Buying a Property in Turkey
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Who can buy real estate in Turkey?

Foreign nationals (Real Persons)
According to the law on ‘property purchase by foreigners in Turkey’ enacted on January 7, 2006, foreign nationals
(real persons) are able to acquire real estate in Turkey on the conditions of being reciprocal and complying with legal
restrictions.  Real estate can be acquired for the purposes of using as residence or business aims in Turkey that are
separated and registered for these purposes in the implemented development plans or localized development plans.  
In implementation of the reciprocity principle, it is essential that real estate acquisition rights given by a foreign country
to its own citizens and to commercial companies established in foreign countries according to the laws of these
countries are also given to the citizens and commercial companies of the Republic of Turkey.

Reciprocity regarding real estate acquisition exists between the Republic of Turkey and the following countries*:
Andorra, Argentina, Australia, Austria, Bahamas, Bangladesh, Barbados, Belgium, Belize, Benin, Bolivia, Bosnia-
Herzegovina, Botswana, Brazil, Cameroon, Canada, Cape-Verde, Central African Republic, Chile, Colombia, Costa
Rica, Cote d'Ivoire, Croatia, Denmark, Ecuador, El Salvador, England, Estonia, Finland, France, Gabon, Germany,
Ghana, Grenada, Guatemala, Guinea, Guyana, Haiti, Honduras, Hungary, Ireland, Israel, Italy, Jamaica, Japan, Latvia,
Liechtenstein, Lithuania, Luxembourg, Malawi, Malaysia, Mali, Malta, Mauritania, Mauritius, Mexico, Monaco,
Mozambique, Netherlands, New Zealand, Nicaragua, Nigeria, Norway, Panama, Paraguay, Peru, Philippines, Poland,
Portugal, San Marino, Senegal, Singapore, Somalia, South African Republic, South Korea, Spain, Sri Lanka,
Swaziland, Sweden, Switzerland, Tanzania, The Republic of Dominic, Turkish Republic of Northern Cyprus, United
States of America, Uruguay, Venezuela, Yugoslavia (Serbia-Montenegro).
*If your native country is not in the above list, please contact the nearest Turkish consulate in your native country and
ask if the status has recently changed.  For a complete list of Turkish consulates worldwide please
click here.


Foreign companies
According to the law on ‘property purchase by foreigners in Turkey’ enacted on January 7, 2006, foreign commercial
companies having legal personality established in foreign countries according to the laws of those countries are able
to acquire real estate in Turkey on the conditions of being reciprocal and complying with legal restrictions.  However,
those companies which are legal entities can buy property provided that they operate pursuant to the special laws
such as the Tourism Encouragement Law, the Oil/Petroleum Law, the Industrial Zones Law etc.


Companies established/participated in Turkey by foreign nationals (FDI Companies)
Companies can freely acquire real estate or limited rights in rem through a legal entity established or participated in
Turkey by foreign investors provided that such acquisitions are permitted for Turkish citizens.

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Why buy a property in Turkey?

Traditionally people have bought property mainly in European-Mediterranean countries such as Spain, France, Italy
and Cyprus as well as famous US destinations like Florida.  However, these places have recently become extremely
expensive and saturated. Nowadays, people have been seeking other alternative overseas destinations.  If you prefer
buying a property at a very reasonable price which you can use yourself for regular holidays and that you can also
rent out to get some income in a country where the summer is nice and long, stretching from March to November, and
there are many tourism attractions, then Turkey is the most appropriate destination for you.

Turkey, where the two continents - Europe and Asia- meet, is a wonderful country which is surrounded by Agean,
Black, Mediterranean and Marmara seas, has very nice coastal locations, whose land had been the cradle of the
oldest civilisations and religions.  Furthermore, life in Turkey is easy and Turkey is one of the few OECD countries with
the cheapest prices.  People in Turkey are warm and hospitable to all foreigners.  You can find very wide range of
delicious food and the Turkish cuisine is one of oldest and richest cuisines in the world.  The sun, lovely nature, nice
beaches, exciting outdoor and entertainment activities, winter sports (in inner parts in winter time), skiing, water,
mountain sports, big modern shopping malls, and lots of sightseeing and historical places are all appealing features of
Turkey.

According to the Constitution, the characteristics of the Republic of Turkey are defined as democratic, secular and
social state governed by the rule of law; bearing in mind the concepts of public peace, national solidarity and justice;
respecting human rights; loyal to the nationalism of Atatürk.  That's why the State is fair for all residents regardless of
their religion, social background, ethnicity, gender, and culture.

In year 2007, more than 23 million tourists visited Turkey and more than 25 million tourists are expected to visit Turkey
in 2008.  This figure is expected to double within a few years.  Moreover, future projects such as creation of much
more congress, golf, health tourism centres, having held international sports events such as Formula 1 races,
International University Olympics (Universade 05/Izmir) and UEFA Champions League Cup Final in 2005; the fact that
Turkey started full EU-membership negotiations in October 2005 are all potential factors which will contribute well to
property market in Turkey.

Moreover, the facts that:
  • New provisions were adopted by the Turkish Government in June 2003 to encourage and increase foreign direct
    investments and to protect the rights of foreign investors
  • The new mortgage law and other relevant laws with regards to the regulation and supervision of the property
    market were enacted in 2007
  • Housing supply in Turkey currently lags behind the demand
  • Average age of houses in Turkey suggests that there is a strong need for new developments
  • Significant number of buildings lack the required licenses
suggest that house prices are highly likely to be rocketed within few years. Thus, there are big prospects for property
and construction related businesses.

In this regard, buying a property in Turkey can really lead to substantial amount of gains if an appropriate decision is
made.  Since property prices are steadily going upwards, there will be a significant difference between the acquisition
cost and the money you will get when you sell it.  Moreover, your property is likely to amortise its acquisition cost within
at most 8 to 12 years if it is rent out properly.  Charging comparatively low taxes on property is another advantage of
the Turkish property market.

