Why I should buy from Dumankaya projects?
• 52 Years of Experience
• 20.000+ Completed Homes
• Most Admired Construction Company in TR according to the result of a “Brand Image and Property Buying Behavior” study conducted in December 2013 and January 2014 by Gfk.
• Strong Global Partnership
• Staff from all Aspects
• Exclusive International Sales Service
• Owner Satisfaction After the Purchase
Should I buy from housing development projects with a brand?
The construction industry in Turkey is in a rapid growth trend, thanks to urban transformation and government incentives. Reports from certain studies and major players in the industry indicate a potential increase of 15% in 2015 compared to the previous year. The majority of the housing units are sold to customers during the project phase. Customers are advised to opt for companies with high brand awareness. More than 50 years of experience and the services we offer help set Dumankaya apart from other major players in the sector.
• Professional after-sales services, Property Management Services
• High retained value and guaranteed premium
• Guaranteed delivery
• Convenience in sales and rentals due to well-known brand
Why should I buy a house in Turkey?
The Reciprocity Law, low costs, cultural similarities, growth potential, political and economic reliability, and stability. Real estate is the most popular type of investment both for foreign nationals and Turkish nationals living in Turkey. Real estate has been the most profitable investment instrument in the recent years, and the ratio of supply and demand is in constant increase, particularly in Istanbul.
Turkey has a parliamentary political system for almost a century, a member of the customs union with the EU, an EU candidate, and a main hub for energy and trade. These are some of the qualities that ensure a brighter future for the country.
On the other hand, Turkey’s prime location offers a variety of different climates. You can pursue winter sport opportunities with around 10 ski resorts and the third longest ski track in the world, or enjoy swimming right in the beaches of central Istanbul. Turkey is surrounded on three sides by seas, providing great opportunities for marine tourism.
• 11.6M Tourists in 2013
• 7th most visited city on earth
• Rich Culture and History
• Secure City with Warm Hospitality
• Strong Demand Turning it into a Financial and Architectural Center
• Less than 4 hours flights to Europe and Gulf States
• In addition to its close proximity to Europe, Istanbul is also a financial hub for Far Eastern and Middle Eastern companies and investors
• Istanbul has a wide selection of living, entertainment and sports areas. The city has three golf courts, and numerous beaches open for swimming.
Would I run into any bureaucratic issues while buying a house?
Real estate purchasing procedures in Turkey are among the most straightforward in the world. Registering property takes 18 days in Greece and 29 in the UK, and a mere 6 days in Turkey. (Source: Turkish Investment Agency)
What should I keep in mind while purchasing real estate at the project phase?
You should ensure that the project is developed by a trustworthy real estate developer, and consider the development and investment potential offered by the project location, resident profile, and means of transport.
Is it possible for a completed Dumankaya project to be different from the initial model?
You can follow this process by checking the zone list provided with the contract and the quality of the service offered during the sale process. In addition, Dumankaya provides buyback guarantees for most of its projects, and it is one of the most powerful and reliable companies in Turkey with over 20,000 units delivered so far.
Why buy a house in the Anatolian Side of Istanbul?
Anatolian Side of the city offers markedly less traffic congestion and more tranquility. In addition, it contains the new finance center, an international airport, and the world-class shopping and social amenities of the Bağdat Street, and offers convenient transportation options to other cities in the region by air, rail, land and sea.
How is the climate in Turkey?
Turkey experiences all four seasons to their fullest.
Can I take up seasonal sports?
Definitely. There are a variety of winter and summer sports available, such as ski, rafting, ATV, paintball, paragliding, mountain climbing and trekking. Istanbul is a city of sports that has served as the arena for the Champions League finale in the past, and regularly hosts international tennis, golf and basketball competitions.
How much tax would I pay?
We offer a wide range of ‘Property Management Services’ through a professional team within Dumankaya, which helps you to follow up your rental income and tax payment plus other services including assistance with opening bank account.
