Buying in Turkey the safe and easy way
Buying in Turkey is probably one of the easiest and straight forward overseas property markets to buy in, below are the steps to take. At Turkish Property For Sale we always guide you through and is the main reason to use an Estate agent with our head office in the Turkey and offices in Turkey ,UK and Russia we can make sure your property purchase goes through smoothly.
We always offer a word of warning though as they are many individuals who try to sell property with out the knowledge or carrying out any due diligence on the properties or developments and what appears to be a bargain buy may not be quite so. Once you have decided to buy that`s when Turkish Property For Sale can guide you safely through to completion.
Stage 1 – Finding your Property
Initially Turkish Property For Sale will arrange before your arrival in Turkey a portfolio of properties that we feel fits with your criteria to view. On arrival in Turkey you will meet one of our property consultants who have extensive knowledge of the area you are looking at. They will go through again re-checking to make sure we have everything in place for the appropriate properties for you. We don`t take you to one development and try and convince you how this is the place, you should decide what is right for you and not the agent.
Stage 2 – Reserving your Property
Finding your property shouldn`t be a problem if we have carried out our usual thorough preparation of what you are looking for in a property, location, style, and price. Assuming you see your ideal property we will negotiate the best price and terms, we always ask for reductions and sellers are never offended it is very much usual practice. If the offer is accepted then to take the property off the market a reservation fee is usually paid, anywhere between $1,000 -$5,000.
Before paying the full deposit which is usually up to 30% of the total cost of the property. If you are buying through a developer most have standard contracts but before the deposit funds are transferred you should be happy with this and it would be advised to have a lawyer look at the contract first at this stage. If buying a resale through an individual a contract of sale is still required and should never be done on just a handshake, again a lawyer should examine the contract or draw up a contract for your purchase.
A sales contract between yourself and the seller should be clear and concise with details including all money paid so far and the total sales price, expected date for transfer when will the property be ready if new build or off-plan, and an agreement for inspection of the property just prior completion and final payment and any faults to be rectified if any. On your visit it is best to have two passport size photographs of you if you are the one who will be the person on the property title deeds. A photocopy of your passport will also be needed.
Stage 3 – Power of attorney
If you are buying for example an investment property and do not want to visit Turkey for the for the purchase then you can arrange to visit the Notary`s office in your country and sign a document which gives power of attorney to your lawyer to enable them to carry out and sign on your behalf legal requirements. If you are in Turkey buying you can still give power of attorney and is often the easiest way when buying your property so you do not need to keep going back to Turkey to sign legal papers during the property buying process.
Giving power of attorney gives the lawyer the right to carry out the procedures to obtain the Title Deeds without your presence.
Stage 4 –Military clearance approval
Not as daunting as it appears is really more of a formality that presently has to be followed when buying a property whether it`s a villa, apartment or commercial property. Its purpose is to ensure that foreign nationals are not buying a property in a military sensitive area. In reality areas that are known to be of this nature Turkish Property For Sale and its Property Consultants are aware of these and would never even consider showing you a property on a viewing trip in these known areas, however it is worth noting that not all estate agents are as aware or bothered too much as long as a property sale is achieved. In the check it is carried not just on the property but the individual as well, again it is highly unlikely to be a problem unless you are from a country which is not permitted to buy in Turkey, there are not many and most Europeans have no concern as it is more a formality.
The process takes the form of the Villa, Apartment, Duplex, Bungalow, Penthouse or Garden Flat property details are sent to the Office for Land Registry, along with your own details. Then an official transfer application is presented and then all the documents are forwarded on to the Izmir Aegean Army who are the ones to give the approval or not. As long a s the property is not situated in a zone restricted to foreigners then approval is given. The process for this can vary and can be as soon as 6 weeks but at busy periods as long as 3 months. If you are buying a property then most developers actually are happy to give you access to your property prior completion of this provide funds have being paid to the developer, this is OK as long as you are certain that your property is in a restricted zone. On this, if a development has other transactions that have gone through and your lawyer who is carrying out the conveyancing and buying process will be able to reassure you if this is the case..
