Frequently Asked Questions
iHome Express Real Estate
iHome Express is a leading Turkish real estate company with an innovative structure specializing in the fields of consulting, investment, development and real estate marketing
Other than our extensive property database, we will also provide you access to every available property in turkey through our various multiple property portals partners.
The vibrant real estate market changes daily. Prestige Istanbul We will update you on the latest market trends, reports and new available properties as they become available so that you can make the best decision for your investment or future home.
We accompany you through every step of the process. We will assist and advise you from defining your searches and options to deciding on the perfect property. We will negotiate the best price until the final closing.
Prestige Istanbul Real Estate offers many real estate services to meet all the needs of its customers from all over the world. These services include:
- Real estate consultancy in Turkey.
- Real estate Marketing in Turkey.
- Real estate development in Turkey.
- Real estate valuation in Turkey.
- Real estate management in Turkey.
- Reception and inspection tours.
- Provide legal and real estate consultancy before purchasing.
- Presenting studies and analysis about of the real estate market in Turkey.
- Obtaining tax number.
- Opening an account in a Turkish bank.
- Negotiating for competitive prices.
- Review and audit purchase contracts before signing.
- Follow up installments and monthly payments.
- Assisting with furnishing the property.
- Obtaining the title deed.
- Access to gas, water and electricity licenses.
- Follow-up until delivery of the property
Real Estate Investment In Turkey
- Turkey’s political and social stability.
- Guaranteed residence permit rights for foreigners who own properties in Turkey.
- A thriving economy: GDP has raised more than 3 times up to $857 billion in 2016 compared to $231 billion in 2002, “Turk sat.”
- Stable annual economic growth with an average growth rate of 5.6% between 2002 and 2016.
- A promising economy with a brilliant future, as it is expected to become one of the fastest growing economies within the OECD during the period 2017-2020.
- The world’s 13th largest economy and fifth largest economy compared to the European Union in 2016.
- An institutional-based economy with the support of US $ 145 billion in foreign direct investment over the last 10 years.
- Healthy private sector with exports worth $143 billion and an increase of 300% between 2002 and 2016.
- Property prices in Turkey are constantly rising due to increased foreign demand.
- Turkey is one of the world’s largest price growing markets according to the “Knight Frank International Index”.
- Turkey ranks second in the most attractive real estate markets, according to “Ernst & Young”.
- Buying a property and rent it: buying a property and rent it and ensure a fixed monthly income. The average annual return on rent is about 4% of the property price.
- Buying and re-selling: Buying a property in an under-construction project in one of the vital areas close to the transportation which increases the property price.
- Land purchasing: The purchase of land in strategic sites that may be included within the organizational charts of the city which increases the property price.
- Real Estate Development: Buying a land in a strategic location and developing a distinctive real estate project with integrated services that guarantee a high profit return.
- Urban transformation projects: the development of old buildings and the possible to collapse and non-resistance to earthquakes buildings to new resistant to earthquakes and natural disasters, while allowing a larger construction area to the developing company to cover the costs of the project and achieve a distinct profit margin.
The Urban Transformation Law was enacted in Turkey in order to develop all old buildings that are not resistant and prone to earthquakes to new earthquakes and natural disaster resistant buildings considering the maintenance of public services, improved living conditions and the surrounding environment.
The Turkish government aims to develop approximately 15 million property under the law of urban transformation with a budget of more than $ 400 billion.
The Turkish government encourages investors and real estate developing companies to complete this huge project by providing many facilities from taxes exemption.
The law aims to develop the properties with the agreement owners and to be done in a specified period of time and with the same old area, while allowing a larger construction area for the developing company in order to cover the costs of the project and achieve a distinct profit margin.
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Real Estate Ownership in Turkey
Yes, foreign nationals have the right to own in Turkish territory.
The Turkish Parliament passed a law granting the right of real estate ownership to all citizens around the world on the Turkish territories, nullifying the reciprocity principle except the passport holders of: Armenia, Cuba, North Korea, Nigeria.
Law No. 35 of Land Registrations Law No. 2644, amended by Law No. 6302, which was implemented on 18/5/2012, is the legal basis which allows foreigners to own and invest in real estate in Turkey.
- Foreigners are allowed to own a maximum of 30 hectares equals 300 thousand square meters all over Turkey.
- Foreigners are not allowed to own or lease property within 400 meters of all military barracks of the and strategic sites such as airports, seaports, oil and power plants and other cultural and religious centers of the Turkish state.
- Foreigners can buy property in a region or town with a maximum of 10% of its total land area.
Foreigners are entitled to own all types of real estate in Turkey “residential – commercial – land – farms – factories – schools, etc.
- Choose the right property.
- Sureness of the following information:
- The title deed “Tabu”.
- Site statement: An official copy of the real estate site from the municipality plan.
- Property number according to the municipality plan.
- There are no restrictions that hinder the sale of real estate such as mortgages or inheritance issues
- Extract tax number.
- Translation of the passport to Turkish by a certified translator and certified by the Notary.
- A primary “commitment to sell” contract in the presence of the notary signed between the buyer and seller in English and Turkish.
- Checking the Land Registry within 15 days from the purchasing approval with the seller. It is preferable to have a certified interpreter to verify the accuracy of the data, the number of the property and its area.
Yeah. foreign companies can own real estate in Turkey.
The property purchase can be completed within a maximum of two days.
- Property title deed.
- “Property Value Statement Document” is obtained from the competent municipality.
- A valid 4 x 6 personal photos not more than 6 months old.