As a result, the interest of foreigners in buying a property in Turkey has been growing.  They buy real estate for either
investment or residential purposes. There are very quiet, environmentally very clean, secure and cheap places for old
people to live whereas there are very good job/business opportunities for qualified people who would like to work or to
establish their own enterprise.

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Why buy a property in Gocek?

Gocek is located at Turkey’s west Mediterranean coast.  The town is only 20 km away from Dalaman International
Airport with many direct flights from various towns in Europe (please
click here for the complete list of airlines and
destinations).  Surrounded with the steep Taurus Mountains and untouched green pine forests, the limited land of
Gocek was included in the Special Environment Protection Zone in 1988.  As one of the most popular yachting centers
of the Mediterranean, located in the middle of the Blue Voyage route, Gocek’s calm and protected harbour houses 4
big marinas with a total capacity of 850 yachts.  With its immaculate green nature, countless heavenly bays, 12
islands, turquoise colored clean sea and beaches, Gocek’s fame has crossed Turkey’s borders and many world-
famous celebrities have become “Gocek Frequenters”.  In this elite place with very limited building land, it is a privilege
to be a homeowner rather than a tourist.

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Who is Panorama Construction Partnership?

Panorama Construction Partnership is a family company where Ova Design & Construction Inc. is a partner and the
architect of the Gocek Panorama Homes project.  Architect Mr. Yalcin Saglikova, founder of Ova Design &
Construction Inc., won numerous architectural competitions and performed various projects and supervision services
since 1967.  He won over 30 awards, and acted as a main juror at many architectural competitions.  Joined by his son
architect Burak Saglikova in 1995, Yalcin Saglikova is continuing various architectural and construction work and has
worked with many international project consultants.

Ova Design & Construction Inc. provides complete project services including architectural, structural, mechanical,
electrical, interior design, furniture design and construction, purchasing, construction, supervision and consulting.  Mr.
Saglikova has over 40 years of experience in designing large scale commercial and residential projects totaling over
4,500,000 square meters.  Some of Mr. Yalcin Saglikova's architectural projects are Istanbul World Trade Center,
Istanbul - Istanbul Chamber of Commerce Building, Istanbul (Restoration) - I.S.T.E.K. Istanbul Textile Wholesalers
Complex and Shopping Mall, Istanbul - Trabzon World Trade Center, Trabzon - Denizli Culture, Trade and Fair Center,
Denizli - Ministry of Labour and Social Security Headquarters, Ankara - Turkish Coalworks Headquarters, Ankara -
Dicle University Campus, Diyarbakır - Tuzla Naval Academy, Istanbul

Ova Design & Construction also performed over 186,000 square meters of residential and commercial construction in
Turkey.  In addition to its vast experience in the architecture and construction industry, Ova Design & Construction is a
reputable company known for its integrity and high quality projects.

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Tapu ve Kadastro Genel Müdürlügü
Yabancı İşler Dairesi Başkanlığı
Dikmen Yolu  No:14
Bakanlıklar - Ankara/TURKEY
Tel: +90 (312) 413-68-85, +90 (312) 413-68-86, +90 (312) 413-68-87
Fax: +90 (312) 413-61-05, +90 (312) 413-61-13, +90 (312) 413-61-25
Web: www.tkgm.gov.tr
TERM
DEFINITION
ANA GAYRİMENKULUN:
~Description, location and cadastral coordinates of the main land
İli:
Province
İlçesi:
District, borough, or town
Mahallesi:
Quarter, parish
Köyü:
Village
Sokağı:
Street, avenue
Mevkii:
Place
Pafta No:
Pafta Number
Ada No:
Plot Number
Parsel No:
Parcel Number
Niteliği:
Feature (whether it is a building land, vacant land, or cultivated land)
Yüzölçümü:
Area/size of the land (Summation of the figures shown for the three parameters below
should add up to the total size of the main land)
Ha:
Hectare (= 10.000m² = 2,47 acres)
m²:
Meter square
dm²:
Decimeter square
   
KAT MÜLKIYETİ:
Ownership of the independent unit which is ready to use (flat, house, office etc built on the
main land)
KAT İRTİFAKI:
Ownership of the independent unit which is not ready for use yet (either because of an
on-going development/construction work or due to the fact that usage permit from the
municipality has not been gathered yet)
DEVRE MÜLK:
Fractional/timed ownership (the independent unit is owned just for a certain period of a
year)  
   
BAĞIMSIZ BÖLÜM:
~Information about the ındependent unit (the property subject to the use such as
a flat, house, etc) on the main land
Satış Bedeli
Purchase price
Arsa Payı
Land share (what proportion of the land belongs to the independent unit)
Blok No
Block (Building, Mansion, Lodge, Court, House) Number
Kat No
Floor Number
Bağımsız Bölüm No
Independent Unit Number
Edinme Sebebi
The reason why the property is being acquired (From whom to whom the property has
been sold and any other relevant explanation)
Sahibi
Name(s) of current owner(s)

(More than one person can own the same property. In this case, their respective shares
are to be shown in this section. The respective shares are illustrated in terms of the
proportion of the main land.

For example, suppose that a flat which possess the ownership of 10/456 of the main land
on which the complex is based and that the flat is to be owned by three person named AB,
CD, and EF with shares of 20%, 30%, and 50%, respectively. Then, these names and
their respective shares are shown on Tapu as follows:

AB:  ab: 2/456 hisse,

CD: cd: 3/456 hisse,

EF: ef: 5/456 hisse,

where the word 'hisse' means 'share' and 'ab', 'cd', and 'ef' are the names of fathers of
those persons)
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