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Are you planning to buy overseas property in Turkey in 2019? Is this the right time to be buying overseas properties in Turkey? Let’s find out!
The State of the Overseas Property Market in Turkey in 2019
Is it safe to buy overseas property in Turkey? Should you be worried about the political situation there?
Well, yes and no. Yes, you should worry about Turkey’s authoritarian government, as should everyone in the world. But if you are just a foreign buyer who is interested in buying a second home or holiday home, then you have nothing to worry about.
Turkey has always been the most promising overseas property destination in the world. But the excitement has tapered down a bit over the last couple of years or so because of the volatile political situation in that country, which began after the attempted military coup against President Erdogan. Since then, President Erdogan has only solidified his hold on the administration.
As long as you stay away from the local politics and focus on having fun only, then you should be fine. Turkey is the same as it was; a warm and friendly place for foreign tourists and for those who seek to buy properties here. While property prices have cooled down recently, we expect them to pick up once things become normal again. Which is why this could just be the perfect time to buy a second home in Turkey from the ROI perspective: 5 years from now you can sell the house for a very good profit.
Can Foreigners Buy Overseas Property in Turkey in 2019?
Yes, there is nothing to stop foreigners from buying overseas property in Turkey from the legal perspective. In fact, the Turkish government actively encourages foreign investors to buy real estate in that country.
You will find a sizeable expat community in some of the popular tourist destinations in Turkey such as Kalkan, Fethiye, Antalya and Bodrum. Istanbul, of course, is one of the most charming cities in the world; it’s just a pleasure to stay here.
How to Buy Overseas Property in Turkey in 2019?
The first thing to do is to hire the services of an overseas property expert. You cannot really depend on local estate agents in Turkey as they have their own agenda. An overseas property specialist will keep your interest in mind.
Furthermore, they are always in touch with sellers of overseas properties, especially with those who want to sell in a hurry. So they are likely to offer the best possible deal to you, better than what you’re going to get anywhere else.
The property buying process differs from one region to another in Turkey. Istanbul, for example, has higher fees and property taxes. Fethiye and Antalya have their own procedures as well.
Once you choose a house to buy, negotiate the right price with the owner and sign a contract with him. You will be asked to pay a deposit at this point and will be expected to pay the remaining amount within a set timeframe, usually 30 days.
Hire a local solicitor to go through the paperwork on your behalf. They check the title deed and other documents related to the property, such as the municipality clearance certificate.
Once the payment is made, you will be asked to sign the Turkish TAPU (or title deed) in the presence of the former owner of the property at the Land Registry office. That is it, you’re now a proud owner of an overseas property in Turkey.