Stage 5 – Transfer of the Property Title Deed or Tapu as it is called in Turkey
Assuming all checks by the military have being made and approval given, then the Tapu is issued in to your name as the new owners and then sent back to the Land Registration office in the locality of your property, they then return to your Lawyer it is usually at this stage that the final balance is handed over to the vendor or developer and your home or investment property with the title deeds are handed over to you by your lawyer and it is now officially your property. Your lawyer keep your documents for you until you next visit if you have signed power of attorney to them.
How much does it cost to buy your property in Turkey
The General Costs associated with buying Property
1. Estate agency or Realtor commission: Realtors and Estate Agents when conducting a sale of property in Turkey apply a charge of 3% commission payable form the buyer, this is on the price you pay for your property, this is usually charged at the start of the process or when the deposit has been paid and the transaction is going through based on the Purchase price
2. Purchase tax: this is set at a level of 4% of the declared value of the property you are buying this is paid usually on your behalf by your lawyer to the government department. Generally the prices of homes or houses are given by the City Council for tax purposes, the valuation is usually much lower than the price you actually pay for your property but do not confuse this with tax evasion which is where the developer under declares the cost you paid for your property which if discovered by the Turkish authorities is dealt with severely and to say it was the developer or vendor is no defence, it could also have tax repercussions if you come to sell and fall within the 5 year period for capital gains tax as you will be liable on the difference under declared then this could be substantial. The tax itself is applied once and becomes due once your Tapu is received and your lawyer will pay this on your behalf.
3. Solicitor`s/Lawyer fee: if you use one, Turkish property For Sale always advises that you do and to use one that has experience and works for you not the developer, it also doesn`t always follow that just because you find a lawyer that speaks perfect English must be the best this is not always the case but a lawyer should be one that has a good track record. We have lawyers we can recommend but everyone is entitled to choose their own for property transactions including power of Attorney start from about $750.00 dollars for a small low cost apartment but the cost varies depending on the size of the property purchase so always check if sourcing your own lawyer before agreeing to use their services.
4.Notary Cost: This is the cost for giving your lawyer or solicitor the power of attorney to act on your behalf and needs to be notarised at the local Notary office where you are buying your property or in your own country if not travelling to Turkey to purchase also at this time your passport will need to have a translator who will also provide you with your language of documents at the particular office the costs for this are in the region of $ 220 but no more than $260 the payment is made at the notary office itself when you attend.
5. Map locality searches: these maps are needed one is for the Izmir Aegean Army and is to show where your property you are buying is located. Then a scaled 1/5000 map is required for use in the title deed process by your lawyer/solicitor. These cost in the region of $600 but the actual cost can be different depending in which Municipality location your property comes within.
6. Registration of your Property Title deed: The cost of this is$50 this puts the title into your name this is a one of fee charged and is usually paid on your behalf by your solicitor/lawyer
The charges for purchasing can differ from region to region.
Other Costs not all compulsory but advisable
Registrations of Utilities It is after completion that the Water and Electricity are transferred over onto your name the cost of this is in the region of $250
(DASK Government Building Insurance-Compulsory): Since the year 2000 it is compulsory this is usually paid initially by the developer but additional cover should be paid once the property is in your name as it is often insufficient cover then the Government part of this insurance is paid annually presently costs are £35 a year but is on the size of property that you own.
Home and Contents insurance: Always recommended especially if you are renting your property out and always get insurance to cover for letting, the cost can vary but expect to pay from$200 a year depending on the size of property and cover we can provide companies who are the main providers of Insurance for Turkish properties to overseas buyers.
Annual Property Tax This is local government tax that is paid through the municipality in the district of your property it is based on the value of your property or land and the rates are 0.3% and 0.1% respectively. Usually paid annually but the payments can be spilt to a May and November payment but it is at a low level in comparison to the UK.
