Foreigners buying property in Turkey
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Posted On :
Jul-26-2011
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Article Word Count :
470
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The Mediterranean region of Turkey strategically sits at the confluence of Europe, Middle East and the rest of Asia. The climate is ideal for people looking to own property in the un-spoilt Mediterranean climate.
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The Mediterranean region of Turkey strategically sits at the confluence of Europe, Middle East and the rest of Asia. The climate is ideal for people looking to own property in the un-spoilt Mediterranean climate. Until a few years ago, foreigners weren’t allowed to buy property in Turkey. The decision was later revoked, only to be later reinstated. Today, there’s plenty of interest in the real estate market, among foreigners especially from European countries of France, Britain and Russia. Property prices are much more affordable when compared to prices in the rest of the world. Mortgage loans are also available to foreign nationals to facilitate the buying process.
Citizens of countries that have reciprocal rights can buy property in Turkey. Thus countries that allow Turkish residents to buy property in their country, can buy property in Turkey. A complete list of these countries can be found in government and other websites related to real estate investment.
Foreign nationals looking to buy property have to register the same in the Land Title Registry Office of the place, where the property is purchased. But a promise to sell contract can be drawn before a notary public. They can buy property as a work place or a private residence, but the total area of the property should not exceed a total of 25,000 square meters (including property located in different locations).
Before a property is bought it has to be certified that the property is not located in a military security area. Permission to this effect is to be obtained by the military authorities, through the Land Registry Office.
There are several banks that offer mortgage loans to foreign nationals. A maximum of 70% of the appraisal value is issued as loan. Once the initial documents are cleared, the bank offers a pre-term sheet that is to be signed by the applicant. The applicant can then start to get the required permissions. And if you’re looking to choose the best possible option, you can refer to websites that offer information on housing loan interest rates.
Arranging for the documents is easier, if done through a lawyer, to whom a limited power of attorney can be transferred. The lawyer can help you with the military approval and the final approval at the Land Register Office.
General documents required for the approval include, identity document, residence permit issued by the police department of the police department. And if as earlier mentioned, you have authorized a lawyer, the original copy of the power of attorney, along with the translated version of the document.
Needless to say, before you invest a property in Turkey, make sure you’ve enquired thoroughly about the person selling you the property, the agent dealing in the sale and the bank that’s issuing the mortgage loan.
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Article Source :
http://www.articleseen.com/Article_Foreigners buying property in Turkey_68954.aspx
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Author Resource :
The author is an expert on Konut Kredisi and has written several articles to help people on en uygun konut kredisi and banka faiz oranları.
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Keywords :
banka faiz oranları, Konut Kredisi, en uygun konut kredisi, mortgage loan, housing loan interest rates, Mortgage loans,
Category :
Finance
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Finance
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