Property in Turkey

A new rule regarding the purchase of real estate in Turkey has seen the light of day. The rule means that buyer when applying for the title deed transfer must enclose a so-called “exchange certificate”, which documents that the public evaluation value of the property has been exchanged from foreign currency into Turkish lira. The certificate is issued by the Turkish banks and must be handed in at the local land registry office along with all other required documents related to the transfer of the title deed. In practical terms, this means that the buyer of a property in a Turkish bank account must exchange the registration value from foreign currency - typically Euro or Dollar - to Turkish lira. The bank then issues the exchange certificate which is then submitted along with all other documents. There are still some ambiguities about this process, but below we will explain the two most common scenarios for you as a buyer. Likewise, we will answer some of the most frequently asked quest...