Buying Real Estate and Vehicles in Turkey with Bitcoin – Looking for Your Though

[mstyldrm120221]

Hello everyone,

I’m considering creating a system that allows people to purchase real estate (houses, land) and vehicles (cars, motorcycles) in Turkey using Bitcoin. My goal is to enable anyone, regardless of where they live, to quickly and securely buy properties or vehicles in Turkey with Bitcoin.

For example, someone living abroad wants to buy an apartment in Istanbul. Without physically coming to Turkey, they can complete the purchase by paying with Bitcoin, while legal procedures such as notarization, title deed transactions, and other official processes are handled by a professional team. Users will simply select the property or vehicle they want on the platform, make the payment in Bitcoin, and become the legal owner.

During this process, I plan to generate revenue by charging a minimal commission, creating a secure and transparent system that integrates Bitcoin with the real economy.

How feasible do you think such a project would be? What challenges and opportunities should I consider? I’d love to hear your thoughts!

[SFR10]

I’m considering creating a system that allows people to purchase real estate (houses, land) and vehicles (cars, motorcycles) in Turkey using Bitcoin
...
How feasible do you think such a project would be? What challenges and opportunities should I consider? I’d love to hear your thoughts!

Last time I checked, Turkey prohibited any payments through Bitcoin and other cryptocurrencies ^{[I do know you can buy it and trade it]}, so unless something changes, you can't pull it off and I also don't think potential buyers would be comfortable with going off the books ^{[very tricky]}. Lastly, there'll be a lot of trust issues in the process ^{[even if you're somewhat known in this field]}.

[Lucius]

@SFR10, I can only confirm that such a law was in force in Türkiye in the past, but I haven't read anything about it in a long time, so I doubt anything has changed. However, a few years ago, when there was a bit more discussion about it on the forum, a member from that country wrote that this law exists, although many people do not adhere to it because, as far as I understand, no one actually implements it in practice.

From the way the OP wrote the post, it seems to me that he is targeting international customers, and now I am reminded of the example of Thailand, which also prohibits payment with cryptocurrencies, and the story of a hotel chain that has (had) a hotel in that country and accepted payment with them.

What I want to say is that it might be possible to pay for something with BTC if the payment (at least virtual) took place outside the country that forbids it.

[bias]

From the way the OP wrote the post, it seems to me that he is targeting international customers, and now I am reminded of the example of Thailand, which also prohibits payment with cryptocurrencies, and the story of a hotel chain that has (had) a hotel in that country and accepted payment with them.

What I want to say is that it might be possible to pay for something with BTC if the payment (at least virtual) took place outside the country that forbids it.

As I see it, the main problem here isn't if the law is active (which is "easy" to find out) but who will be the middleman that people will trust for such deals. More than a lot of such "initiatives" are been proven scams, especially in such countries as Turkey (no offense).
@OP: Better to tell us how you will ensure that you won't get away with your client's money and who will sign all the necessary doxs for such deals. "A professional team", as you said, doesn't convince anyone.

[mstyldrm120221]

Actually, you are right. This kind of idea (no matter which country it is) falls into the category of fraud because it involves untraceable transactions. People prefer to use cash instead of Bitcoin for transactions because it is safer. And I have now given up on this project... 

I will be looking forward to your new ideas!

[Nothingtodo]

Actually, you are right. This kind of idea (no matter which country it is) falls into the category of fraud because it involves untraceable transactions. People prefer to use cash instead of Bitcoin for transactions because it is safer. And I have now given up on this project... 

I will be looking forward to your new ideas!

When it becomes possible to exchange daily necessities through cryptocurrencies, there may be hundreds of benefits, but there will also be some disadvantages. Since the price of cryptocurrencies constantly fluctuates, it will be necessary to constantly update the prices of daily necessities.
Moreover, there will be no guarantee regarding the security of crypto currency, so whether anyone or any institution will accept payments directly through crypto is also a matter of concern. A few days ago, the Bybit exchange hacking has increased our concerns a little more.

[Lucius]

Actually, you are right. This kind of idea (no matter which country it is) falls into the category of fraud because it involves untraceable transactions. People prefer to use cash instead of Bitcoin for transactions because it is safer. And I have now given up on this project... 
I will be looking forward to your new ideas!

