Buying a house in Turkey as a foreigner

Turkey has a reciprocal agreement for the purchase of land and property with many countries. This means that the people of these nations that allow Turks to buy land in their countries, can in return, buy land in Turkey. Foreigners may purchase in their own name if the property is outside military zones. Based on these agreements foreigners of the following countries are eligible. England, Germany, Australia, Austria, Belgium, France, Holland, Ireland, Spain, Italy, Canada, Luxemburg, Norway, Greece as well as some African and South American states. The full list is here.

No matter where the land or the house may be situated if the buyer is a foreign person, the deed office has to officially ask the prior approval or permission of the highest military command of the area before transferring the title (Approval of the ministry of Defense: Savunma Bakanligi). The duration of the request for permission is estimated on 30-90 days. The reasons for this are to ensure that foreign buyers will not acquire a property within military zones. No land or property within forbidden regions and safety regions can be sold, transferred or rented. (Forbidden regions - Military zones).

More and more foreigners are interested in buying property in Turkey. In 2006 around 50,000 purchases from foreigners have been taking place. More and more foreigners are looking for financing their new property at a local bank. Foreigners, with different behavior/features, require a different application approach. Therefore Turkish Banks have developed mortgage loans specially for foreigners.

Buying a second house (with a mortgage) in Turkey is a great decision that will give you a lot of pleasure and joy. Getting to that point is not always easy. Foreigners can face several different procedures and legal obligations.

Benefits of Turkish banking:

• Friendly English speaking staff (and sometimes also French and German)
• Good credit conditions and competitive rates
• Knowledge of the all the legal obligations, restrictions and procedures applicable for foreigners banking in Turkey
• Beside the mortgage banks assist on money transfers local bill payments, local (house and personal) insurances
• Banks are the true guidance on your way financing your second house(s) in Turkey

Requested documentation for your mortgage application

• Official tax statement of the most recent year in the home country (for example P60)
• Copy of the Tapu of the object that will be bought (only for existing objects)( Kat mulkiyet tapusu or Kat irtifak tapusu + yapi kullanim izin belgesi)
• Copies of passports made and signed by the branch or notary
• Income statement of employers signed by the employer
• Official document/declaration from notary/cadastre that the person who signed the income statement is allowed to sign
• Bank statements declaring the income (not older than 3 months)
• Annual report of the holding company for the last two years together with copy of shareholder register
• Documents proving monthly financial obligations (rent, house loan installments, alimentation)
• Overview of private assets proven by official statements
• Overview of private debts proven by official statements
• Signed application form

Loan Rates (approximate)

MATURITY	RATES
	EURO	USD	GBP

Please remember these rates are approximate and Banks may change the interest rates without giving any notice.

Countries which have full reciprocity with Turkey in terms of real estate acquisition