water, electricity, and gas subscription, and it is paid only once after receiving the property.

In addition to the monthly expenses related to electricity, gas, water, and internet bills, that concern the personal use.

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