It is now quicker to invest in Turkish property than ever before for foreign buyers, thanks to changes brought in by the government to encourage more people from overseas to enter the market…
It is now quicker to invest in Turkish property than ever before for foreign buyers, thanks to changes brought in by the government to encourage more people from overseas to enter the market. In addition to removing restrictions on various countries that did not have a reciprocal arrangement when it came to real estate investment, Turkey has amended its TAPU system. This is similar to how title deeds operate in the UK and without such a document, there is no official way to prove ownership.
Historically, a TAPU could take several months to obtain as it had to go through military clearance. Consequently, overseas buyers were faced with a lengthy purchasing process, which often deterred investors. In some instance, buyers wouldn’t even receive the document at all, meaning they had no way to prove they owned the property in question.
However, the Turkish military now has to provide all TAPU offices with maps showing where restricted zones are, reducing the amount of time it takes for paperwork to be issued. While clearance is still needed in the interest of national security, the TAPU officer now only needs to check the map before giving approval. This has reduced the TAPU process from around eight weeks to as little as one day in some cases.
Another reform introduced by the Turkish government to speed up overseas property purchases has been to clear up confusion in instances where a parcel of land has received clearance in a past sale. Now all subsequent purchases of said land will see the benefits of this prior approval, making it easier to resell properties.
Monica Anca, director of Universal 21, said:”This rule change makes it easier and faster for those investing in property ,as well as companies like ours involved in the sales of property in Turkey. It cuts out all of the unnecessary delays that our clients would previously have encountered. Developments can now be sold to investors with the TAPU already approved and in place so they can begin benefitting from the income their property brings sooner rather than later.”