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Buying a property in Turkey is a lot easier and more straightforward than in many other European countries. Changes in recent legislation now allow foreign nationals to purchase land and property in their own names in all of the coastal resorts and villages with the exception of historical or protected areas.
As a general guideline to some of the tax implications for owning a property in Turkey, you can expect to pay an annual property tax of 0.3% to the local government (municipality). This is collected from the owner and properties are subject to a re-evaluation of this every year for tax purposes, this is very minimal in comparison to many other countries. In addition there is also a community tax which is generally paid twice yearly – this is for local services and maintenance. Properties may be resold or rented out and the proceeds easily transferred out of Turkey.
Please note that the property prices indicated on our web site do not include the standard 3% estate agent fee.
INSURANCE
PURCHASE PROCEDURE
Clients are taken to the Notary where passport details are translated and a copy of their passports are taken. A background check is carried out on all foreign people buying property in Turkey before the title deeds are approved and issued by the Land Registry Office, this takes approximately 3 months. During this time in the case of new builds, property and location checks will be carried out so that living permission can be granted.
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In order to obtain the Freehold Title Deeds for the property an application needs to be submitted to the local Land Registry Office. In Turkey it is necessary for both the vendor and the purchaser to be present for the entry in to the property register, unless the purchaser has already completed the necessary paperwork giving Power of Attorney, which is known as ‘VEKALET' to an individual they can trust so that all documents can be signed on the purchasers behalf in their absence. As with most European countries there is a property purchase tax and Turkey is no exception. At the time of deed transfer the buyer will be asked to pay a 3% property purchase tax of the total amount recorded on the actual deeds. |
As a general guideline to some of the tax implications for owning a property in Turkey, you can expect to pay an annual property tax of 0.3% to the local government (municipality). This is collected from the owner and properties are subject to a re-evaluation of this every year for tax purposes, this is very minimal in comparison to many other countries. In addition there is also a community tax which is generally paid twice yearly – this is for local services and maintenance. Properties may be resold or rented out and the proceeds easily transferred out of Turkey.
Please note that the property prices indicated on our web site do not include the standard 3% estate agent fee.
INSURANCE
There are numerous insurance companies offering comprehensive annual cover. We advise all clients to insure their properties and can recommend good companies to go with. Earthquake insurance is a necessity on those properties that reside in an earthquake region. |
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PURCHASE PROCEDURE
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Once you have made the decision to go ahead with the purchase of a property, theoretically it is possible to buy your property without the use of a lawyer as everything can be done through the local Land Registry Office, however Turkish Property 4 U will only sell a property in conjuction with a lawyer who will represent your interests throughout the entire purchase of your property. A contract is drawn up in English between the seller and the buyer outlining and detailing the agreed terms and conditions of the purchase, checked thoroughly by both parties before signing and is signed by a witness. |
Clients are taken to the Notary where passport details are translated and a copy of their passports are taken. A background check is carried out on all foreign people buying property in Turkey before the title deeds are approved and issued by the Land Registry Office, this takes approximately 3 months. During this time in the case of new builds, property and location checks will be carried out so that living permission can be granted.