VAT: The amount you are required to pay is 1% of the unit price, which will be collected during the delivery stages of the project. (For real estate which has larger than 150 m2 net space, the VAT rate is 18%)
Income Tax: Income Tax is paid in two equal installments in March and June. Yearly rental income is declared via an annual income tax return between 1st and 25th of March in the following year that the rental income is obtained and taxed at the rates between 15% and 35%.
Specific portion of the rental income derived from residential property by the individuals is held exempt from Income Tax. For example the exempt amount for the year 2014 was is 3.300 TL
Capital Gains Tax: There is no capital gains tax if you sell your property after 5 years from the purchase date. Thus, no Income Tax is calculated for the capital gains obtained from the property sales after 5 year holding period. Properties sold within 5 years are subject to capitals gains tax. The difference of the amount between the purchasing and selling price is taxed according to the below rates:
With regards to this difference, the exempt amount for the year 2014 was 9,700 TL
The tax rates for the year 2014 are as follows:
Up to 11,000 TL % 15
1,650 TL (for 11,000 TL of 27,000 TL) , the remaining % 20
4,850 TL (for 27.000 TL of 60,000 TL) , the remaining % 27
13,760 TL (for 60,000 TL) , the remaining % 35
In the case of a contract is drawn up for the sale, stamp duty amount is derived, which is 0.00948 of the selling price.
Property Taxes: Property taxes are paid each year on the tax values of land and buildings at rates varying from 0.1% to 0.3%.
How can I obtain a work permit?
The application for a work permit in Turkey can be made from both within and without the country.
• Foreign nationals not living in Turkey may apply to Turkish Consulates/Embassies in their country of residence/nationality.
• Foreign nationals with a valid residence permit in Turkey (unless given for educational purposes, the residence permit must be valid for at least six months) may apply directly to the Ministry of Labor and Social Security.
How can I obtain a residence permit in Turkey?
All foreign nationals planning to live/work in Turkey are required to obtain a residence permit within one month of their arrival and before they begin their employment.
The applicant must deliver the following documents to the relevant Police Department in order to obtain a permit:
• Four passport photos
• Copies of the passport pages bearing the applicant's photograph, stamp of the last arrival in the country, and passport validity date
• A bank statement of a deposits account or a currency exchange receipt that indicates a financial position that can support monthly expenses of up to 300 USD
The following documents must be presented to obtain a residence permit for employment purposes:
• Four passport photos
• Copies of the passport pages bearing the applicant's photograph, stamp of the last arrival in the country, and passport validity date
• The original and a copy of the work permit document issued by the Ministry of Labor and Social Security
The law and the documents required may change periodically; therefore, you are advised to confirm the requirements through consulates.
What should I do to obtain a tourist visa?
You can visit the website of the Turkish Embassy in your country, or call their office for more information.
I want to start a business in Turkey. What should I do?
The New Turkish Commercial Code ("NTCC") No. 6102 has been published in the Official Gazette on February 11, 2011. As mandated in the NTCC and the Law No. 6103 on the Effect and Implementation of the Turkish Commercial Code ("Law on the Implementation of the NTCC "), the law has taken effect as of July 1, 2012.
The main goal of the NTCC is to provide the groundwork for a corporate governance approach in line with international standards, promote private capital and public offering, establish transparency in administrative affairs, and ensure the compliance of Turkish businesses with EU regulations and accession processes.
The key changes in the NTCC are as follows:
The NTCC allows the establishment of joint stock companies (JSC) or limited liability companies (LLC) with a sole shareholder.
The previous law required a minimum of five partners for joint stock companies, and two for limited liability companies.
Therefore, the NTCC has repealed the mandatory minimum partner limits imposed by the old TCC upon foreign companies. In addition, it is also possible for a single party to obtain the entirety of an already-established company's shares.
Board of Directors*
The NTCC has also changed the previous minimum limit of three members for company board of directors to one in accordance with EU regulations. This change serves to facilitate the operations of foreign investors, whose board meetings would otherwise be hindered due to multiple board members traveling from abroad.
The NTCC does not require board members to participate in person in board meetings, allowing for electronic meetings as well, which would further reduce travel costs of foreign companies operating in Turkey.
