Questions and answers: real estate in Turkey
The general legal system includes a hierarchy of laws and regulations. Turkey's legal system is based on civil law and has much in common with the legal systems of continental Europe.
The Turkish ConstitutionThe supreme law of the country is the Turkish Constitution. It is followed by laws passed by Parliament and decrees issued by the President. In addition, there is secondary legislation such as statutes, rules and decrees that must not contradict the supreme law.
The judicial systemThe Turkish judicial system functions as a system of lawsuits. Judges hear cases, investigate and make decisions. They can take witness statements and ask for evidence to ensure a fair decision. Courts rely on the principle of objective good faith in reaching a decision.
Preliminary measures
Preliminary measures may be granted subject to certain conditions specified in the applicable law. For example, they may be granted if there is a risk that a right may be jeopardized or become impossible to exercise.
Oral contracts
Oral contracts are legally binding under Turkish law unless it provides otherwise. Laws applicable to real estate are of national importance.
Registration and record keepingThe Turkish real estate registration system is reliable and secure. All real estate transactions must be officially registered. The registration of ownership must be registered with the cadastral office. Interests in real estate must also be registered.
Foreign owners and tenants
Turkish law defines the requirements for non-resident foreign entities and persons to purchase or lease real estate. For example, foreign companies registered abroad are not allowed to buyreal estate or rights in rem in Turkey unless there is a special law allowing it. As for individuals, the President determines the countries whose citizens can purchase real estate in Turkey.
Currency regulationCurrency barriers do not exist when investing in real estate in Turkey. Except for bank checks and anti-money laundering requirements, there are no restrictions on foreign exchange transactions.
Legal liability
Owners, tenants and lenders of real estate are responsible for their respective actions.
The supreme law of the country is the Turkish Constitution. It is followed by laws passed by Parliament and decrees issued by the President. In addition, there is secondary legislation such as statutes, rules and decrees that must not contradict the supreme law.
The judicial systemThe Turkish judicial system functions as a system of lawsuits. Judges hear cases, investigate and make decisions. They can take witness statements and ask for evidence to ensure a fair decision. Courts rely on the principle of objective good faith in reaching a decision.
Preliminary measures
Preliminary measures may be granted subject to certain conditions specified in the applicable law. For example, they may be granted if there is a risk that a right may be jeopardized or become impossible to exercise.
Oral contracts
Oral contracts are legally binding under Turkish law unless it provides otherwise. Laws applicable to real estate are of national importance.
Registration and record keepingThe Turkish real estate registration system is reliable and secure. All real estate transactions must be officially registered. The registration of ownership must be registered with the cadastral office. Interests in real estate must also be registered.
Foreign owners and tenants
Turkish law defines the requirements for non-resident foreign entities and persons to purchase or lease real estate. For example, foreign companies registered abroad are not allowed to buyreal estate or rights in rem in Turkey unless there is a special law allowing it. As for individuals, the President determines the countries whose citizens can purchase real estate in Turkey.
Currency regulationCurrency barriers do not exist when investing in real estate in Turkey. Except for bank checks and anti-money laundering requirements, there are no restrictions on foreign exchange transactions.
Legal liability
Owners, tenants and lenders of real estate are responsible for their respective actions.
The Turkish judicial system functions as a system of lawsuits. Judges hear cases, investigate and make decisions. They can take witness statements and ask for evidence to ensure a fair decision. Courts rely on the principle of objective good faith in reaching a decision.
Preliminary measures
Preliminary measures may be granted subject to certain conditions specified in the applicable law. For example, they may be granted if there is a risk that a right may be jeopardized or become impossible to exercise.
Oral contracts
Oral contracts are legally binding under Turkish law unless it provides otherwise. Laws applicable to real estate are of national importance.
Registration and record keepingThe Turkish real estate registration system is reliable and secure. All real estate transactions must be officially registered. The registration of ownership must be registered with the cadastral office. Interests in real estate must also be registered.
