Foreigners can buy a shared ownership property in Turkey. Shared ownership properties for sale in Turkey are a new option that real estate companies have to offer. You become a rightful owner of a property while saving a lot. This a great option for those who are looking just for a holiday home (staying in a property for a certain period).
When buying a shared ownership property, you get the same rights as when you buy the whole property:
- you get a TAPU;
- you register ownership in the cadastral office;
- you can apply for a residence permit;
- you can rent out your part of the property, sell it or hand it down.
A shared ownership property in Turkey is usually sold to five buyers. You can cooperate with your siblings and friends or buy a share alone, the rest of a property will belong to the development company. The rest of a property can be sold later.
All five owners have equal property rights. These rights as well as other terms and conditions are specified in the contract. As a rule, it includes:
- the period when you can use your property (10 weeks per year for each participant with a clear indication of the time). If you cannot go on holiday to your property within stated period, you can rent out your property. The remaining two weeks are reserved for fixing technical issues (repair, cleaning, etc.);
- running costs are also shared by the owners.
Shared ownership properties allow you to buy first-class housing without spending a fortune.