Shared Ownership of Property in Turkey
Buying a property in Turkey in 2022 has seen an increase in 2022 with record real estate sales up to June this year with foreign buyers purchasing 2500 homes in Antalya alone. When considering buying a property with joint ownership you can be assured there is a water-tight process that protects buyers. Turkey is a major destination when looking to buy a property abroad.
When looking at buying a property with shared ownership there is a limit to five buyers, although one share can also include the development company and the other owners can increase their share in the property in the future. Each owner has a separate contract which states the running costs per owners and when they can use the property although this can differ if some of the buyers pay their share upfront or others have a mortgage. It is also possible for friends to buy a property between them although the property law is slightly different in that case.
There are several benefits when looking to buy a property for sale with shared ownership. It is a perfect scenario if you and a friend want to buy a holiday home but are not financially able to do so independently, there is also the benefit of reduced maintenance and upkeep costs, bills are shared and both parties are permitted to apply for Turkish Residency. You also have the option of buying the other party out in the future. The one drawback is both parties are responsible for the property and this works if both parties are fully agreeable.
For apartments in Turkey that are on a complex or in a building of more than eight apartments there is a legal obligation to abide by the Condomium Law. Regulations are in places that cover communal areas, such as swimming pools and hallways that need upkeep and maintenance. Each complex or building will have a yearly AGM meeting where the costs, upkeep and general discussions about the property complex are discussed and agreed on by voting. If you own a shared apartment there is still only one vote between the owners so it is always best to have agreed beforehand what your views are and appoint one owner to vote at the yearly meeting.
If you have shared ownership in a property, you still have the same legal rights as you would if you were the sole owner but it is better to have agreement in place with the other owners if say, you wanted to rent it out or leave your share to family in the future which will save any future disputes if conditions have all been agreed on beforehand.
If shared ownership is the best option for you, it is an ideal way to buy a property in Turkey as long as you look at the pros and cons of buying with other parties. We can help with any questions you may have and help you to decide on a fantastic property for sale in Turkey which you can enjoy for many years to come.