Foreign owners and tenants
Turkish law defines the requirements for non-resident foreign entities and persons to purchase or lease real estate. For example, foreign companies registered abroad are not allowed to buyreal estate or rights in rem in Turkey unless there is a special law allowing it. As for individuals, the President determines the countries whose citizens can purchase real estate in Turkey.
Currency regulationCurrency barriers do not exist when investing in real estate in Turkey. Except for bank checks and anti-money laundering requirements, there are no restrictions on foreign exchange transactions.
Legal liability
Owners, tenants and lenders of real estate are responsible for their respective actions.
The Turkish real estate registration system is reliable and secure. All real estate transactions must be officially registered. The registration of ownership must be registered with the cadastral office. Interests in real estate must also be registered.
Foreign owners and tenants
Turkish law defines the requirements for non-resident foreign entities and persons to purchase or lease real estate. For example, foreign companies registered abroad are not allowed to buyreal estate or rights in rem in Turkey unless there is a special law allowing it. As for individuals, the President determines the countries whose citizens can purchase real estate in Turkey.
Currency regulationCurrency barriers do not exist when investing in real estate in Turkey. Except for bank checks and anti-money laundering requirements, there are no restrictions on foreign exchange transactions.
Legal liability
Owners, tenants and lenders of real estate are responsible for their respective actions.
Currency barriers do not exist when investing in real estate in Turkey. Except for bank checks and anti-money laundering requirements, there are no restrictions on foreign exchange transactions.
Legal liability
Owners, tenants and lenders of real estate are responsible for their respective actions.
26 October
9
Liability protection
Property owners can protect themselves from liability by making the necessary inspections and specifying appropriate terms in the contract. It is also possible to obtain insurance for damage to real estate and third parties.
Choice of law
In real estate transactions in different jurisdictions, the law of the country where the real estate is located applies. Turkish law does not limit contractual terms on choice of law.
Jurisdiction
JurisdictionThe courts and arbitration tribunals have jurisdiction over real estate disputes. The plaintiff and defendant must be included in the statement of claim in order to commence a lawsuit. No requirement of right to do business in Turkey to exercise legal remedies.
Commercial real estate vs. residential real estateLaws relating to ownership, leases and mortgages apply to both commercial and residential real estate. There is no specific legislation regulating the transfer of ownership of real estate by category of use.
The layout of a land plot and its use
The government controls and restricts the development, construction, and use of real estate. There is a planning process and zoning regime for real estate. Zoning is subject to judicial review.
Government seizure of real estate
In the case of common interest seizure of real estate, the government may offer compensation to owners, tenants, and creditors. The right to property is guaranteed in the Constitution and the European Convention on Human Rights.
Confiscation and bankruptcy
In the event of insolvency or bankruptcy, the court may declare the borrower bankrupt and then carry out a liquidation of assets for distribution to creditors.
Payment terms on loans
Interest rates are set with information on Central Bank rates. There are no restrictions on interest rates in commercial transactions. However, courts may place limits on interest rates in transactions with nonprofits or consumers.
Payment default and enforcement
If a borrower defaults, lenders can go to court to enforce the collateral. There is a rule on the priority of secured loans.
Laws relating to ownership, leases and mortgages apply to both commercial and residential real estate. There is no specific legislation regulating the transfer of ownership of real estate by category of use.
The layout of a land plot and its use
The government controls and restricts the development, construction, and use of real estate. There is a planning process and zoning regime for real estate. Zoning is subject to judicial review.
Government seizure of real estate
In the case of common interest seizure of real estate, the government may offer compensation to owners, tenants, and creditors. The right to property is guaranteed in the Constitution and the European Convention on Human Rights.
Confiscation and bankruptcy
In the event of insolvency or bankruptcy, the court may declare the borrower bankrupt and then carry out a liquidation of assets for distribution to creditors.
Payment terms on loans
Interest rates are set with information on Central Bank rates. There are no restrictions on interest rates in commercial transactions. However, courts may place limits on interest rates in transactions with nonprofits or consumers.
Payment default and enforcement
If a borrower defaults, lenders can go to court to enforce the collateral. There is a rule on the priority of secured loans.
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