Eligibility to Buy Property or land in Turkey
All foreigners can buy property in Turkey provide that your country has a reciprocal agreement that allows Turkish Nationals to buy in your country the UK is one of them. If there is no agreement between your country and Turkey then it is still possible using the route of a Turkish company it is quite straight forward to carry out and gives you the opportunity to buy in one of the most progressive property market in the World and will continue to be so for some time to come.
Your property to buy does not fall within any of the zones that are designated as military, again Turkish Property For Sale is able to guide you and show you only properties that are not in these zones. a minimum of 2,000 Nationals registered as residents
Turkey property buyers from the UK on the up
Low living costs along with affordable property prices and easy access from the UK, are just some of the reasons that have contributed to the dramatic rise in British property owners in Turkey over the last few years.
Tunc Kaynakoglu, managing director of Turkish Property For Sale, the highly regarded property consultants who specialise in Turkish property says" The market is performing very well with numbers increasing significantly during the year and November surprising even ourselves with the number of buyers as well as the high levels of interest shown. The number of foreign property buyers has increased by over 30%, from 73,000 in 2008 to 105,000 today and the British market has accounted for the majority of the increase."
Data released by the Turkish General Directorate of Land Registry, shows over 63 million square metres of property is now owned by foreigners in Turkey.
British citizens show the largest amount, at 6 million square metres, followed by Germans, who own 3.5 million square metres, and the Greeks with 3 million square metres.
The province of Muğla, on the Aegean coast, is particularly popular, with almost 5.5 million square metres owned by foreign nationals such favourites as Bodrum and areas around Fethiye proving the most popular along with Antalya on the Mediterranean coast coming out on top though.
With Turkey`s still outside the euro zone means that many property prices are in sterling and is the favoured currency by many developers with 70% LTV mortgages becoming more accessible and available for foreign buyers.
Along with the increase in flights from low-cost airlines and all year round direct flights to the Antalya Region
Gul Ay Tanal From Tanal Law Firm, said that there were many good value properties to be found in Turkey, but that buyers should seek legal advice before purchasing a property.
Buying in Turkey the safe and easy way
£107,000 1000 m² Fethiye Faralya
Seaview Plot For Sale in Faralya Fethiye
$114,000 1 Bedroom 96 m² Istanbul European Side Beylikduzu
Off Plan Seaview Apartments For sale in Istanbul
£160,000 3 Bedroom 130 m² Fethiye Ovacik
Ideal Holiday Villa For Sale in Fethiye Ovacik
$278,000 1 Bedroom 70 m² Istanbul European Side Bahcesehir
Investment Real Estate in Istanbul Merter
$172,000 2 Bedroom 107 m² Istanbul Asian Side Sancaktepe
Ready Family Apartments in Istanbul Asian Side
$283,000 3 Bedroom 152 m² Istanbul Asian Side Sancaktepe
Off Plan Apartments in Istanbul Asian Side
$172,000 2 Bedroom 107 m²
Ready Family Apartments in Istanbul Asian Side
$270,000 3 Bedroom 170 m²
Large Family Spa Apartments in Yalova
€175,000 4 Bedroom 152 m²
Antalya Konyaalti Duplex Properties Excellent Price
£62,500 3 Bedroom 100 m²
Holiday Apartments in Calis Beach with swimming pool
€139,000 3 Bedroom 140 m²
3 Bedroom Duplex Properties in Side
£130,000 3 Bedroom 125 m²
Holiday Apartments For Sale in Fethiye Marina View
£125,000 3 Bedroom 125 m²
Fethiye Karagozler Marina Apartments For Sale
$425,000 3 Bedroom 183 m²
Elegant Istanbul Sea View Apartments 3 Bedroom
$69,500 1 Bedroom 50 m²
Istanbul Investment Apartments For Sale Close to Airport
$475,000 4 Bedroom 250 m²
Istanbul Duplex Apartments For Sale Sea View