Why would it be a scam if things are set up to secure the buyer and seller in such a way that there is an escrow that both parties trust? It is true that people prefer fiat, but some will still decide to pay with BTC or some altcoin - only that you, as a service provider, should keep in mind that you are at risk that such a transaction can be problematic for you because the coins that someone pays for can be dirty in some way - let's say they come from a hack or similar.

In the end, if in Türkiye it is not legal to pay with cryptocurrencies, then you are just piling problems on a pile without being able to estimate whether you will get any benefits from everything.

[coupable]

Actually, you are right. This kind of idea (no matter which country it is) falls into the category of fraud because it involves untraceable transactions. People prefer to use cash instead of Bitcoin for transactions because it is safer. And I have now given up on this project... 

I will be looking forward to your new ideas!

The real estate market in Turkey has been very active since the old laws were abolished and replaced with new laws that allow foreigners to own real estate while providing significant facilities, most notably the imposed tax rates, as well as the opportunity to obtain citizenship. In general, real estate taxes imposed in Turkey are classified as relatively lower compared to other countries. The best evidence of this is that the Turkish real estate transfer fees are only 4%, which is much lower than what is in some European countries, where the rate ranges between 8% and 12%. In addition, foreigners can obtain tax exemptions when owning real estate in reconstruction areas or when meeting certain conditions.

Can Bitcoin help this market flourish? This cannot happen without government approval from the Turkish authorities, which basically includes recognizing Bitcoin as an exchange currency, which does not seem to happen soon. The reasons were explained by other members in previous comments. There is a crisis of confidence in dealing with Bitcoin, no matter how capable the parties are of providing guarantees. Don't forget that Bitcoin can help in tax evasion, so it will never be easy to determine its value at the time of the transaction.

[arwin100]

@SFR10, I can only confirm that such a law was in force in Türkiye in the past, but I haven't read anything about it in a long time, so I doubt anything has changed. However, a few years ago, when there was a bit more discussion about it on the forum, a member from that country wrote that this law exists, although many people do not adhere to it because, as far as I understand, no one actually implements it in practice.

From the way the OP wrote the post, it seems to me that he is targeting international customers, and now I am reminded of the example of Thailand, which also prohibits payment with cryptocurrencies, and the story of a hotel chain that has (had) a hotel in that country and accepted payment with them.

What I want to say is that it might be possible to pay for something with BTC if the payment (at least virtual) took place outside the country that forbids it.

Nothing has change since they still actually implementing that Bitcoin is not allowed to use for transaction since aside from this article https://cointelegraph.com/learn/articles/cryptocurrency-laws-and-regulations-in-turkey

I didn't see any update for this year so we can assume that until now they are still implementing those things. But if he target foreign holder then I guess there's provably no problem towards what he plan. But for locals I guess he cannot do those things come up in his mind. So better for him to use fiat temporarily while their government is not allowing those type of transaction since it will be bad if the government would flagged his transaction and think about he is doing illegal things.

[mstyldrm120221]

Yes, you are right, and I am currently thinking about a different idea. My goal is to prove what can be done with Bitcoin. I am a developer with expertise in almost every field, but I haven't yet come up with an innovative idea related to Bitcoin. If you have any logical and promising project ideas, I would love to hear them. I am open to all suggestions. 

I have a deep interest in Satoshi and cryptocurrencies. I spend a significant part of my day following prices, news, and developments in the industry.

[Lucius]

Yes, you are right, and I am currently thinking about a different idea. My goal is to prove what can be done with Bitcoin. I am a developer with expertise in almost every field, but I haven't yet come up with an innovative idea related to Bitcoin. If you have any logical and promising project ideas, I would love to hear them. I am open to all suggestions. 

We live in a digital world that has no borders, and if you are really as talented as you claim, offer your services on the forum and maybe you will become part of a successful team that is developing project with good potential. If in your country payment with cryptocurrencies is prohibited, but trading is not - maybe you could work on the idea of ​​creating an exchange for cryptocurrencies?
 

I have a deep interest in Satoshi and cryptocurrencies. I spend a significant part of my day following prices, news, and developments in the industry.

