The legal unit that deals with all kinds of immovable property transactions, where the rights of both parties are considered within the framework of laws, is called real estate law.
With a promise of sale agreement for real estate, the parties become personal rights holders. Although real estate promise of sale contracts are binding between the buyer and the seller, it is a requirement to have it annotated on the title deed to prevent any future grievances. Otherwise, the same property can be sold to another person with the same contract. The annotation procedure can be done upon the request of either the buyer or the seller.
The validity period of the annotation for the real estate promise of sale contract is 5 years.
ACQUISITION OF REAL ESTATE BY FOREIGNERS IN TURKEY
According to Article 35 of the amended 2644 Land Registry Law by Law No. 6302, which came into effect on May 18, 2012, the reciprocity requirement for the acquisition of real estate by foreign nationals has been abolished.
Foreign nationals, subject to compliance with legal restrictions, can acquire all types of real estate (Residential, Commercial, Land, Agricultural) in our country.
Information on which nationalities can acquire real estate and limited real rights in our country can be obtained from the Republic of Turkey Embassies/Consulates and the General Directorate of Land Registry and Cadastre (Directorate of Foreign Affairs) and Land Registry Directorates.
“Article 35 – (Amended: 29/12/2005 – Article 5444/1; Amended: 3/5/2012 – Article 6302/1) Subject to compliance with legal restrictions, foreign nationals who are citizens of the countries determined by the President of the Republic of Turkey for reasons of international bilateral relations and the interests of the country can acquire real estate and limited real rights in Turkey. The total area of the real estate acquired by foreign nationals and the independent and permanent limited real rights cannot exceed ten percent of the district surface area subject to private ownership and thirty hectares per person nationwide. The President of the Republic is authorized to increase the amount that can be acquired per person nationwide up to twice the specified amount.
Commercial companies with legal personality established under the laws of foreign countries can acquire real estate and limited real rights only within the framework of special laws. Those other than these commercial companies cannot acquire real estate and limited real rights in their favor. The restrictions contained in this Article shall not apply to real estate mortgages established in favor of these commercial companies and foreign national real persons.
Foreign nationals and commercial companies with legal personality established under the laws of foreign countries are obliged to submit the project they will develop on the undeveloped real estate they purchased to the relevant Ministry for approval within two years. The approved project is sent to the land registry office where the real estate is located to be recorded in the registration section of the land registry. Whether the approved project is realized within the specified period is monitored by the relevant Ministry.
Number of Housing Sales According to Nationalities
Iraq 348, Saudi Arabia 181, Iran 156, Russian Federation 120, Afghanistan 108, Kuwait 79, Germany 78, Azerbaijan 61, United Kingdom 52, Jordan 52, Ukraine 51, Qatar 41, Egypt 41, Sweden 34, Yemen 32, Kazakhstan 28, Netherlands 24, Palestine 23, United States of America 22, Libya 21, Other countries 297
Other Transactions within Real Estate Sale
(Sale of Real Estate and Rights Relating to Sale)
-Vefa (Repurchase): The right to repurchase is a right that allows a person to repurchase something sold to another person for a consideration and unilaterally.
-Iştira (Preemption): The right of preemption is a right that authorizes a person to request the transfer of ownership of a thing to himself from the owner of the thing at any time he wishes.
-Şüfa (Right of First Refusal): The right of first refusal is a right that allows a person to buy a thing that has been sold preferably. This right can arise from a legal transaction or from the law itself.
