Over the past few years the attention of foreign investors for real estate in Turkey has grown. Different factors play a role in this evolution. Economy, geography (climate), mutual standards with the EU, low prices on the housing market, attractive tax system and political stability despite the Middle East conflict are some factors that work to Turkey’s advantage. The real estate sector is an important sector in Turkey and plays an important role in the economy. Especially in the last 20 years the real estate sector has grown strongly, similarly to the development of the construction sector, and subsequently also the demand of potential purchasers from at home and abroad. According to the figures of 2013 130.000 foreigners, citizens from 90 different countries, have purchased real estate and settled down in Turkey. The most popular cities where foreigners settle are the following: Antalya (Alanya, Kas, Kemer, Manavgat), Mugla (Fethiye, Marmaris, datça, Bodrum, Köycegiz, Dalaman), Aydin (Kusadasi, Didim, Izmir (Cesme, Foça, Dikili, Bergama), Bursa, Hatay, Canakkale, Kapadokya… As in all other countries, the following points are important to consider when purchasing a home:
- Visit Turkey several times and take your time to determine where in Turkey you would like to live. Doing so, keep your current and future situation in mind.
- Compare several projects, in case you buy on the basis of plans make sure you visit already completed projects of the real estate developer.
- Before signing, have experts read your agreement of sale. Make sure there are enough forms of cover in your contract. Keep in mind that when a discussion is brought before a court, this implies high costs and takes a lot of time, as is the case in Belgium and other countries.
- Have checked whether all permits are already ok; whether the real estate developer is financially solvent. Check the details on the title deed (TAPU) if you purchase an existing house.
- Keep in mind that the task of a notary in Turkey is not the same as the task of a notary in Belgium and that it is not his duty to check whether all permits are ok.
By having carried out all checks in advance and by consulting qualified legal experts or law firms which are specialized in property law and foreign investment legislation, you avert problems that might arise later.