Advice on buying Turkey Property Turkish Real Estate

You have found a property you wish to purchase in Turkey what next?

Buying Property in Turkey - Costs of Purchasing Turkey Property / Real Estate

Turkey Real Estate Buyer's Guide explains the Turkey legal fees, Turkey legal procedures, Turkey real estate purchase taxes and mortgage procedure.

Successfully Buying a Property in Turkey

Below are some brief points in purchasing property in Turkey.

Who Can Own Property in Turkey?

First the "reciprocity principle" must apply between the country of the person wishing to obtain acquisition of ownership of Turkish real estate. In other words, if a Turkish citizen can become the owner of real estate in the UK, then the same right applies to a UK citizen in Turkey.

Selling Turkey Property
Capital gains made from the sale of a Turkish property will be taxable in Turkey if the real estate owner is a Company.
Individuals do not have to pay capital gains on real estate, provided they have owned the Turkey property for one year.

Property & Conveyancing in Turkey
Persons wishing to buy property in Turkey need to appoint a lawyer in Turkey.

In most areas of Turkey, finding properties to rent or buy isn't difficult, providing your real estate requirements aren't too unusual.
Turkey Property prices and rents in Turkey vary considerably depending on the region and city.
For example, a property rented outside a municipality will cost £75.00 a month, and £150.00 a month in most municipalities on the Mediterranean and Aegean coast.

Turkey Residents Visas
If you are relocating to Turkey for more than six months then you are well advised to apply to the Turkish Government Office for a residency in Turkey.
They will issue a document for you to present to the Turkish police near your new property who in return will process the application.

Rent (Kiralik) or buy (Satilik) Turkey real estate
If you're planning to stay in Turkey for a year only then renting is usually the best solution since the costs associated with purchasing a property can be 10% of its value.
However with the upsurge in the popularity of Turkey as a holiday destination buying property in Turkey is a safe and good investment.

Furnished or unfurnished
Most rental Turkey properties are let unfurnished.
Furnished properties are difficult to find and generally poorly equipped.

Costs
Rents for a 2-bedroom apartment in in the south of Turkey can be £175 - 200 per month, while a 3-bedroom property can be around £200 - 250 per month. In addition, you might pay a real estate agent up to 1 months rent.

Types of Turkey property
Many Turkish families live in communal property developments where rents are lower than in the town centers.

Buying a property in Turkey
The following information is intended to help you understand the process of buying a property in Turkey.
Having instructed a solicitor to handle the property purchase.
He will make sure that if you buy a resale property in Turkey all the following will be checked;
The title of the Turkey property is checked.
The person selling the property actually owns it.
Whether there are any charges on the property.
Where applicable, that building licences and permissions are in order.
The terms and conditions stipulated by the seller are checked for fairness.
Once the sale agreement has been drawn up by the solicitor, and the buyer & seller have signed it, the new title deeds (tapu) will be applied for. This process could take 2 - 3 months.
The title deeds will then be transfered into your name, which is signed in the presence of the notary. You can either attend the signing in person or appoint someone as power of attorney to attend on your behalf.
For the fees and taxes to be paid.
For the title to be registered with the government land registry.
The Notary is a public official who is present to officially certify that the title deeds have been exchanged and understood by the parties concerned.

A guide to the legal costs involved in buying a property in Turkey
Buyers tax: Approximately 1.5% based on the declared price of the Turkish property.
Government tax: Approximately £100
Community tax: Approximately £8 paid yearly for local services.
Property tax : Approximately % 0,5 based on the declared value of property, paid yearly.
Water & electricity connection fee: Approximately £250
Earthquake Insurance: Depends on property price and location.(required by law)
If Turkey property is bought in a complex: There is an average maintenance charge of approximately £150 - £400 per year
When purchasing Turkey property, the buyer will be responsible for paying the water and electricity connection fee.

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These guidelines are meant for guidance only and describe straightforward purchase scenarios. However this information is not meant to replace proper legal advice, which we always insist you take.

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