How to Buy Land for Sale in Istanbul or Bodrum
Purchasing land in Turkey allows the creation of a dream property on a blank canvas. Starting from a scratch works for those who have no particular concept in their mind. A price of land varies depending on where it is purchased. Prices can start as low as 50 thousand euros and go up as to as high as 9 million for beachfront or city center properties.
Land for sale in Bodrum or lstanbul must road access and building permission, as well as being connected to gas, electricity and water. There are many seafront plots of land suited for building large or mid sized hotels. For those looking to cash in on Turkey’s lucrative tourism industry, there are amazing options out there. While bungalow houses for sale are available, land for sale in Istanbul is a popular choice.
Developers Par Excellence
Turkey is also home to many architects and developers working with buyers overseas. Building and design quality have improved by as much as 4 times and efforts need to be made to use the best imported and local materials. Building quality is the ultimate goal. Buying the perfect land plots offers the best deals for those who want their dream home or villa for sale in Bodrum or Istanbul.
Consider the Laws
As per the land registry laws which came into force on May 2012, the long standing condition of reciprocity is banished. Turkish embassies and consulates as well as general directorate for land registry can supply the list of people who can purchase the property in Turkey.
Persons with foreign nationalities can purchase any kind of property such as homes, lands, fields or business places within legal restrictions. Expats who purchase property without any building on it have to get approval for the project where the ministry must be consulted. As per Turkish legal rules and regulations, transfer of ownership of property is possible with an official registry and deed signed at the Land Registry Directorate.
Signing a sales commitment agreement before the notary is also important. There are, however, legal restrictions on which properties foreigners can purchase. Persons who are of foreign origin can purchase a maximum of 30 hectares of property in Turkey in totality and acquire limited in rem rights.
Property cannot be rented or acquired within zones which are military forbidden or restricted as well as security zones. Additionally, those with foreign nationality can purchase property or limited in rem right in a town or district up to 10% of the area of the concerned town or district.
Additionally, legal restrictions do not apply in setting mortgage for real individuals and commercial companies with legal personality and presence in foreign countries.
Buyers should hail from the country where citizens are allowed to purchase property or limited in rem rights. They also need to meet the required conditions.
Property owners or their representatives need to apply to the Land Registry Directorate. Preliminary applications are made before noon through a sequence number. Files are kept waiting in case preliminary applications are not complete.
Power of Attorney Rules
Powers of attorney are issued by notary of foreign countries need to be certified as per the Hague convention. If the POA is issued by a nation not party to the convention, signature of the notary as to be certified by Turkish consulate and relevant authorities. For acquiring the perfect property in Turkey, make sure you follow the rules and the outcome will be profitable