A-1: In accordance with the Article 35 of the Land Registry Law No. 2644, amended by Law No. 6302, which entered into force on 18 May 2012, the condition of reciprocity for foreigners who wish to buy a property in Turkey is abolished. Today, 183 countries can buy a property in Turkey without the reciprocity. Please let us know which countries’ passport you hold and then we can advise on whether you can buy a property in Turkey.
A-2: Memory International provides rental services for your property. If you wish to rent out your apartment in Turkey, we assist you that as one of our after sales service. If you met us late and you already bought a house in Turkey, we can also rent or re-sale it.
A-3: Whatever the reason of buying a property, all property purchases are an investment decision from a low to high degree. If you are looking for an investment property, this should be a financial decision and you should focus on capital gain or rent income. If you are going to live in Istanbul and buy the property for this reason, then being close to work, school, loved ones could be an important preference. If you are going to stay time by time at the property as a second home, you may have different preferences such as being close to the airport, to the business centers for business people or staying in a resort with full facilities for holidays according to your needs.
A-4: There are two ways you can get finance your property in Turkey.
1-Mortagage: Although it is new and not very common in Turkey, some Turkish banks provide mortgage to foreigners. However, we as Memory International have a strong partner bank that you may get a mortgage at least 50% -or higher for nations- of the appraised value of the property even though you have no credit history in Turkey. Our banking partner provides Islamic finance for you to buy your house in Turkey, so our clients from Middle East also feel comfortable using the mortgage through our partner bank. We take care of the paperwork for you; thus, you may have a hassle free transaction.
2-Developer finance: We have some projects that the developers provide its own financing. This is an easy way to finance the property you wish to purchase. You do not have to prepare any documents, any credit check, and any process of getting your mortgage application approved. The down payments can start as low as 20% of the property price with up to 36 months payments. Please consult us on the projects with the developer financing and their payment so we can offer you the most suitable projects with most suitable payment plans.
A-5: If you buy a property in Turkey, you can get a residence permit up to 1 year. As long as you keep your property, you can renew it every 5 year. After 5 years, you may apply to the permanent residence permit. Please contact us to get more info on this great and easy opportunity to have Turkish residency from one of our consultants.
A-6: Except some special type of real estate in Turkey, all properties are freehold in Turkey. If it is freehold, then you have the ownership of the property in Turkey forever and it passes to your heritors according to Turkish laws of inheritance. Please consult us the real estate in Turkey you are planning to buy whether we are offering or not. We will check and inform you.
A-7: The ownership of the property passes to the heritors according to Turkish laws of inheritance. Our law is quite different from that of most Middle East countries. If you would like to get more details about your specific case and having a will, please contact us, so our attorney will provide you free consulting.
A-9: It is not required to have a lawyer/attorney to buy a property in Turkey. However, if you are used to working with and feel more comfortable, we suggest having a one. We can suggest you attorneys specializing in Turkish real estate counseling to international clients or work with your own attorney. The lawyer’s service cost mostly vary 1-2% of the property value.
A-10: Turkey is a signatory country to a treaty for the prevention of double taxation with a lot of countries in the world. If you are a tax payer of one of these countries, then you will not have double taxation. Please consult us in finding out your situation.
A-11: The standard Turkish tourist visa allows foreigners to stay 90 days in any 180 day period. The foreigners who will stay more than 90 days in Turkey need to get a Turkish residence permit. Please click on the link to get more on Turkish Residence Permit or ask one of our consultants.
A-12: We arrange a time to give you a personalized inspection trip /viewing trip to visit some properties and provide real estate consulting. After the new reciprocity law, pleasantly we have been getting very high demand from international clients especially from Middle East, so we suggest setting up a time in advance for us to allocate proper time and organization for the viewing. We do not suggest having the inspection trip right after you land in Istanbul and then visit the properties. Viewing trips are tiring and may take longer time than expected. This is an important financial decision in a foreign country. We suggest starting the viewing trip next day around 10.30 A.M. after a good night sleep. We suggest three-four days to have a more comfortable decision. First day is the arrival and getting enough rest, second day is to visit the properties, and the third day to take care of the paperwork, and the fourth day to return home or to have a safety margin in case viewing trip and paperwork take longer time. One of our consultants pick you up from your hotel or where you stay at the scheduled time. He /she will go through the program and you will visit some properties and then he will drop you off at your hotel.
A-13: You can buy real estate in Turkey without coming and seeing it if you wish so. We offer you the projects and the specific property according to your search criteria by e-mail or by phone. We arrange all necessary documents for you and guide you through the buying process. We actually have sold many properties to international clients without coming and seeing the property. Most of time, these property buyings are a more financial decision. For a pure investment property, you only need to look at the capital gain potential and rent income generation. However, buying without coming is not for everyone. We suggest you to come check the property you plan to buy. For any reason the person cannot come to Turkey to buy the property, go back to his country and come back again to Turkey, this is a great opportunity.