Is it possible to buy a property in Turkey and pay for it in cash?
Updated: Aug 2, 2022
Turkey opened the door to property investment in 2012 after the Turkish parliament approved allowing 183 nationalities to own property in Turkey without restrictions.
Turkish construction companies allow foreigners to buy their property in several ways. And encourage them to buy through offers and features. Including buying the property in cash or installments and owning Turkish property is usually done by transferring the property price in the Turkish lira to the seller (whether it is a company or an individual) to his bank account from an account Purchaser.
Previously, the property price could have been paid by bank transfer (from account to account) or by paying in cash. Then the two parties go to the Land Registry and Land Survey Directorate and carry out transferring property ownership if the property price was paid.
But recent years have witnessed property fraud by weak-minded people who persuade the buyer to pay the value of the property in cash, then ignore and evade the procedure for transferring ownership. And the investor’s rights are lost without legal proof of paying the property value. Another fraudulent method that some resort to is recording the property value. The property is on contracts with a specific number and in cash paid with a different number.
For these reasons, the authorities have recently resorted to imposing the payment method through a bank transfer (exclusively). Otherwise, the Tabu Directorate will not accept the transfer of property ownership unless a bank receipt is presented proving that the value of the property has been transferred from the buyer’s account to the seller’s account and the value of the amount recorded in the receipt must be Identical to its value mentioned in the purchase contract and the property appraisal report.
Therefore, it is unacceptable to pay the property value in cash. Even if there is an agreement between the seller and the buyer. This agreement is considered illegal, and the authorities cannot agree to transfer the ownership of the property in this way.
Is it possible to pay the property value in dollars or other foreign currencies through a bank transfer?
Previously, the answer was yes, but on January 6, Turkish President Recep Tayyip Erdogan issued a republican decision declaring that foreign currencies (dollars or other) must have been sold to the Central Bank of Turkey through an intermediary bank and exchanged for a Turkish currency with the same value, after which the value of The property is to the seller, and this is not only for the sake of obtaining Turkish citizenship, but also in any property purchase in Turkey and for any reason (housing, investment, citizenship) and this receipt must be included in the application for Turkish citizenship attached with the property value transfer receipt In pounds from the buyer to the seller, or include it in the property transfer transaction file in the same form.
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