Mertcan Darkom Real Estate Investment in Turkey
Real estate ownership by foreigners in Turkey
Real estate ownership law for foreigners issued on 09 / 19 / 2018
Foreigners are allowed to obtain Turkish citizenship in the event that they buy a property in Turkey worth 250 thousand dollars , provided that this property is not sold for a period of three years from the date of purchasing this property, as the buyer submits a written commitment to this to the real estate registry office, and this decision is an amendment to a previous decision that allows investors Foreigners to obtain Turkish citizenship in return for buying a property of one million dollars
On 15 / 02 / 2019, the Real Estate Appraisal Law was issued by the Turkish Ministry of Housing, whereby the decision obliges foreigners who want to buy real estate in Turkey with the aim of obtaining Turkish citizenship obliging them to conduct the real estate evaluation process by government licensed companies and issue a report on that. This report is attached to the treatment of Turkish citizenship. This decision was updated later in the same year to include all real estate purchases regardless of the purpose of purchasing the property and whatever its type or price, and that this decision obligates the real estate seller to conduct the property evaluation process by a government licensed company for this and extract a report that includes all the details of the real estate evaluation process
Before embarking on buying a property in Turkey with the aim of obtaining Turkish citizenship, the real value of the real estate purchase price must be ascertained, and this value must be higher or equal to 250 thousand US dollars. Here, it should be noted that the companies authorized to conduct real estate appraisal are companies licensed by the Turkish government to conduct the evaluation and that Any company that is not licensed by the Turkish government whose evaluation is not taken into account
A list of companies licensed by the Turkish government to conduct real estate appraisal operations can be obtained directly from the real estate registry offices, and it is the best choice as the information is taken fromits sources without returning to another party.
Conducting the real estate appraisal process by a government licensed entity is an important and very useful matter in investment
Real estate or buying a property with the aim of obtaining Turkish citizenship as real estate evaluation limits fraud opportunities and contributes to increasing the credibility of real estate investment and enhancing the quality of the real estate market in Turkey as it is a necessary step in the procedures after purchasing the property and obtaining Turkish citizenship
The real estate appraisal process is based on several factors, including the type of the property, whether it is commercial or residential, the location of the property, the type of services provided, such as the presence of markets or entertainment centers belonging to the residential complex, the age of the property, and the condition of the property if it has a seizure, debts, or the like, and thus there are no obstacles in transferring the title deed yet Sell it
It is worth noting with regard to the real estate appraisal law that the report of the evaluation process is valid for only three months from the date of issuance of the report and it takes only a few days to issue the report.