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What to know before buying real estate in Turkey
Buying real estate in Turkey comes with a list of things to know before taking action. The details of things to know before buying real estate in Turkey are explained below.
- Understanding property rights in Turkey: Knowing property rights before buying property in Turkey is important from the start. Nationalities of 183 countries and corporations have a right to buy and own immovable property in Turkey. Immovable property can be purchased as land or as separate pieces of real estate, such as offices, apartments, and shops, which are subject to condominium rights (“kat mulkiyeti” in Turkish). An official transfer deed written by a title deed officer and registered with the title deed office is required for the acquisition of title to real property. Individuals must be nationals of one of the nations on the white list. For more information, foreigners interested in purchasing real estate in Turkey can contact Istanbul Property, Turkish embassies, and consulates, as well as the General Directorate of Land Registry and title deed offices.
- Ways to obtain Turkish Citizenship: Buying real estate in Turkey comes with benefits such as obtaining Turkish citizenship. For example, buying a property worth at least $400,000 grants Turkish citizenship.
- Know the property buying process: Knowing the process of buying property in Turkey will create a clear image in your head when identifying your needs for real estate. The buying process is simple in Turkey. Some of the important things to consider while buying property are real estate type and location, investment returns, project options, and additional costs in the process.
- Choose a trustworthy real estate agent: Working with the right real estate agent is vital before buying real estate in Turkey. A reliable agent must understand your requirements, offer a wide range of projects, and provide high-quality services to make the process hassle-free.
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Qualifying factors to apply for residency or citizenship on basis of property investment.. Mauritius
Minimum Investment required to buy property
In order to be allowed to purchase property in Mauritius, a South African or indeed any foreign buyer must follow the procedure described above. Within certain designated projects, the purchase price must be of at least 375,000 U.S. dollars, And will carry an automatic right to permanent residence in Mauritius for the buyer, his spouse, his children up to the age of 24, and even his parents. The requirements for citizenship are much more complex and onerous and depend a lot on administrative discretion. Within G+2 apartment projects, the minimum purchase price must be 6 million Rupees, i.e. approximately 150,000 U.S. dollars – however at this price there is no automatic right of residence attached.
Process for South Africans to purchase property in Mauritius
The laws governing the acquisition and ownership of immovable property in Mauritius all essentially derived from France and are contained in the Mauritian Civil Code.
The usual process for a Mauritian to purchase property here would be first of all to enter into a pre-sale agreement subject to conditions precedent. Under that agreement, the vendor would irrevocably promise to sell, and the buyer likewise promise to buy, the property provided that certain requirements are fulfilled. Amongst those requirements would be the need for the vendor to demonstrate that the property is free from all mortgages and liens, that there is no dispute affecting the property, and that the property is free from third-party occupancy. A buyer might want to include a condition precedent as to the obtaining of loan financing for example. The pre-sale agreement is valid for a defined period of time, usually two to three months within which all conditions precedent have to be fulfilled. Once all the conditions precedent are met, the sale can be effectively completed by the signature of an authentic deed of sale and purchase at the office of a specific type of lawyer, i.e. the notary, who is the equivalent of the South African attorney and conveyancer.
As regards a South African buyer, the process would essentially be the same except for one aspect: an additional condition precedent in the pre-sale agreement would be the need for the South African to obtain a prior authorisation to purchase, which is delivered by a Mauritian authority called the Economic Development Board. This authorisation to purchase can only be obtained with respect to properties located within designated types of projects, i.e.:
- land, villas or apartments located only within projects benefiting from the Smart City, IRS, RES, PDS or IHS administrative status, or
- apartments within buildings that are located anywhere in Mauritius (even outside the above projects), provided that the building in question comprises at least a ground floor and two upper floors (G+2).
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Manhattan Mews Apartment
2 🛌 1 🛁 1 🚘 🏊♂️
Shireen M presents this apartment in a sought after apartment complex in Umhlanga.
The apartment comprises..
- Open plan lounge and dining area
- Kitchen fitted with bics, granite tops, hob, oven, extractor, washing machine or dishwasher connections
- Two bedrooms with bics
- Bathroom with bath, overhead shower, basin and toilet
- One parking
The complex is safe and secure and offers..
- 24/7 security
- Controlled access
- pool
- Braai
Rent includes water and electricity is prepaid