Buying property in Turkey

Buying properties TurkeyBuying property in Turkey is quite a straight forward process and once agreement is in place by both parties the actual transaction can be completed on the same day. For overseas buyers the process can take a little longer as permission must be sought from the military authorities although this is just a procedure.

Our staff have helped and guided hundreds of British and other buyers of Turkish property through the formalities. You are welcome to draw on our knowledge and experience at any time.

Who can buy Turkish Property?

Nationals from most countries can purchase property and real estate in Turkey so long as it's under 300,000sqm. Foreign nationals from the following countries can purchase property in Turkey without any special permissions:

 

United Kingdom Gabon Niger
Argentina Gambia Northern Cyprus
Belgium Georgia Norway
Belize Germany Peru
Bosnia/Herzegovina Guinea Poland
Brazil Holland Portugal
Bulgaria Ireland Romania
Canada Italy Serbia
Chad Kenya Slovakia
Colombia Kosovo South Africa
Croatia Libya South Korea
Dominican Republic Luxembourg Spain
Estonia Moldova Sweden
Finland Monaco Switzerland
France Namibia USA

 

 

The Buying process

The purchasing procedure comprises the following steps:

Property selection
Ideally you should take the time to visit Turkey and physically view the properties you're interested in purchasing. Your agent should point out all aspects of any property or location, good or bad to enable you to search for the property that's right for you. At Properties-Turkey we can arrange viewing trips for any properties you like and make additional suggestions based on your criteria. Inspection trips should be a relaxed and enjoyable experience and enough time should be allowed to maximise the benefit. There is no hard selling at inspection trips and if you don't see your ideal property the first time at least your agent will get a good understanding of your requirements for future visits.

Initial agreement / Deposit
If you find your ideal property the next stage is to lodge a deposit to secure it. This amount is noted on the contract. The amount of the deposit varies but is usually between ten and twenty percent.

If the property is a new build you may have a snagging list that you require completing before the purchase, this is agreed at this stage.

Sales Contract
A contract is drawn up between the buyer and vendor which details the property particulars, purchase price, deposit made, date of transfer and any conditions like snagging lists etc.

For the contract two passport photographs and a photocopy of the passport of the person whose name will be on the deeds is required.

Appoint a solicitor by power of attorney
The simplest way to purchase property in Turkey is by granting power of attorney to a solicitor or agent in Turkey to conclude the deal on your behalf. This saves you a lot of time and ensures that your purchase will be as smooth as possible.

Once these steps have been taken you do not need to be present for any more of the property purchase transactions.

Military Approval 
Military approval is a requirement in Turkey which protects the buyer from buying property in a military zone. A mapping process is also carried out.

Title deed Transfer
The title deed Transfer (Tapu) takes place once military application has been approved. The deeds are transferred into the new owners name.

Residency Permits In Turkey

Turkish Tourist Permits allow you to stay in Turkey for no longer than 90 days in any 180 day period. Foreign buyers of Turkish property are automatically granted a 12 month residency permits.

If you're likely to stay in Turkey longer than this you will need to apply for a Residency Permit. The permits last for between 6 months and 5 years. Seasonal workers normally apply for a 6 month residency visa. Most ex-patriots apply for longer permits as there is little point repeating the procedure again a few months later. On first application, a 1 or 2 year permit is normally issued. For those renewing their book a 5 year permit is more common.

The price of a residency permit depends on the length of time applied for but is usually around 60 Euros. To renew permits, the same process applies but applications must be submitted within 14 days of the last permits expiry date. Turkish Kimlik (citizenship) can only be applied for after 5 years residency and additional conditions apply.

There are many local companies that will help you sort out your application for a small fee.

Costs Of buying Property In Turkey

One-off cost of purchase

Buying property in Turkey is usually considerably cheaper in Turkey, around a third of the cost of purchasing property in Spain and less than a quarter of what the likely costs in France. A good rule of thumb is to allow between 5% and 8% depending on how you are to finance the property.

Bank arrangement fee
Depending on how you wish to finance the property you may have to pay an arrangement fee should you wish to mortgage the property. The cost depends on the amount borrowed and who the lender is but arrangement feesare usually in the region of £500 - £1,500.

Stamp Duty
Stamp Duty (also known as Turkey property buying tax) is calculated at 4.4% of the assessed value of the property, which usually equates to about 60% of the purchase price. The duty is payable upon the registration of the property title deed in your name. Under-declaration is very in Turkey and almost expected. Therefore, on average 50-60% of actual market value is accepted as reasonable.

Solicitor/legal fees
Depending on the services received, a Turkish solicitor will charge between £500 and £1,500. Legal fees are due upon the signing of your property purchase contract.

Earthquake insurance / Military Fee
Other approval paperwork and formalities usually amount to around £300.

VAT is payable on properties in Turkey although the tax will always be included in the purchase price.