New rules for buying real estate

So, in order to maintain the national currency, changes have been made to the legislation of the Republic of Turkey regarding the registration of ownership of real estate by foreign citizens.!!!

Now payment for real estate is made in foreign currency through a bank at the exchange rate in Turkish lira...!!!

What does it mean?

When making a transaction between the buyer and the seller, it is now necessary to calculate the cadastral value of real estate through a bank.

And ask the bank for a special certificate for Tapu (Cadastre of property rights) stating that

that foreign currency was sold to the bank in the amount of the sale price of real estate. Without a certificate, the transfer of ownership is not executed.

To put it simply, then:

1. The buyer of real estate must deposit the amount of the cadastral value of the object in foreign currency into his account.

2. Exchange the amount for Turkish Lira.

3. Transfer these funds to the buyer's account.

4. Get a certificate from the bank that the payment has been made.