Buying Property in Turkey

Turkey has an immense coastline, balmy Mediterranean climate and a wealth of opportunities for outdoor activity. Its people are also one of the most hospitable in the world. Hence it is hardly surprising that buying property in Turkey is becoming a firm favourite, and this trend is on the rise. Prices have risen by about 25% on an average in the recent past.

Turkey is not only attracting people on the lookout for a more varied lifestyle or those looking for a holiday home : large and serious property investors are also making an entry into Turkey’s booming property market. With property prices on par with Spain almost 20 years ago, it’s a natural choice for those looking for a long term investment judging by the amount of money that was made in that market.

Turkey is yet to become a member of the European Union; as a result, many investors are seeing a golden opportunity to acquire property right now. They think the property boom will soon move from the popular European markets to Turkey.

Buying property in Turkey - the process

This is actually much simpler than in many European countries, and there is no difficulty in a foreigner buying property or even land in his own name. There are a few restrictions; you cannot purchase property in areas which are in the countryside and are not under the control of a municipal town or borough. The same restriction applies to military zones.

Our friendly and experienced sales manager will give you a guided tour of several areas along the Aegean and Mediterranean coasts, take you to various new developments and/or resales (depending on your requirements), and give you all the advice you need for buying property in Turkey.

Once you have found your dream Turkish property and made an offer, you have to sign a contract of reservation. This effectually takes off the property from the market for a short period of time, say, 30 days, and you pay a holding deposit, usually around 3,000 euros. At this point an agreement is drawn up and you are given a copy of the Title to the property. You should decide at this time whether or not to go in for a survey of the property, and open a bank account in Turkey.

Now your lawyer has to start making enquiries into the details of the property. He will do a title search, to make sure that the owner actually owns the property. He also has to check whether the property is clear of debts; whether the construction is legally sound; whether the sale contract is in correct English. After the checks are completed, you have to sign a preliminary purchase contract and a deposit has to be paid.

Real estate agents usually take ten per cent (three per cent for reservation and seven percent at the time of signing the contract). They usually take another 30 per cent at the start of the construction of the dwelling, although property in Turkey comes with different payment plans to suit both parties. A final contract is signed at the office of land registration, where your title is registered.

There may be a few more things you have to look into; for example, military permission may be required if the property you are buying is a Turkish property, but this rule may soon be abolished. A company may have to be set up if, as a foreigner, you are buying land above 300,000 sq. metres.

Notary fee costs approximtely 1.3 per cent of the value of the property and Stamp duty is another 0.75 per cent. There is also real estate tax, which is calculated on the property valuation - at the rate of 0.1 % on residential property.

The property is transferred to the Buyer at the signature of the Deed of Conveyance before a Notary Public. The Notary Public receives from the Land Registry Office, information about the property and certifies this in the deed. They advise both parties on their rights and duties, especially on tax matters. The Deed of Conveyance must then be presented at the Land Registry for its registration, this process takes between 6-8 weeks.

The Tapu on the Property will be changed into your name and from that day forth the Property and Land stated is soley owned by you.

As part of our after sales service, we will make sure that all utilities are transferred into the new buyers name, help you with furnishings and fittings (if necessary), and do all we can to help you settle into your new property in Turkey.

Further information on Buying Property in Turkey >> can be obtained from the Turkish Embassy website.