Can more than one person own the same property in Türkiye?
You may have the desire to establish a real estate project in Türkiye, but you lack sufficient capital, so you may ask: “Can more than one person own the same property in Türkiye?” and this is what we will talk about in this article from Ebla Real Estate.
Can more than one person own the same property in Türkiye?
According to Turkish laws, and as a form of government support for foreign investments, yes, more than one person has the right to own a property in Turkey and register it in their name, whether they are relatives or not.
Thus, two or more individuals can jointly purchase a property in Turkey. Each co-owner’s share in the property is defined according to their contribution to the purchase price. Joint ownership is a common arrangement for families or business partners who wish to share ownership and expenses.
How to register joint property ownership in Türkiye?
The jointly owned property is registered in the land registry under the names of multiple owners. Furthermore, the property is registered with varying proportions according to each individual’s agreed-upon share and the paid-up capital.
The joint ownership deed includes the names of owners. It specifies each person’s share, but it does not precisely define the distribution of their shares.
Applying for citizenship in return for owning a joint property:
In the event that a property is purchased in Turkey by more than one person, only one person can apply for citizenship, while the rest of the partners are not entitled to apply even if each one of them paid $400.000$.
Investment project in a joint property in Türkiye:
The joint real estate project in Türkiye is a legal process encompassing administrative, investment, and technical procedures for property ownership and trade. All of which are conducted and accomplished under the umbrella of the law.
Participating in a real estate project allows you to diversify your investment portfolio, reducing risk by spreading your funds across different properties. Moreover, combining resources and skills allows for larger-scale projects and faster development, leading to increased productivity and profitability.
Furthermore, collaborating with other investors and professionals in the real estate field in Bursa can expand your network and open doors to future opportunities.
Can I sell my share in the joint property?
The joint ownership deed includes the names of owners. It specifies each person’s share, but it does not precisely define the distribution of their shares. Therefore, leasing or selling one’s share requires notifying and obtaining approval from all partners.
Additionally, the partners have the right and priority over others to purchase your share of the property if they wish to do so. However, In the event that none of the partners wants to buy your share, you have the option to sell it to other individuals.
Edited by: Ebla Group Real Estate
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