30-01-2002, 17:06 | #1 |
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Real Estate
I am living in Turkey, in a rented house, but since the landlord keeps
raising the rent I am thinking of buying a place of my own, a 2-3 room flat in Istanbul. I would like to know if I can (friends tell me it isn't possible for foreigners), and how I can finance it. Can I mortgage the house? If I have to pay cash, it's going to have to be a pretty small house! Can I buy it together with a Turkish friend, so that we own half a share each and could she borrow the money for her half against security in the flat? And about how much would one have to pay in interest on say about 10 milyar lira? |
30-01-2002, 17:07 | #2 |
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First of all, I should mention that your landlord shouldnt be able to
increase the rent for year 2001 since the new rent law limited the rents only to 10% increase. So you dont have to increase it more than that amount. As for your question, you need to check out and learn if your country of citizenship allows Turks to buy real estate in your country according to your law system. Turkish law allows foreigners to have real estates in Turkey only if their country allows Turks to have real estate in that country (not only according to their legal system, but also in practical!). If answer to that question is yes then all answers to your other questions (mortage, share etc) are also yes. However I have to warn you about the practical hardships you are likely to encounter in Turkish Propriety Offices due to their lousy service even if in theory you are allowed to do all these. Honestly if I were you, I wouldnt bother myself to confront all these hardships and would rather keep my rented house. My humble opinion.. |
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