Satoshi is the person (or persons) who created BTC, he has nothing to do with anything else - especially tens of thousands of projects that have no purpose or goal. Whatever you do, don't do anything like that.

[bias]

Don't forget that Bitcoin can help in tax evasion, so it will never be easy to determine its value at the time of the transaction.

Why it couldn't be easy? Everybody, from exchangers and casinos to P2P and DEXs, can determine the value at the time you move your coins. Plus that tax evasion doesn't have to do with the price of BTC.

[coupable]

Don't forget that Bitcoin can help in tax evasion, so it will never be easy to determine its value at the time of the transaction.

Why it couldn't be easy? Everybody, from exchangers and casinos to P2P and DEXs, can determine the value at the time you move your coins. Plus that tax evasion doesn't have to do with the price of BTC.

Using Bitcoin can help those who want to evade taxes since the government does not recognize Bitcoin and cannot track it. This has nothing to do with the price of Bitcoin, but rather with the ability of any party in the transaction to prove the sale contract without proving how the property price was transferred from the buyer to the seller.
Determining the price at the time of completion of the sale is very important and must be according to precise standards because the amounts in such transactions are large and there is no regulated framework as in online platforms. I am not saying that this is impossible, but it is not practical.

[bias]

Using Bitcoin can help those who want to evade taxes since the government does not recognize Bitcoin and cannot track it. This has nothing to do with the price of Bitcoin, but rather with the ability of any party in the transaction to prove the sale contract without proving how the property price was transferred from the buyer to the seller.
Determining the price at the time of completion of the sale is very important and must be according to precise standards because the amounts in such transactions are large and there is no regulated framework as in online platforms. I am not saying that this is impossible, but it is not practical.

For sure, it's not practical. However, Govs recognize BTC as an asset with clear value everywhere, even if they don't recognize it as a currency. If I want to get paid with something other than fiat currencies, it's up to me. Governments are interested in their taxes being paid and in the currency they accept/have. And if they want/ need it, they can track it. We all can.

[Gozie51]

For example, someone living abroad wants to buy an apartment in Istanbul. Without physically coming to Turkey, they can complete the purchase by paying with Bitcoin, while legal procedures such as notarization, title deed transactions, and other official processes are handled by a professional team. Users will simply select the property or vehicle they want on the platform, make the payment in Bitcoin, and become the legal owner.

Apart from cryptocurrency or bitcoin, people abroad have always found ways to do such transaction or send money home using fiat. There is an app that helps you convert to your local currency. So using bitcoin may not be an attraction or interest of the intended clients. The challenge has always been trust.

How feasible do you think such a project would be? What challenges and opportunities should I consider? I’d love to hear your thoughts!

It is quite unrealistic to achieve. It is going to involve alot of money to buy a house or a car and so doing that online isn't advisable. People fear being scammed because of what is happening online and their own experience. The issue therefore is trust because you don't have a contact address, no presense. In fact, they can do same thing with fiat.

[coupable]

Using Bitcoin can help those who want to evade taxes since the government does not recognize Bitcoin and cannot track it. This has nothing to do with the price of Bitcoin, but rather with the ability of any party in the transaction to prove the sale contract without proving how the property price was transferred from the buyer to the seller.
Determining the price at the time of completion of the sale is very important and must be according to precise standards because the amounts in such transactions are large and there is no regulated framework as in online platforms. I am not saying that this is impossible, but it is not practical.

For sure, it's not practical. However, Govs recognize BTC as an asset with clear value everywhere, even if they don't recognize it as a currency. If I want to get paid with something other than fiat currencies, it's up to me. Governments are interested in their taxes being paid and in the currency they accept/have. And if they want/ need it, they can track it. We all can.

In general, it's never wise to buy anything expensive with Bitcoin in jurisdictions that don't recognize cryptocurrencies. I say "expensive" in the sense of making large transactions because Bitcoin is fine for small, everyday transactions or regular payments.
In Turkey, I can buy some goods or pay for groceries and hotels, but I can't risk buying real estate because this is always considered a violation of the legal procedures in place there, which require paying the large sums stipulated in purchase contracts through officially used payment channels. This is also due to the volatility of cryptocurrency prices, which can cause significant losses when the amount is large.