Joint Ownership of Property in Turkey
When considering joint ownership of property in Turkey, house owners are assured of a water-tight process that protects buyers. These days, buying a home in Turkey is a global lure, as seen in recent stats. According to Central Bank (CBRT) data, the net income from foreign real estate sales in Turkey broke a record of 1 billion 144 million dollars in June 2022. The Turkish lira depreciation and Turkish citizenship by real estate investment scheme have been credited with increased foreign house sales. Still, the country has a lot more to offer, including many diverse locations. In June of this year, foreigners purchased 2500 homes in Antalya and nearly 4000 homes in Istanbul. This amount grows yearly and proves Turkey’s worth as a global investment destination.
Joint Ownership of Property in Turkey
1: How Does it Work?
Shared ownership of property in Turkey is limited to five buyers. One share can also include the development company if the other owners decide they would like to increase their share in the future. All owners have equal rights. A specific contract will include terms and conditions, including when each owner can use the property and payment of running costs. The procedure differs depending on whether buyers use a mortgage or pay their share upfront. Additionally, we have sold many properties that two friends have purchased. This type of sale is different to the joint ownership property law.
2: Benefits of Shared Ownership
- Reduced financial outlay with no need for mortgages
- Reduced maintenance and upkeep costs
- Ideal for budget property buyers who can’t afford property outright
- Ideal for those who want a holiday home
- All owners benefit from capital appreciation
- If one owner wishes to sell, the others can buy them out
- Can still apply for Turkish residency
- All owners receive a tapu (title deeds)
3: Downsides of Shared Ownership
- All owners must be equally invested in responsibilities, upkeep, and maintenance
4: Shared Apartment Ownership in Turkey
When you own an apartment in Turkey that sits within a building or complex of more than eight dwellings, you legally must adhere to the apartment aidat law. Otherwise known as Turkey’s condominium law, regulations cover upkeep, maintenance, and decisions of communal areas like onsite security, swimming pools and hallway electricity. In addition, every year, there are AGMs. These are annual general meetings where every apartment votes on how to manage the upkeep and maintenance for the following year. It is important to note that even if there is more than one owner, each apartment only receives one vote. So, all apartment owners need to agree on topics or discussions that may arise. In most cases, all owners appoint one owner to handle maintenance charges and participate in annual general meetings.
5: Legal Rights of Each Owner
Each owner still has the legal rights as if there was one owner. You can sell your share, rent it out, or hand it down to future generations with the approval of the other owners. In most cases of shared ownership, owners agree on the weeks to use the apartment. Should you decide to forgo your weeks and rent it out instead, do get the permission of other owners. Some people are unhappy having strangers in their homes, who can cause damage and, in some cases of holiday rentals, upset the neighbours with noise and disruption.
6: About Turkish Title Deeds
Every property buyer always has questions about title deeds in Turkey. Otherwise known as the Turkish tapu, title deeds prove legal ownership and are the most important thing when owning a house in Turkey. Turkish title deeds include various information about the location and type of property. Turkey’s land registrar regulates title deeds, and this article looks at what you need to pay to get them and breaks down translations for each section. (More about title deeds in Turkey.)
7: Before Buying Property in Turkey
When buying property in Turkey, it helps to be knowledgeable. Knowing what to expect, your obligations, the seller’s and how the property buying process looks, calms nervous buyers. As established real estate agents in Turkey, we understand that many apprehensive foreign buyers are buying property in a country where laws and procedures are different, and they do not know Turkish, which adds another level of nerves to the process. So, this article explains everything to know before purchasing a home in Turkey.
Find Out More
If you want to know more about joint ownership of property in Turkey, call us today and chat with an agent who can answer your questions. We are Turkey Homes, and our established record and expertise in the Turkish property market have enabled thousands of home buyers to become legal owners. Also, browse our portfolio of apartments and villas for sale. Each listing contains everything to know, including price, location, property features and how to arrange property viewings in Turkey.
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