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Things to Consider When Buying a Residence in Turkey
Determining the sale price of a residence is a very delicate task. At this point, it is necessary to calculate this price most accurately, taking into account many different features of the residences. The first method that will give healthy results to determine the price is the calculations to be made over the rental price. Apart from this, the comparison of the region where the house is located with other houses based on provinces and districts is also among the methods used in the price calculation.
How Are Residence Prices Determined in Turkey?
There are several methods to find out the value of a house. By applying the below-listed methods and comparing the data, you can see residence prices in Turkey.
- Precedent Residence Prices: A comparison can be made by learning the prices of the residences located in the same location as the house to be bought and sold. The fact that the ages, square meters, and facades of the flats to be compared are similar can provide an accurate comparison. Also, social facilities such as the pool, security, and shopping center around the real estate are significant while the diversity of social opportunities can increase the value of the real estate.
- Real Estate Appraisal Service: People who will buy a house with credit learn the real value of the house through a real estate appraisal directed by banks. It is obligatory to obtain this report when selling houses to foreign nationals. Besides, a real estate appraisal report can be obtained to learn the real value of a residence.
- Real Estate Consultancy: Information about the value of similar residences can be obtained by contacting the real estate offices in the area where the house is located. Real estate agents, who manage many home purchases, can provide information about the value of apartments close to the properties of the house.
- General Market Price: The current value refers to the current purchase and sale value of the real estate. An idea of the value of the house can be obtained by calculating the minimum purchase and sale price of the house.
- 12 Month-Rental Prices: An approximate value can be determined by learning the 12-month rental price of the house and multiplying it by the amortization period. The depreciation period differs according to provinces and districts.
What are the Price Ranges of Residences in Turkey?
Residence prices in Turkey vary from region to region. For example, you can buy a residence for 1,500,000 TRY / 111,174 USD in the Kagithane region, which has a rising investment value. Also, you can buy a residence whose worth is;
- 7.500.000 TRY / 386.597,26 USD in Taksim,
- 2.000.000 TRY / 110.458,80 USD in Beylikduzu,
- 800.000 TRY / 59,221 USD in Esenyurt,
- 2.505.000 TRY / 185,437 USD in Maltepe.
What are the Advantages of Buying a Residence in Turkey?
The high demand for residential apartments causes the number of projects implemented by construction companies to increase in Turkey over time. Residence projects have many advantages. Residential services include;
- High level of security
- Uninterrupted energy service
- Big capacity parking space
- Great insulation opportunity
- 24/7 technical service
- Social facilities such as gym, pool, meeting room, etc.
- Cleaning works
- Transportation convenience
Who can Buy a Residence in Turkey?
A foreigner or a Turkish person over the age of 18 can buy any flat that is declared suitable. According to Article 35 of the Land Registry Law numbered 2644, foreign nationals can buy a house in Turkey, provided that they comply with legal restrictions.
The issues that foreign nationals who want residence in Turkey should pay attention to are as follows:
- It should be learned whether the house to be purchased has a negative situation that prevents the sale, such as a mortgage or foreclosure. This information can be obtained from the General Directorate of Land Registry and Cadastre.
- An agreement should be made with a reliable consultant company.
- In case of disagreement between the parties regarding the sale of real estate, it is necessary to file a lawsuit in the courts of the Republic of Turkey.
- Making a preliminary sales contract in the presence of a notary public is not sufficient for sales. Official transactions must be carried out at the land registry offices.
- The title deed fee to be paid in house purchases is paid by the buyer and the real estate owner.
In Which Cities Can I Buy Residence in Turkey?
Real estate is a priority investment tool to make a profit. In this context, you should only prefer professional investment consultants' residence investments. You can buy a residence from anywhere through Istanbul Property, Turkey's leading real estate consultancy service. For instance;
- Bodrum, is the best city to buy property in Turkey.
Can I Become a Turkish Citizen by Buying a Residence in Turkey?
Yes, you can become a Turkish citizen by buying a residence in Turkey. The high demand for residence projects shows the fact that fast and difficult living conditions have reduced the time spent at home and increased in demand for convertible houses.
In Istanbul, where most foreign nationals live, there has been a demand for residence from the majority of these foreigners. Most importantly, foreigners can obtain Turkish citizenship through a residency in Turkey. According to Turkish Laws, they can obtain Turkish citizenship both for themselves and their families by purchasing one or more residences worth $400,000 at least.
Is There a Residence Tax in Turkey?
Yes, there is a residence tax in Turkey. The taxes are listed as follows.
- Stamp Duty: Stamp duty rates in Turkey range from 0.189% to 0.948% in 2021.
