11 step to own a property in Turkey

The number of Saudi companies operating in Turkey increased to more than 1,100 companies by the end of 2021, a huge increase compared to what it was during 2011.

In the year of 2022, The Saudi Minister of Investment, Khalid bin Abdulaziz Al-Falih, revealed that his country is seeking direct investments worth $3.3 trillion, within the framework of Vision 2030.

In this regard, The Saudi citizen often prefers Turkey more than European countries to invest in, because of Government facilities and similar culture and the near location.

Steps to owning Turkish real estate for Saudis:

1. To communicate with a reliable real estate consultant who not only plays the role of mediation, but also draws the buyer a road map in order to lead him towards his goal of purchase

2. Informing the client of real estate laws for foreign ownership of Turkish real estate, in addition to general taxes, real estate taxes, and expenses

3. Sending offers to the client that meet the investor's requests to obtain an apartment in Istanbul, whether it is ready or under construction

4. An agreement between the consultant and the client on a date to conduct a real estate tour of the apartments that the client liked through photos and videos in order to see them in reality.

5. Extracting the real estate appraisal report to match the required property price with its real price.

6. Concluding a contract for the purchase of Turkish real estate, provided that the construction company or sales office is the first party and the Saudi buyer is the second party.

7. Read the terms of the contract well and request its translation into Arabic in case the Saudi client does not have sufficient knowledge of the Turkish or English languages.

8. Read the terms of the contract well and request its translation into Arabic in case the Saudi client does not have sufficient knowledge of the Turkish or English languages.

9. Selling foreign currency to the Central Bank of Turkey and exchanging it for local currency through an intermediary bank.

10. Transferring the value of the property in Turkish lira from the Saudi buyer’s account to the seller’s bank account through the same intermediary bank

11. To obtain a real estate title deed, if the property is ready, its ownership can be transferred by simply going to the Land Registry and Land Survey Directorate by the seller and buyer or on their behalf by taking the required papers.