In the light of the efforts made by the Turkish government to reduce the dollar’s control over the Turkish market, and to deal with the large number of foreigners wishing to reside in Turkey, the government has taken many measures, considering that Turkey is a desirable country in terms of investment, it was necessary for the Turkish government to take New procedures, including those related to real estate investors and those wishing to obtain Turkish citizenship.
Although the new procedures and conditions that the Glovision team will explain in this article will not cause any material loss or significant damage to the investor, to invest in Turkey, you necessary needs to work and consult experts and consultants to prevent mistakes, damages or errors that may delay the investment process or obtain of Turkish citizenship.
On January 24, 2022, the new law was issued regarding real estate investors and those wishing to obtain Turkish citizenship, and those who buy a property after this date must be subject to the new laws, and those who purchased their property before this date are not obligated to comply with these laws.
What lies behind this new law?
After you continue reading this article, you will know that the goal of all these measures is to strengthen Turkey's economy and strengthen its banks, but it also means that Turkish banks will not able to keep foreign currency that may be managed in a way that is harmful to the country's interest, so that the foreign currency balance in the Central Bank increases so no part shall be damaged by any means, and there is no loss for the investor, just additional simple procedures, but they must be carried out with caution and through a reliable and expert source.
Explain the new real estate investment law in Turkey?
• The real estate investor, or the one wishing to buy a property in Turkey, was able to buy the property in Turkish lira or in USD within bank transfers, and the value for obtaining Turkish citizenship was paid in any currency so that the total amount equals or exceeds 250,000 USD.
• Now, after the issuance of the new law, Turkish banks have became subordinate to the Central Bank of Turkey in this regard, as those who want to buy a property and have an account in a Turkish bank, must first deposit this amount in USD into their bank account.
• After the deposit process in the USD currency, this value that "equals the value of the property" must be converted into Turkish lira, and then this value is paid to the property seller in Turkish lira, meaning that the transaction here will be in Turkish lira and not in USD.
• The bank in which the process of exchanging USD into the Turkish lira and then transferring it to the seller must deliver this value in USD to the Central Bank and get it in return with Turkish lira, meaning that Turkish banks will not be able to control the country's economy, so to speak.
• Of course, if the Turkish Central Bank has a certain exchange rate on the day of the transfer, the Turkish bank in which the buyer has an account will abide by this value determined by the Central Bank of Turkey and the total amount that is exchanged must equals the value of the agreed property that is mentioned in the sales contract .
• The bank must provide the property buyer, "who owns an account in this bank", with documents proving that he has sold this value in hard currency to the Central Bank of Turkey, and these papers will be attached to all transactions of owning the property or obtaining Turkish citizenship, and there will certainly be no bank refuses to help in this regard. In the end, this is a law that applies to all Turkish banks.
Is it correct to transfer the price of the property directly to the seller from outside Turkey?
The answer is no, it is no longer possible for the property’s buyer to transfer the price of the property directly to the seller, and this implies that whoever wants to buy a property in Turkey must, of course, open a bank account in Turkey, in any bank, it does not matter.
Opening a bank account in Turkey is relatively easy, as you do not need many conditions or time in general to open an account, but whoever resides outside Turkish territory, will need to appoint a person, a real estate company, or a lawyer to do this process on his behalf under an official power of attorney that it is valid within Turkish territory.
What about the areas allowed to confirm housing in Istanbul?
Turkey has become a desirable country as a place to build a new life for many foreigners, and this is due to its advantages and excellent location, in addition to the availability of a stable life despite the many difficulties it faced, which most analysts consider temporary difficulties.
The high demand from foreigners to own real estate and housing in Turkey and Istanbul in particular, has created a problem for some areas in Istanbul, including Fatih and Esenyurt, where the number of foreigners has increased in Fatih region because of its central and touristic location, and the number of foreigners has increased in Esenyurt as it is an emerging region with reasonable prices for real estate, it is almost going to cause a semi-demographic change in these areas, as the number of Turks to foreigners decreased significantly, in addition to the increase in housing occupancy in these areas.
The Turkish government's response to this phenomenon came by preventing the confirmation of housing addresses for foreigners in these two regions, and confirmation housing in these two regions is necessary for any foreign person who wants to reside on a regular basis.
This led to the abstention of foreigners to rent in these two areas and avoid them as much as possible, in terms of housing, and in any case, Istanbul contains many other excellent areas that match these two areas in terms of location or even in terms of prices.
Contact the Glovision team to get the latest information, tips and suggested areas with the best opportunities, which will fulfill your aspirations for a new life in Turkey-Istanbul.
The high demand from foreigners to own real estate and housing in Turkey and Istanbul in particular, has created a problem for some areas in Istanbul, including Fatih and Esenyurt,The Turkish government's response to this phenomenon came by preventing the confirmation of housing addresses for foreigners in these two regions,and in any case, Istanbul contains many other excellent areas that match these two areas in terms of location or even in terms of prices.
The answer is no, it is no longer possible for the property’s buyer to transfer the price of the property directly to the seller, and this implies that whoever wants to buy a property in Turkey must, of course, open a bank account in Turkey, in any bank, it does not matter.
the goal of all these measures is to strengthen Turkey's economy and strengthen its banks, but it also means that Turkish banks will not able to keep foreign currency that may be managed in a way that is harmful to the country's interest, so that the foreign currency balance in the Central Bank increases so no part shall be damaged by any means, and there is no loss for the investor
Some real estate gives Turkish citizenship to property buyers when they buy a property of $ 250,000 or more.
Turkey, Istanbul and settling in it is a cheap life.
Istanbul is characterized by a large number of tourist and historical places with charming, wonderful and luxurious views.
Turkey's real estate in general and Istanbul's real estate in particular are characterized by being cheap compared to European countries.
Istanbul is distinguished by its historical, cultural and social location, and its sensitive location on the map.
Istanbul is characterized by its presence within a large number of seas, lakes, nature reserves, forests, rivers and parks.
Istanbul is characterized by the presence of the best hospitals, beauty clinics, hair transplant clinics, and many advanced health centers.
Istanbul is characterized by the diversity of its real estates, as many real estate projects have been built within the latest earthquake-proof models and many architectural and construction elements.
Istanbul's real estates are distinguished by its location within the most beautiful, charming, luxurious and distinguished natural areas.
Istanbul is distinguished by its charming location and its presence in the heart of Asia and Europe.
For those who want to buy an apartment in Istanbul, you must know the best distinctive neighborhoods in Istanbul and determine your place to settle in The city of Istanbul.
After that, you must contact one of the real estate companies in Istanbul and you must determine the property and what is available with you, so you must deal with a real estate company in Istanbul after determining the apartment that you and your family have chosen to settle in.
But there are some steps and conditions that you have to know before buying an apartment in Istanbul, and the most important of them you should know that apartments in Turkey are of several types, including apartments inside the complexes and also apartments outside the complexes, i.e. in the regular buildings. There are also smart and advanced residential apartments that work across Online mobile application.
Buying real estate in Istanbul in the Basaksehir neighborhood/Buying real estate in the Atakoy region/Buying real estate in Esenyurt/Buying real estate in Kaghdkhana or Kathana/Buying real estate in Basin Express/Buying real estate in Halkali area/Buying real estate in Bahcesehir or Garden City/Buying real estate in Beylikduzu/Buying real estate in Asian Istanbul/Taksim region/Avcilar