In addition, companies may now appoint legal persons as board members, which would relieve the bureaucratic burden of foreign companies as well as eliminating the need to hold a shareholders' meeting for any changes in the board of directors' structure. By appointing a legal person as a member of the board of directors, a company can assign a different representative for each distinct situation.
The new law also eliminates the need for board members to become shareholders in the company. According to the NTCC, any independent person can be appointed as a board member, which supports corporate governance as it paves the way for a professional board of directors, acting independently of the shareholders.
*In line with the provisions regarding joint stock companies
Registered Capital System
The NTCC enables non-public companies to adopt the registered capital system, along with the associated flexible capital increase option. This provides a great opportunity for foreign companies to reduced bureaucratic burden and travel expenses when undertaking a capital increase.
Intellectual Property Rights
Intellectual property rights can be invested in the company as capital in kind. Such assets must be transferrable and cashable in order to be deemed suitable for investment as capital in kind.
The old TCC contained a provision for ultra vires, which mandated that "trade companies shall be entitled to acquire all rights and undertake all obligations provided that such rights and obligations fall within the scope of activities indicated in their Articles of Association. Any Ultra Vires acts are null and void." The Ultra Vires principle was abolished on June 1, 2012, allowing foreign companies to carry out business acts outside the scope specified in their articles of associations.
Starting a Business in Turkey
Thanks to new regulations, Turkey now offers an ideal environment for investors, who can establish their own company in a single day, regardless of their country nationality or residence.
Companies can be established in a single day by delivering the necessary documents to the Trade Registry Office. A company is formed by creating its articles of association, which includes the shareholder’s unconditional guarantee to pay the entirety of the statutory capital, and their notarized signatures. A company is considered a legal entity after it is registered with the Trade Registry Office.
Companies that constitute a legal entity are:
• Joint Stock Company (JSC)
• Limited Liability Company (LLC)
• Limited Partnership
• Unlimited Liability Company
• Cooperative Company
Joint Stock Company
The company’s capital is divided into shares. The legal liability of shareholders is limited to their shares in the company and is met by the shareholders. Joint stock companies are incorporated by at least one shareholder (natural or legal person) and have a minimum capital requirement of 50,000 TRY. Joint stock companies are required to have a general assembly and board of directors.
Limited Liability Company
Limited liability companies are incorporated by at least one shareholder (natural or legal person), and the legal liability of shareholders is limited to their shares in the company and is met by the shareholders. Limited liability companies have a minimum capital requirement of 10,000 TRY.
Limited Partnership Company
Limited partnership companies are formed in order to operate a commercial entity under a trade name. In limited partnerships, the liability of certain shareholders is limited to a specified portion of the capital (limited partner), while the others have unlimited liability (general partner). Legal entities can only be general partners in limited partnerships, which do not have a minimum capital requirement. Shareholders’ responsibilities and liabilities are determined through the company’s articles of association.
Unlimited Liability Company
Unlimited liability companies are formed in order to operate a commercial entity under a trade name, and the legal liability of shareholders is not limited. Unlimited liability companies do not have a minimum capital requirement, and only natural persons can be partners of such companies. Shareholders’ responsibilities and liabilities are determined through the company’s articles of association.
The articles of association of the company must be notarized in three copies (including one original). The following documents must be delivered to the Trade Registry Office within fifteen days of the notarization.
Required Documents for Incorporation
• Incorporation document and notification form duly filled and signed by the company’s authorized representatives. A list of documents and forms can be found at www.sanayi.gov.tr and www.hazine.gov.tr
• Letter of undertaking (As per Trade Registry Regulation article 24)
• Notarized Articles of Association bearing the founding partners’ commitment and signature, denoting that the entirety of the shares comprising the declared capital of the company is committed by the partners
• Founder’s statement signed by the founders of the company
• Bank statement denoting that the share prices are deposited
• Bank receipt showing that the 0.04% of company capital is deposited to an account of the Competition Authority of the Republic of Turkey in a state-run bank
• Letter of permission or approval for companies subject to the approval or permission of a ministry or other state agency
• Notarized signatures of the company’s authorized representatives
• Application number from the Trade Registry Office approving the use of the trade name
• Incorporation notification form (in three original copies)
• Certificate of residence of founding partners
In addition to the above, a notarized translation of passport for natural person founding partners, or an apostilled and notarized translation of the trade registry for legal entities is required
Will I obtain a residence permit when I buy a house?
