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Buying in Turkey

We like to make the viewing and buying process in Turkey as simple as possible. In order to find/view a property we start by sharing adverts, information, photos and videos to you to understand exactly what you like and dislike in order to narrow down a select few properties. Once narrowed down we can either show you remotely (on a video call) or show you in person (if you are in/planning to be in Turkey).

Once we’ve found the perfect property we will help to negotiate with you/the seller and agree a price in either GBP (£), EURO (€), or LIRA (TRY). A deposit of usually 10-30% is then taken to secure the property off the market.

We will then take you to the Land Registry Title Office and together we apply for the Title Deeds to go into your name, we then wait for the Title Deeds to come back which can take 1-2 weeks but do budget up to a month for the process to complete.

If you decide to purchase remotely (which became extremely popular over COVID-19), then we go to the Turkish Land Registry Title Office on your behalf and apply for the Title Deeds to go into your name, and again wait 1-2 weeks for the Title Deeds to come back in your name.

Purchasing Remotely

Purchasing a property in Turkey remotely is not only possible, but a very simple process. It become a popular model during COVID-19 which has continued on today due to it being such an easy process (and often a lot cheaper than purchasing flights and a hotel to sign the paperwork in person).

If you buy remotely, we go to the Turkish Land Registry Title Office on your behalf and apply for the title deeds to go into your name, again waiting 1-2 weeks for the deeds to come back. In order for us to do it on your behalf we request a “Power of Attorney” (POA) document. We provide you with the POA document to be signed and witnessed in front of a Public Notary and then is legally stamped apostille and posted to our office in Turkey. We then use the POA document to apply for the title deeds, obtain a Turkish Tax Number and create a local bank account, all on your behalf.

You can find your nearest public notary here

Typical Costs

As a general rule of thumb, you should keep aside 6-9% to cover all fees and charges, but here are the typical fees you will encounter when purchasing a property in Turkey;

Transfer Tax

Investment Tax

Agent Fee

Notary Fee

Valuation Fee

Legal Translator Fee

DASK Insurance (Earthquake)

Water & Electric Registration

Finance & Mortgages

Foreign buyers typically purchase property in Turkey with cash. The source of cash can come from a variety of places; savings, inheritance, pension or re-mortgaging their UK property. Regardless of the source, it is very important to make sure the funds are readily available as the purchase can be completed in a few days or weeks and therefore having the cash locked in bonds or accounts that need notice to release can cause delays if not aborted sales.

Thankfully, in 2007 Turkish banks started offering mortgages to foreigners which opened up the opportunity to purchase a holiday home to more people. Generally speaking, the banks loan 50% to 65% of the purchase priced £100,000 or more. Although this opens up more opportunities, you will still need a large deposit of 35% to 50%.

General mortgage terms in Turkey are for full repayment and interest monthly on a 15 year contract. With interest rates being a lot higher than the UK it is often cheaper/easier/quicker to look for other ways to raise finance from the UK (for example, remortgaging a UK property to release equity). If you wanted to discuss your options with our overseas mortgage broker you can contact us here; office@hardingmortgages.com

Inheritance

Typically, wills are not made in Turkey due to Spouses and blood relatives automatically being entitled to any assets. For non-nationals wills made in your home country for assets in Turkey can only override the inheritance laws if a judge approves it. Therefore we highly recommend you have a will organised in Turkey as a foreign investor so it will be straight forward to pass your assets to your beneficiaries.

Something that entices foreign buyers to Turkey is that there are no inheritance taxes!

Rental Income

The amount of tax paid varies depending on the level of revenue generated, but starts at roughly 15%. You will need a tax number (we can assist in getting this for you).

Tax Returns are usually due in March every year with deductible expenses allowed.

Frequently Asked Questions

Are there any restrictions on non-nationals?

Most EU Countries, USA, Canada and other counties in Asia, Latin America and Africa can freely purchase a property in Turkey.

Foreign Nationals are restricted on purchasing properties within municipal areas with less than 2,000 registered inhabitants or within military zones.

Foreign Nationals are allowed to purchase a maximum of 30 hectares / 74 acres. Any greater requires a permit.

How much deposit is required?

A deposit between 10% to 30% is required to secure a property.

How much does it cost to purchase a property in Turkey?

As a general rule of thumb, you should keep aside 6-9% to cover all fees and charges.

Can more than one name be on the title deed?

Yes, you can have as many names as you wish on the title deed. Just note that everyone wanting to be on the title deed will need to present their passports, full names and addresses.

How long does it take to buy a property in Turkey?

The average purchase/sale in Turkey takes 1-2 months. However it can be done in a matter of days/weeks.

Can I purchase more than one property in Turkey?

Yes, you can purchase as many properties as you like!

Do I need a solicitor/attorney?

Having a solicitor to do the conveyancing is not a legal requirement, and because it’s such a simple process the estate agent will typically carry out all the registration duties on your behalf. Notarisation of all property sales to foreign nationals by a government-authorised interpreter is, however, a legal requirement.

Will the Turkish Government have a share and/or % in my property?

No! The Turkish Government have no share, stake or claim over your property. You own the property 100% freehold with title deeds.

Will the Turkish Government take my property in the event of my death?

No! The rules follow UK Law in that your spouse and/or children inherit the property or otherwise specified in your will

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