Immovable property is a property that cannot be transported from one place to another without damaging its essence. You need to register the immovable in the land registry to have the right to in rem over immovable property.
What are the Features of Immovable Properties?
Immovable refers to properties such as buildings, land, plots, apartments, workplaces, residences, villas, residences, shops. Also, the other name of immovable property is real estate. Immovable, on the other hand, is the goods that cannot be moved from one place to another without being damaged and that are fixed in place.
What are Immovable Property Taxes in Turkey?
Buildings, plots, and lands within the borders of Turkey are subject to Immovable Property Tax by Article 1 of the Real Estate Tax Law No. 1319.
Property taxes are accrued and paid upon the purchase or transfer of real estate by applying to the relevant municipality by notification. If there are owners of the building and land, the usufruct holders pay the property tax. Notification of a newly acquired or transferred real estate is given to the municipality where the real estate is located in the year it is received. If the transaction takes place in the last three months of the year, you need to send the notification within three months. Payment periods are also certain for taxes; the 1st installment until the end of May and the 2nd installment until the end of November.
Tax Rates: The value of the acquisition in purchases and the value determined in other ways by Article 29 of the Real Estate Tax Law No. 1319 are listed below.
- 0.2% in buildings,
- 0.4% of workplaces,
- 06% of the plots
- 0.2% of the lands.
Besides, the documents required in the application are listed below:
- Copy of Title Deed
- Identity Document (Real Person)
- Signature Circular (Legal Entity)
- Power of Attorney (If Proxy)
- Real Estate Tax Notification
How to Buy Immovable Property in Turkey?
There is no need for a residence permit to buy immovable property in Turkey. You can buy an immovable property from anywhere except in prohibited areas such as military areas. Private individuals or companies also have the right to buy. You can purchase immovable property for a certain commission by consulting real estate companies, such as Realty Group, free of charge.
Your real estate agent will handle the entire immovable property-purchase process. There will be a contract with the details of the project completion and delivery date, payment schedule, and other terms and conditions between the seller and the buyer. On the other hand, the real estate agent carries out transactions such as notary public on your behalf.
Where to Buy Immovable Property in Turkey?
You can buy immovable property from anywhere in Turkey. However, if you are thinking about where to buy a house, it is also useful to know some important points. The answer to this question may vary depending on the needs and expectations of the person or family during the search process.
Features you should consider are below.
- High return on investment
- The size and security of the house
- Schools and hospitals in the vicinity
- Transportation facilities
- The trustworthiness of the neighborhood
- Being close to your job,
Moreover, buyers need to benefit from getting help from real estate companies when purchasing real estate.
Real estate investment companies, for example, Realty Group, provide suggestions to investors by predicting what kind of benefits will be provided by immovable property investments. They try to minimize any risk that may arise for the buyers. They manage all the purchase processes, rental, and sale of real estate. Furthermore, they add real estate into their portfolios and thus provide the opportunity to easily reach the seller group they want.
What Are the Best Cities to Buy Real Estate in Turkey?
For those who are considering buying immovable property, there are 4 places to buy property in Turkey with their different features. These cities are listed below.
- Istanbul: Istanbul is a metropolitan city in Turkey that has entered the world lists. Istanbul property, which is one of the liveliest cities in the world, the average gross area of the residences is 118 square meters, the average unit price is 4.500 TL / 304 USD. Also, the average return on investment is 21 years.
- Bursa: Bursa, one of the most livable cities in the world, is very rich in terms of immovable property. According to the data of the studies, Bursa ranked 21st in the list of the world’s most livable cities in 2018. In the province, where foreign investors also prefer to buy housing, the square meter prices of housing are 3,138 TL / 212 USD. In Bursa, the housing return period is between 18-21 years.
- Izmir: One of the best cities to buy Immovable property is Izmir. According to Knight Frank’s research, Izmir is the second city with the highest price increase in the world in 2021 following Halifax. While the average residential square meter prices in Izmir are 4,700 TL / 318 USD. The payback period is 24 years.
- Antalya: Antalya, the favorite tourism center of the Mediterranean Region, is the choice of both domestic and foreign investors. The short housing return period in Antalya is an important opportunity for those who want to invest. The housing return period in Antalya is approximately 22 years. Average residential square meter prices in Antalya are 4,447 TRY / 301 USD.
What Is The Difference Between Movable and Immovable Property?
The concepts of movable and immovable property which are profitable investment instruments have different meanings from each other.
The difference between movable and immovable property are as follows:
- Movable property, also movable construction, is the name given to goods built on a certain land but not permanent on that land. For example, movable properties that can be given to buildings in the form of barracks, gazebos, huts are not registered in the land registry.
- Every building within the scope of movable property with the feature of being a light structure is a construction. Thus, electricity poles and railways are also defined as construction.
- Regardless of the purpose of its construction, any property that is transported is called movable property.
- Kiosks and barracks constructed elsewhere and mounted on immovables can also be given as examples of movable goods.
- Immovable property, also known as real estate, is the name given to properties such as buildings, land, and residences. A title deed is required for immovable properties that are fixed in place and cannot be transported.
- The acquisition of ownership of the immovable property is also possible by registration.
- The immovable property is registered in the land registry cadastres.