Yes, you can apply with your deed to obtain a residence permit.
Will I acquire citizenship when I buy a house?
No. However, for details please visit the website of City Population and Citizenship Directorate;
How long does it take from Istanbul to other continents?
Many destinations in Europe and Middle East are located four hours by air travel.
How many airports are there in Istanbul, and where are they located?
Istanbul currently has two international airports, one in each side of the city. These will be complemented by the third airport under construction on the European side, and set to become the largest airport in the world when complete.
Should I have a car in Istanbul?
Thanks to its developing subway infrastructure, sea routes, mass transit options and affordable taxi fares, all parts of Istanbul are easily accessible without a car.
I want to buy a house in Istanbul as an investment, but how will it be managed while I am away?
Dumankaya’s Property Management Services offer a variety of services to assist you in this regard.
I want to buy a house as a residence, but who will carry out the procedures on my behalf prior to my arrival?
Your house in Istanbul will be managed by real estate management agencies before your arrival in Istanbul. The Property Management team, who serve many foreign Dumankaya customers, will assist you in this regard
Would I run into any problems if I were to require healthcare services in Turkey?
You can benefit from the services of any healthcare service provider with your travel insurance. Turkey attracts a great many tourists with its healthcare services, thanks to its service quality and affordable prices. There are approximately 60 state-run and 150 private hospitals in Istanbul, which is one of the most important healthcare tourism destinations in the world.
Where can I get assistance with legal matters?
You can benefit from the services of International Law consultancy firms, or we may direct you to an agency if you so require
Would lose money if I decide to sell my house?
Provided that your house is in a housing development project of a known brand, under normal circumstances you can sell your house without making a loss.
What procedure should I follow to sell my house?
In order to sell your house through our firm, you can place an ad on our own www.evaramayason.com website, which receives a large amount of visitors.
Where can I find information about touristic places in Istanbul?
Dumankaya’s Property Management Services are able to assist you in this regard. In addition, you can find information on various tourism websites and the Tourism Information Offices around the city.
What kind of packages or tariffs is available for mobile phones? Where can I get them?
There are three GSM operators in Turkey. You can select a tariff based on your usage, and opt for a prepaid package for short-term use. A normal package allows you to make and receive local and international calls. The operators have stores in various locations around the city, in shopping malls, and in airports.
How is the internet infrastructure of Turkey?
As of the end of 2013, Turkey’s fiber grid, expanding over 228 kilometers, covers an area four times that of the country’s road network. In the last year, Türk Telekom, mobile providers and other operators have invested a total of 5.4 billion TRY in Turkey’s communication infrastructure.
As of 2014, there are 32.6 million internet users and 24.1 million mobile internet users in Turkey.
Are there any parks or children’s entertainment centers in Istanbul?
Istanbul is among the richest cities in this area.
The most recent development, Vialand, is the largest theme park in the region.
Spread across a 100,000 m2 tract of land, with a total area of 22,000 m2 and a pool volume of 6,800 m3, the Istanbul Aquarium is among the leading aquariums in Europe.
In addition, Europe’s largest living, sports and recreation center opened its doors in 2014 on the Maltepe beach. The green and public sports complex, covering an area by the shore equal to 171 football fields, and including multiple sports fields, offers a rich sporting experience.
Where can I find information about food & beverages and nightlife in Istanbul?
You can use Dumankaya’s Property Management Services for information.
Which cities are closest to Istanbul and how can I travel to them?
Even the farthest city is only two hours away by plane. You can visit Yalova, Bursa, Tekirdağ, Adapazarı, Sapanca in a few hours by car.
Where can I receive information about the embassies in Turkey?
Please visit the link below
Nine reasons to invest in Turkey
Successful and stable economy
Qualified and competitive workforce
Liberal investment environment
Energy corridor to Europe
Low taxes, incentives
Customs Union with the EU since 1996
Large and high-potential internal market