Would you like to learn how to start your own real estate agency business in Turkey? Turkey holds a strong place for the real estate business in the world. Currently, the residential estate market is booming as a result of the high demand for homes and apartments.
Different areas of the country are undergoing mass housing development. The Housing Development Administration (TOKI) is leading mass housing development and regeneration projects, aiming to provide social housing for low and middle-income households.
Turkey’s attractiveness in terms of tourism, transport infrastructure, entertainment opportunities and profitable real estate opportunities is attracting more foreigners to invest in the industry here.
Istanbul, Turkey’s largest city has the highest point for real estate investment opportunities. The city is a haven for foreigners seeking to invest in Turkey. Instanbul city sits between Europe and Asia and continues to spearhead real-time ventures in the real estate global market drawing investors from Iran, Iraq, Russia, Afghanistan, Germany, and China as well.
Buyers from all over the world are investing in Turkey real estate because of its high quality, comfort, and affordable prices. The country is a lucrative spot too for foreign investors from the US seeking luxury real estate properties in the diaspora.
Turkey Government’s Incentives Programs for Real Estate Investors
Table of Contents
The Turkey real estate industry is becoming even more robust with official incentives, tax benefits, and free land distribution schemes by the government. The government is also using the Turkish Citizenship Programme to lure foreign investors to buy more properties in the country.
Through this program, foreign investors who purchase a US$400,000 property qualify to get Turkish citizenship for themselves, wife, and children under 18 years of age.
What is the Best Time to Start a Real Estate Business in Turkey?
Today is the best time for you to start your real estate agency business in Turkey. Why? According to analysts, the Turkish property market will develop at an annual rate of 8% from 2023 to 2027.
Also, “Turkey Vision 2023,” will establish certain infrastructural projects that will grow the investment in the real estate market. Such projects include Istanbul’s airport with the capacity to host 150 million passengers annually and the construction of artificial Islands in the Sea of Marmara.
Benefits of Starting a Real Estate Agency Business in Turkey
Business owners in Turkey will witness high demand for real estate services. They will also enjoy huge profits as a result of the fast-growing population and the rising commercial and industrial production amidst reduced interest rates on housing loans in the country.
In this article, you will learn how to start your own real estate agency business in Turkey.
How to Start Your Own Real Estate Agency Business in Turkey?
Obtain the Necessary Certification
If you want to start a real estate agency business in Turkey, you must first be a high school graduate at the minimum. Your qualification should be in Real Estate and Property Management at the university or you obtain a professional competence certificate to work in the real estate sector. After then, you proceed to obtain the Real Estate Consultant Vocational Qualification (Mesleki Yeterlilik Belgesi- MYK).
The certification begins with writing the MYK examinations which you have only three attempts to pass it. To be eligible to sit for this MYK exam, you must have the following documents:
- Application form
- Photocopy of your identity card/passport (translate into Turkish)
- A letter of undertaking (taahhütname) – a new requirement as a result of COVID-19
- 2 biometric photos
- Bank receipt of your exam fee
You will also need a Level 5 qualification – “supervising real estate consultant” (sorumlu emlak danışmanı) to operate your real estate business.
Get a Reliable Accounting Outsourcing Company for Your Business Set-up Process
To achieve a seamless setup procedure for your new business, get a reliable accounting partner. This person will help to start and complete the business establishment procedures.
On behalf of your business, they will carry out the various applications:
- Trade registry
- Tax office documents
- Power of attorney processes, and all other necessary documentation
But you can undergo the establishment processes yourself if you follow these guidelines:
1. Understand the Turkish Real Estate Trading Laws and Codes
Two main laws govern the activities of real estate companies in Turkey. They are
- The Civil Code
- The Code of Obligations or the Contract Law
You need to get acquainted with the British Chamber of Commerce Turkey (BCCT) or The Turkish British Chamber of Commerce and Industry (TBCCI). However, The Turkish Land Register and Cadaster is the authority responsible for supervising real estate companies in Turkey.
2. Choose the Appropriate Company Structure
A Private Limited Liability Company would be the best option for a small real estate business owned by a foreigner in Turkey. Why? The Limited Liability Company establishment process is rather fast, easy, and affordable.
3. Determine Your Company’s Name
The name you pick must not contradict Turkish business or cultural laws. While you may include foreign words and titles, the name must be exclusive to your brand alone. What that means it must not be previously used by either local or foreign companies in the country.
The use of Milli, Turk, Turkiye, and the like in your company’s name must be approved by the Turkish Council of Ministers.
4. Select the Best Business Location for Your Company
A physical or virtual location address is required to register your business in Turkey. Find an appropriate location and rent for your business. You need to pay the rent from your company bank account, not from your personal bank account.
5. Register Your Real Estate Agency Company in Turkey
Prepare all the required documents of the company and file them with the Trade Registry to get the business registered in the country.
6. Obtain Any Additional Licenses
Depending on the type of real estate business, you need to apply for the necessary licenses for the business. Some real estate businesses are involved in helping customers purchase and re-sell residential properties while others engage in building within the country.
7. Fund Your Real Estate Agency Business in Turkey
Once your business is ready to operate, fund it. According to your connections and business know-how, set up your office, establish connections with property owners seeking to resell, and keep your operations running with top-of-the-mind brand awareness in your city’s location in Turkey.
Purchase, hold, and resell methods with steadily rising prices for local real estate can bring good profits for real estate companies here in Turkey. All indicators favor investors, so, proceed with setting up your estate agency if you wish to do so in Turkey.
- Guide on How to Become an Estate Agent in Greece
- How to Become a Real Estate Agent in the Philippines
- How to Be Among the Top Real Estate Agencies in Australia
- 7 Major Challenges Facing the Real Estate Market in America
- How to Start a Real Estate Agency Business in the Netherlands
- 3 Key Benefits of Becoming an International Real Estate Agent
- How to Become a Highly Sought-After Real Estate Expert in Dubai