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FOREIGN INVESTORS IN TURKEY BEHOLD

Güncelleme tarihi: 20 Eyl 2018

POINTS TO TAKE INTO CONSIDERATION IN REAL ESTATE TRANSACTIONS


We need to accept that Turkey’s economy and “Lira” have not been in good shape for the past couple of months.


However, there is no need to exaggerate the situation.Public debt to GDP ratio is still nearly excellent.Economic indicators are not that bad in comparison with other countries.The biggest problem is the short-term foreign-currency debts of private sector firms.


In addition, today is the BEST DAY to buy a HOUSE or a RESIDENCE in Turkey for Foreign Investors.


Because, Luxury houses and residences are pegged to the Turkish Lira and the Lira has fallen nearly 45 percent against the dollar since the start of the year.


For example, prices of 120 square-metres apartments in Anthill Residence which is literally in the heart of Istanbul and also one of the best of its kind in terms of quality and management have fallen from USD 350.000 to USD 180.000 in the last 4 months.


Likewise in “Zekeriyaköy” which is the biggest GREEN SPACE of Istanbul, the villa prices are also affected by the Turkish Lira-USD exchange rate.5 months ago, the price of a new Villa was around USD 500.000 , today it is possible to buy the same villa for USD 310.000


We need to remind that the most important point to take into account while buying a real estate in Turkey is to get the “TITLE DEED” (TAPU) of it.


In practice, we see foreigners who buy real estates from construction companies with only simple written contracts.Even tough these contracts grant people with some rights, they certainly do not transfer the legal ownership of a property.That is to stay, In the eyes of the State and third parties the owner of the real estate remain the construction companies.If something happens to the company, so-called buyers find themselves in a very complex legal process.


I believe, there is also need to emphasize that above-mentioned short-term foreign-currency debts generally belong to the construction companies.

In short, DO NOT PAY ANYTHING WITHOUT GETTING TITLE DEED OF THE REAL ESTATE



 

For further information please contact :

Hüseyin Servet ÇETİN servet@cetin-demir.com

Abdurrahman Mesud DEMİR mesud@cetin-demir.com

This information is provided for your convenience and does not constitute legal advice. It is prepared for the general information of our clients and other interested persons. This should not be acted upon in any specific situation without appropriate legal advice.This information is protected by copyright and may not be reproduced or translated without the prior written permission of Cetin-Demir Law Firm


Akar Caddesi, 3 Sisli 34382 ISTANBUL

Telephone : + 90 212 803 09 29

www.cetin-demir.com




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