There are many good reasons for buying a property in Turkey, such as the wonderful climate, historical sites and low cost of living, also Purchasing is much easier than in many other European countries.
You can purchase property in your own name (or in several names if you are buying with others), in towns or in rural areas providing the property comes under a local council’s jurisdiction. For a foreign National to purchase land or property in Turkey, it is necessary to apply for purchase approval from the Ministry of Defence.
Purchase Procedure:
It is recommend that you use a solicitor for your purchase the cost is generally 1% of the purchase price subject to a minimum of £500.
The most common way for foreigners to purchase property in Turkey is to use a notary and give Power of Attorney to a solicitor to complete any formalities on their behalf.
It is a legal requirement for both the seller and the buyer to be present when the property sale is registered at the Land Registry Office. The purchaser can be represented by their solicitor if they are not in the country, this is done by giving the solicitor Power of Attorney to act on the buyers behalf.
Once the documents concerning the transfer of the property & purchase price are entered into the Land Registration Register a purchase tax of 3% is payable.
A contract is drawn up in English between the buyer and agent with full property information and the payment terms arranged.
Your passports will need to be officially translated by an independent Government translator, then officiated at the Notary office.
Once clearance has been received the legal exchange of property title deeds at the land registry office can be completed in a short time.
Once the transaction is finalised, you will receive a TAPU (title deeds) in your name. All these details will be kept on file at the Land Registry Office.
Your agent will assist you in obtaining a tax number for paying property taxes when purchasing your property and for taxes due such as Council charges. This is obtained from the local tax office and you will be required to take your passport together with a photocopy of the picture page of your passport.
Your agent will also help you open a bank account as this is the best way to transfer funds both in and out of the country and is also necessary for arranging direct debits for utility services, insurances etc.
The purchase procedures can vary depending on the property and development but the procedure is generally quite simple and straightforward.
Important Notice
*The information given above is intended as a guide and to give a fair description but is not comprehensive a solicitor will guide you through all the procedures.
Purchasing Costs
When purchasing a property in Turkey there are a number of fees involved, below is a summary of the costs.
Translation of Passport at the Notary Office: £40 per passport
Notary Costs for Power of Attorney: £100
Final Stage Costs
Purchase Tax: 3% of purchase price
Duty Tax/Fixed Tax to the Deeds Office: £65
DASK (Compulsory Government Insurance): £90-£150 (Depends on size of property)
Utilities (Changing utilities in to your name): £80-£180
Additional costs:
Private Insurance (Buildings & Contents) Approx. £150
Annual Maintenance fees where applicable
Annual costs:
Council Rates & Property Taxes: £150-£200
DASK (Compulsory Government Building insurance): £ 90-£150 (Depends on Size of property)
Electricity/Gas & Water – Dependent on personal consumption
*All the above costs are for guidance purposes only and are subject to change as set by the government
Mortgages:
Mortgages are now available in Turkey please ask our agent for current details.