- Copy of the building license and the registration document in the municipality.
- Copy of all company documents such as: Establishment license – Copy of the commercial registry no. “if buying from a developing company”.
- Earthquakes insurance certificate
- Tax number (Vergi No).
- Valid Passport translated to the Turkish and a certified by the Notary.
- 2 new personal photos of 4 x 6 not more than 6 months.
Yes, according to the Turkish law on the foreigner’s ownership, more than one person with no family relationship has the right to own the same property and the ownership deed of the property is registered with all the partners’ names.
This term refers to the landlord’s rights inherit, trade or lease the property whenever wanted.
When buying a property in Turkey, this includes land ownership and the property and it is a lifelong freehold and it is automatically inherited to the husband or wife or children.
The title deed is a legal document which proves that your ownership rights of your property in Turkey. All official title deeds are registered in the Land Registry Office.
Proceedings may take 6-4 weeks after the property is purchased.
Legal Procedure
- Obtaining the tax number ” Vergi No”, which is granted to every tourist or foreigner residing in Turkey in order to facilitate the official transactions.
- Translation of a valid personal passport and ratification it at the notary.
- Opening an account Turkish bank.
- 2 personal photos.
- Signing the purchasing contract in the presence of Prestige Istanbul Real Estate company’s the lawyer to ensure your safety and contracts validity.
- If purchasing from the developer of the project directly, the contract is signed between the buyer and the developing company and usually the contract is in English and Turkish.
- In case purchasing from the property owner, the contract shall be signed between the buyer and the owner and must be registered in the notary to commence with the procedures of title deed transfer
- If the buyer is the first foreigner to buy in the project, a military approval must be obtained to allow the ownership of the foreigners in this area. It may take from 1 month to 45 days to obtain the approval.
- Deal with licensed real estate broker companies.
- Choose good reputation and credibility developing companies.
- Never deal with individuals with no legal reference.
- Inspect the project site personally.
- Don’t sing any contracts before inspecting the project on field and making sure of the company and the project site and review the purchasing contracts.
- Yes, by giving an authorized attorney through the Turkish embassy or consulate in your country, or through the Notary in case you are in Turkey.
- The lawyer will review the purchase contract of the property, which is in Turkish and English in general.
- Through hiring a lawyer, he will be able to check your papers and sign in the absence instead of you, it will speed up transactions and shorten the time.
- The lawyer will ensure that the property seller has reviewed the military approval for foreigners to purchase in this particular area.
- At the time of purchase and closing the sale, the lawyer is the trusted third party who maintains all the parties’ rights.
- The lawyer will carry out all necessary legal procedures that accompany the delivery of the property.
- The lawyer will review all official responsible parties and resolve all problems related to your property if any happens.
- Providing a lawyer’s an attorney relieves you of the burden of frequent travel in order to terminate transactions related to the sale and purchase process.
Taxes & Fees
The tax number is an official number you get from one of the tax departments.
it may be needed for legal and official transactions or to open a bank account in Turkey.
This number can be obtained regardless having a residence permit in turkey and it’s obtained as follows:
- Bring a copy of your passport and providing you’re staying address in Turkey.
- Visiting to the nearest tax department and request this number.
- Department employee will provide you with a card with your tax number.
Property and land prices vary in Turkey to suit all budgets, but generally property prices in Istanbul are higher than in other Turkish cities.
There are several factors that play a role in determining prices such as building age, district, property area, proximity to transportation and other factors.
Property prices vary from region to another and there is no minimum or maximum requirement.
- Yes. The tax system is equivalent for all and paid by Turkish and foreign alike without any discrimination.
The value of the registration tax and the transfer of ownership of the property is 4% of the property purchasing price. paid only once by the buyer after the completion of the purchase and paid to the Turkish state.
In case purchasing in an under-construction project, this tax shall be paid after the completion of the project and property is delivered.
Yes, there are limited annual taxes on residential properties equals 0.002% of the property value.
The buyer and the seller pay 3% separately of the of the property value to the broker.
The annual rental tax is 15% of the total annual rent.
The profit tax is only paid if the property it re-sold within 5 years of the first purchasing date and is calculated as 35% of the difference between the present selling value of the property and its value when it was sold at the first time.
If a property is sold after 5 years from purchasing date, a tax exemption is obtained by law right.
The monthly expenses paid to the complex management for cleaning, maintenance and guarding services and the complex facility usage of swimming pools, gyms, sauna, etc.
It is approximately 3 – 4 Turkish lira per square meter of the property gross area.
Yes, there are many local and international insurance companies.
Insurance against earthquakes and natural disasters known as “DASK”, and it is mandatory insurance and a legal condition that must be fulfilled.
The insurance is a must the property registration and obtaining the title deed. it is s renewed annually and depends on the value of the property.
Yes, related to water, electricity and gas subscriptions, paid only once after receiving the property.
In addition to the monthly expenses related to electricity, gas, water and Internet bills and is fully dependent on personal use.
Citizenship & Residence Permit
- Yes, the Turkish law provides the right of a foreigner to obtain a life-time residence permit, bearing in mind that it is renewed annually after proofing that the property is still registered on you name and has not been sold.
- Wife and children under the age of 18.
- No, you can buy a property in Turkey without the residence permit.
According to the current nationality law in Turkey, foreigners can obtain Turkish citizenship by purchasing a property worth at least $ 250.000, with a pledge not to sell it for three years.
The property owner and all his first-class family members gains the right as well.
Yes, owner can re-sell his property after obtaining Turkish citizenship only after a period of 3-years of the purchasing date.