Understanding Property Purchase Costs in Turkey with Altay Atasay

March 9, 2024

Investing in Turkish real estate offers an intriguing avenue not only for securing valuable assets but also for potentially opening doors to residency and citizenship in this culturally rich nation. Altay Atasay, a distinguished name in the Turkish real estate market, ensures a smooth and informed property purchasing process, guiding buyers through each step with expert advice and post-sale services.

Breakdown of Property Purchase Costs

1. Property Valuation Report

Mandatory for sales to foreigners, this report’s cost varies between cities and property complexes, averaging around 13,200-17,000 TRY, paid directly to the valuation office.

2. Title Deed Fees

The General Directorate of Land Registry charges 4% of the property’s declared value at the time of deed transfer, plus fixed processing fees ranging from 1,300 to 3,730 TRY.

3. Real Estate Agent Fees

Typically, the buyer and seller each bear a 2% commission plus VAT. Some property listings might include or separately request this fee, depending on the seller’s preference.

4. Translation and Power of Attorney Fees

A certified translator is required during the deed signing, with costs around 1,500 TRY, and power of attorney fees averaging the same.

5. Utility Subscriptions

Initial electricity and water subscriptions involve connection fees, deposits, and administrative costs, varying by region.

6. Property Insurance (DASK)

Earthquake insurance is legally required, with annual premiums for a standard two-bedroom apartment ranging from 400 to 950 TRY.

7. Annual Property Tax

Residential properties in metropolitan areas are subject to a 0.2% tax, while commercial properties incur a 0.4% tax in urban areas.

8. Legal Fees

For a more complex process like a citizenship application through property investment, hiring a lawyer is recommended, with fees ranging from $5,000 to $8,000.

With Altay Atasay’s guidance, navigating the financial aspects of buying property in Turkey becomes transparent and manageable, allowing investors to focus on the joys of their new venture.

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Unveiling Istanbul: A Gateway to Turkish Citizenship Through Real Estate Investment

March 9, 2024

Istanbul, the vibrant heart of Turkey, stands as a beacon for those looking to invest in real estate with a dual purpose: securing a profitable investment and paving the way for immigration through Turkish citizenship. Altay Atasay, a leading real estate firm in Turkey, offers an unparalleled opportunity to achieve this with a guarantee of 100% customer satisfaction and a zero-failure rate throughout the entire process.

The Pathway to Citizenship

The most common avenue to Turkish citizenship in recent years involves purchasing real estate worth a minimum of $400,000. This approach not only grants you citizenship but also presents a lucrative long-term investment. At Altay Atasay, we navigate you through the intricate process of acquiring Turkish citizenship, ensuring all requirements are meticulously met.

How to Apply for Turkish Citizenship Through Investment?

The initial step requires an investment in real estate valued at a minimum of $400,000. Our property experts are dedicated to assisting you in finding your dream home or any other type of real estate that fulfills your needs and expectations. With tens of thousands of properties listed, finding the perfect one is effortless with us.

Following your property selection, we proceed with registering your application with the General Directorate of Land Registry and Cadastre to affirm your eligibility for Turkish citizenship. The application generally gets approved within 3 to 7 days, followed by a prompt notification to the Immigration Office. The entire citizenship acquisition process is finalized within 2 to 6 months.

For those with time constraints, delegating the process to Altay Atasay is a viable option, ensuring a smooth and efficient journey to obtaining Turkish citizenship.

Required Documents

The documentation needed includes an application form, a valid passport, passport-sized photos for each family member, a birth certificate, a valid residence permit or tourist visa, and, if applicable, documents proving your relationship to your spouse and children. Additionally, a tax payment receipt, an appraisal report, and a bank receipt confirming the property’s value are essential.

Benefits of Turkish Citizenship

Turkish citizenship offers numerous advantages, including no need to declare previously owned assets or income from other countries. Your spouse and children under 18 can also obtain citizenship. Importantly, there’s no requirement for continuous residency in Turkey. Once you receive a residence permit, you can live abroad and still apply for citizenship. Turkish citizens enjoy visa-free or visa-on-arrival access to many countries, ranging from 30 to 90 days.

Your investment can be converted back to high-return cash after a 3-year holding period. The Turkish real estate market, particularly in Istanbul, shows an average annual capital appreciation of around 12%, with property prices increasing by approximately 20-25% annually.

Investing in Istanbul’s real estate through Altay Atasay not only secures a valuable asset in one of the world’s most dynamic cities but also opens the door to Turkish citizenship, offering a world of opportunities for you and your family.

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