Foreigners’ interest in the Turkish real estate market increased after the renaissance. This occurred in 2019, as this investment proved successful and safe. As a result, the importance of understanding the laws and protection of their rights increased, and we present this article that introduces the rights as they go forward into the world of the Turkish real estate market in 2021.
Citizens of 183 countries now have the right to own property on Turkish soil. This came after Turkey abolished the principle of reciprocity with countries that do not grant Turkish citizens the right to own real estate on their ground, and a number of nationalities were excluded for reasons related to Turkish national security, including Syrians, Armenians, and North Koreans.
Citizenship in Turkey by investment of real estate:
The right to purchase Turkish citizenship must be one of the first and most important advantages that attract overseas buyers to Turkey. Moreso after the amendments that reduced the amount of real estate investment in Turkey to $250,000 and increased the opportunity to obtain a Turkish passport of high importance, especially those with heaps of money who want to travel freely. Statistics show that the number of Turkish citizens will continue to rise through real estate investment through the end of 2019.
Obtaining residency in real estate:
Foreigners who purchase a property in Turkey, regardless of its value, are entitled to get a real estate residency in Turkey for a term of one or two years, which can be extended as long as the property remains in his name.
The holder of this residence has the right to enter and leave Turkey whenever he wants without needing a visa, as well as to move freely between Turkish states without consulting authorities or obtaining a travel permit, and to receive health and education services for free or at a reduced rate in some cases. A real estate property owner can apply for long-term residency in Turkey after eight years of residence. Foreigners’ desire to gain real estate residence has increased since the government restricted foreigners’ tourist residency renewal. It is currently the most outstanding alternative for those who wish to live in Turkey.
Inheritance of real estate:
After the death of their owners, ownership of real estate owned by foreigners in Turkey is transferred to their legal heirs. The new owners are subject to the Turkish real estate inheritance law, which makes no distinction between male and female and is considered the first will, as can the heirs have recourse to the Tuzla court.
Guaranteed Real Estate Evaluation:
The Real Estate Appraisal Law, which requires those who want to buy genuine estate in Turkey to issue this evaluation, assures that they get the actual price of the property. In this article, we have discussed the goals and methods of this evaluation using companies that the Turkish government has approved.
The rights to buy for the seller:
The property seller – the contractor – is legally responsible for the property’s deficiencies for five years after it is completed. The buyer has the right to be held liable if a defect in the structure is discovered but not used. Claiming his right to a defect-free property by returning it to its owner and rescinding the sale contract. Repairing defects if they are repairable or replacing the property with another if this option is available can also demand financial compensation if the defect results in additional losses. The contractor must keep the promises he made in the real estate ads, and the customer can check it even in electrical parts if the type mentioned in the ad is available.