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Investing in a commercial property in Turkey is a lucrative venture, whether by establishing and running a business or leasing it for monthly or yearly returns.
Here are the key steps and documents required:
Importance of Owning a Commercial Property in Turkey:
- The significance of purchasing a commercial property in Turkey stems from its robust economy, flourishing foreign trade.
- extensive industries reaching over 180 countries, substantial domestic trade fueled by a population of around 85 million.
- and the constant influx of approximately 40 million tourists annually. The growing number of shopping centers and real estate projects in Turkey emphasizes.
- the need for commercial spaces to meet various economic sector requirements.
Steps to Own a Commercial Property in Turkey:
The process involves the following steps:
- Contact the Golden Group for Investment in Turkey and speak with customer service representatives.
- Specify the city and region for owning a commercial property.
- Understand Turkish real estate laws, fees, taxes, and purchase costs explained by the sales representative.
- Receive suitable property offers based on defined criteria.
- Agree on a real estate tour, whether the client is in or outside Turkey.
- Conduct an on-site inspection of selected commercial properties.
- Sign a purchase contract, clarifying terms with the sales representative, then authenticate the contract.
- Exchange foreign currency at the Central Bank of Turkey and convert it to Turkish lira through an intermediary bank.
- Transfer the property’s value or the initial payment to the seller’s account via the same intermediary bank.
- Schedule an appointment with the Land Registry Directorate for the transfer of property ownership.
Required Documents for Owning a Commercial Property in Turkey:
- Authenticated purchase contract
- Property valuation report
- Notice of selling foreign currency to the Central Bank of Turkey
- Notice of transferring the property value in Turkish lira
- Tax number for the foreign owner
- Turkish residence permit, if applicable
- Valid passport
- Translated and notarized passport copy
- Four passport-sized photos of the buyer
Tips for Owning Commercial Properties in Turkey:
- Collaborate with a reliable real estate consultant in Turkey.
- Familiarise yourself with foreign ownership laws and property purchase costs in Turkey.
- Identify the best areas for buying commercial properties.
- Set criteria for purchasing a commercial property, focusing on location and accessibility.
- Choose a property within a mall or mixed-use residential-commercial complex.
- Select a commercial property with a design suitable for your intended business.
- Consider leasing to major Turkish brands like BIM, A101, Migros, Carrefour, Happy Center.
- Sign long-term lease agreements, up to ten years.
- Hire a property management company in Turkey to oversee rental income collection and transfers.
Investing in commercial properties in Turkey is a common and rewarding venture, offering profitable returns over the medium and long term.