- VAT: 1% VAT rate for residences with a net area of less than 150 square meters in Turkey. Luxury or first-class quality residences within the borders of the metropolitan municipality. might be subject to 8% or 18% VAT
- Annual Property Tax: 0.2% for residences in a metropolitan such as Istanbul, Ankara. 0.1% for residences in nonmetropolitan.
- Income Tax: The income tax of people who purchase real estate and deal with sales transactions ranges from 15% to 40% of the total net income in a year.
- Inheritance and Gift Tax: Gift tax rates range from 10% to 30% of the appraised value. Moreover, inheritance tax rates range from 1% to 10% percent of the inherited amount.
For starters, non-Turkish nationals enjoy the same rights and responsibilities as Turkish citizens. Foreigners, whether they buy property before or after becoming a citizen, have the same rights and duties when it comes to property taxes. Property tax is also paid by foreigners who own real estate. This holds for the residents as well. When a foreigner rents out his or her home, he or she must pay property income tax on the rental income. He must pay capital gains tax on the sale of his home if he sells it. Furthermore, the title deed fee is paid separately by the seller and the buyer during the sale. In other words, regardless of whether a foreigner or a Turkish citizen is selling or buying, the title deed charge is paid. A luxury residence tax is paid in addition to these taxes if the type of residence is a luxury residence with a modern structure. These taxes do have an exception. The tax is also free if there is a periodic or permanent special agreement between the two nations. Mutual reciprocity guides the actions of the two countries. The Turkish government's incentive plans provide for some regional tax breaks regularly.
Those who own luxury housing projects, residences, or beachfront apartments will be required to pay both a housing tax and a property tax. Houses of between 5-7.5 million TL are taxed at 3 per thousand, houses between 7.5-10 million TL are taxed at 6 per thousand, and houses worth more than 10 million TL are taxed at 10 per thousand.
Other fees and taxes associated with title deeds vary as well. There isn't a set quantity of seats available.
Do Foreigners Pay Residence Tax in Turkey?
For their immovable properties in Turkey, foreigners become taxpayers. They must pay rental income tax on the rental income they get from the immovable. If they sell the property within five years, they will have to pay capital gains tax on the profit.
The tax and duty liabilities that foreign investors will face in the process that will start with the transfer of the real estate are as follows;
- Stamp Duty
- Annual Property Tax
- Income Tax
- Inheritance and Gift Tax
Foreign people who do not reside in Turkey, - foreign institutions that have been granted permission to acquire real estate in Turkey within the scope of special laws, are exempted from tax in case of realization (provided that other conditions in the Law are met).
What are the Features of Residences in Turkey?
When we say residence, we think of multi-story structures. These buildings have a modern style with mostly American-style open kitchens and white goods in which residents can live comfortably.
24/7 reception service, social facilities, and security. Residence means providing the comfort of a hotel in general terms. There is a 24/7 information desk/reception at the entrance of the building in residences.
In some luxury residences, services such as car rental, valet, dry cleaning, ironing, cleaning, wireless internet connection, satellite, and car wash, are all together. Building and Facility Management companies, which form the infrastructure of these services, provide many services from their personnel and provide services.
What is Life like in Turkish Residences?
Firstly, in residential projects where high-level security service is available, there is no parking problem. Secondly, the existence of a smart building system where everything is electronic, also makes life much easier. Thirdly, some restaurants and cafes serve until late.
Concierge services such as dry cleaning, hairdressing, and ironing also make life more advantageous. In residence projects where building cleanliness is at the forefront, employees and service personnel are always ready to serve the residents of the building. The building management is always accessible and technical service is available. In addition, some luxury projects provide transportation services to certain points of certain cities by shuttle service.
Are There Social Activities in Turkish Residences?
While living in a residence, residents can benefit from social activities such as a gym, Turkish bath, sauna, café and restaurants, lounge, pool, mini-cinema, hobby rooms, steam rooms, and meeting areas.
Are Turkey Residences Suitable for Children?
The residence is a concept that often appeals to single or childless families with features such as smaller residential square meters, providing hotel comfort, and designed to minimize the time lost between work and home and not overwhelm people with home-related problems. However, families with children can also choose to buy a residence. Turkey residences are suitable for children due to including children's playgrounds.
Is it Safe to Buy Residences in Turkey?
Yes, it is safe to buy residences in Turkey. Istanbul Property is one of the counselor firms to buy residences in Turkey, where professional and quality serving rules are complemented. Buying a residence from Istanbul Property projects in Turkey is a hassle-free and reliable method. Istanbul Property serves all around Turkey and is ready for all processes for selling and buying any kind of residence in Turkey.