Guide for those looking to buy property in Turkey

Continued from Buying property in Turkey

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 for sale 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.

When buying property in Turkey you should also allow for Notary fee costs which are approximately 1.3 per cent of the value of the property and Stamp duty which 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. It is wise to allow 4-5% of the purchase price to cover fees, insurances and registration charges.

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 solely owned by you.

Buyers Guides - For more comprehensive advice, we have put together a selection of books that we feel would be of benefit to any potential purchaser as well as some guides to different areas designed to help you make an informed decision on where to buy - Buying property & Living in Turkey >>

Buying property using Power of Attorney

During the buying process, there is often paperwork to sign which can cause the unnecessary expensive of flying back and forth to Turkey. To avoid this, it is possible to: either give Power of Attorney to a trusted friend, which will need to be signed at the Notary Public in the presence of a government translator, or authorise your lawyer to sign on your behalf. Your lawyer will also be able to pay all the taxes to complete the transfer of the title and to register all the utilities (electricity, water and telephone bills) in your name once you take ownership of the property. To hand over Power of Attorney, you will need to take to the Notary: copy of passport, and two photos of each person whose names will be on the Title Deeds.

The cost for the Notary will be approximately £120, plus translator £30, plus £150 for the PoA.

When the time comes to selling your property, Capital Gains Tax may be payable if you have not owned the property for 5 years or more

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.

Not only are there fantastic investment opportunities, but with twenty five million tourists visiting Turkey yearly, there is the potential for excellent rental returns. If you are looking to buy property in Turkey now or in the future, contact us now with your requirements.

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