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The sale of property in Turkey and the spread of rumors by uninformed individuals on social media, especially regarding property sales laws in Turkey, have caused significant concern among our dear compatriots.

Property sale rules in Türkiye

Money transfer from Iran to Türkiye

These days, many of our dear compatriots are worried about selling property in Turkey before purchasing it. These concerns are often due to misunderstandings and false information they have received. These individuals believe that the property they purchase can only be sold to Turkish nationals. However, this is not the case.

If you still don’t have enough information about buying an apartment in Istanbul, you can refer to the article “Buying Property in Istanbul with Two Billion” for a comprehensive and detailed guide.

In this article, we will thoroughly explain and review the laws related to property sales in Turkey, so you can make decisions about the sale of your property with confidence and peace of mind.

Rules for selling property purchased for citizenship

By buying property in Istanbul, Türkiye and pre-buying installment apartments

After purchasing a property worth $400,000 and obtaining Turkish citizenship through it, selling the property in Turkey is prohibited for 3 years. In other words, as a citizen who has acquired Turkish citizenship and passport through property purchase, you are not allowed to sell the property for the first three years.

During this period of at least 3 years, you are not allowed to transfer and sell the property to others.

After the 3-year period, you will have the opportunity to sell the property at the current market value and undoubtedly secure a significant profit.

It is important to note that citizenship is granted only once for each property by the Turkish government. This means that if a non-Turkish person, such as an Iranian or foreigner, buys the property from you, they cannot apply for citizenship or a Turkish passport through that property.

Questions related to the sale of civil property

Buying property and citizenship questions
  • If we sell the property after three years, will our Turkish passport be invalid?

You are allowed to sell after 3 years, but your passport is permanent.

  • Can we sell the property to a foreigner or should it only be Turkish?

Yes, you can sell to non-Turkish people, there is no difference.

  • Can the property be sold to an Iranian?

You are not restricted from selling the property to any nationality; however, since citizenship has already been granted once on this property, the next buyer will not be able to obtain citizenship through this property.

Rules for selling property under $400,000

If you purchase a property for less than $400,000, whether for investment or tourist residency, you can sell your property at any time you wish. However, please note that your residency will be revoked upon the sale.

It is important to note that if you decide to sell the property you purchased for investment within less than 5 years, you will be subject to income tax. This tax, which is based on inflation and the profit from the property, can range from 35% to 40%.

In regards to selling property, if the seller wants to pay less tax by avoiding higher tax rates, the amount paid for the property should be higher than the value stated on the Tapu (title deed) or the official document. However, it’s important to note that this practice is illegal and can lead to significant legal consequences, including fines and other penalties. It is always advisable to declare the correct value of the property to ensure compliance with the law.

Questions related to the sale of civil property

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  • How long can the stay on this property be extended?

Your property residence can be extended as long as the property deed is in your name. Your residence will be canceled as soon as the property is sold.

  • What is the minimum purchase price of a property in Türkiye to receive residency?

The minimum purchase price of the property is 200 thousand dollars.

  • If a man and a woman buy a property, can their children also stay?

Yes, husband and wife and children under 18 years old are included in the stay.

 

Golden tips for selling property in Türkiye 2024

Istanbul lawyer - civil lawyer
  • There are no restrictions on selling a property that you have purchased in Turkey. In other words, you are free to sell your property to Turkish citizens or individuals from other countries. However, if the buyer intends to obtain residency or citizenship in Turkey through purchasing property, they must buy the property from a Turkish citizen. This is a legal requirement for obtaining citizenship through real estate investment.
  • In the process of selling a property purchased in Turkey, obtaining an expert report (expertize report) is a requirement. Therefore, at the time of selling the property, you must ensure that the expert report for the property is provided. This report is essential for determining the accurate value of the property and for completing the legal requirements for the sale.

This expert report is obtained after an evaluation by relevant experts and is issued by the appropriate organizations. It determines the true value of the property and is crucial for legal processes in the sale of real estate in Turkey. This report ensures transparency and helps both parties in the transaction understand the fair market value of the property.

“Note: the government expert report can be ten to twenty percent lower depending on the type of property”

  • In the process of transferring the deed, your presence as the property owner is mandatory. This is a global law applied in all countries. If you are unable to be present, you can give a power of attorney to a trusted person to handle the responsibility of transferring the deed on your behalf.
  • The buyer is obligated to pay 4% of the property’s value as deed transfer fees to the Tapu office when purchasing the property. However, this 4% fee can be divided between the buyer and the seller based on their mutual agreement.
  • In Turkey, it is not possible to transfer ownership of a property or home that does not have accident insurance, including earthquake insurance. Having accident insurance, particularly earthquake insurance, is a legal requirement and an essential condition for property ownership transfer in Turkey.

In other words, all houses and properties in Turkey must obligatorily have accident insurance; otherwise, the official transfer of ownership for these properties will not be possible.

  • At the time of transferring the deed, the property’s tax debt must be zero. In Turkey, an annual property tax is levied, and its amount depends on the value and location of the property.

As the property owner, you are required to pay the taxes to avoid any tax-related issues during the deed transfer and sale process.

Solutions for selling property in Türkiye

The main stages of buying a house in Istanbul

Selling the property you bought in Türkiye, like in other countries including Iran, can be done in two ways;

1- Selling property in Türkiye without intermediaries

In the direct method for selling a property purchased in Turkey, you must publish images of the property along with complete information and necessary descriptions on the websites and online platforms for buying and selling property in the country.

Additionally, it is essential to include your contact number in the information so that potential buyers can reach out to you for necessary coordination.

2- Property sales in Türkiye by reputable real estate agencies

In this method, you entrust your property to real estate agencies in Turkey. They will handle the process of arranging everything between you and the buyer once they find a suitable buyer.

In the indirect method, selling property purchased in Turkey is easier for Iranians. Consultants working in real estate agencies have accurate knowledge of the laws, conditions, and costs, and with their experience, they can handle the entire process, from selling to transferring the deed and receiving the property payment, more quickly and accurately.

The experts at 4kgroup in Iran and Turkey are ready to provide services in the field of property buying and selling to you.

Different ways to receive property sales in Türkiye

In Turkey, for foreign individuals to buy and sell property, an expert report is required in advance; however, this does not mean that the full value of the property has been determined.

In fact, the value of the property can still be a matter of agreement between the buyer and the seller, and the agreed-upon amount may differ.

Therefore, when selling a property you have purchased in Turkey, the first issue that requires agreement is the method of payment for the agreed amount. In other words, as the seller, you must inform the buyer of the payment terms and reach an agreement on this matter.

The common method of receiving payment is that at least ten percent of the amount is paid before the deed transfer, and the remaining balance is received at the time of the deed transfer. (This is entirely based on mutual agreement.)

مشاور خرید ملک در استانبول Buying a property in Istanbul https://api.whatsapp.com/send/?phone=905395556404&text&type=phone_number&app_absent=0

Final word

Turkish lawyers in Iran, or legal advisors for Turkey and official immigration lawyers, with a combination of knowledge and experience in commercial law and international law, assist Iranian companies and investors to achieve greater success in their business processes and improve their legal issues.

 

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