Purchasing a property abroad can be a daunting process. We aim to make it a stress-free and enjoyable transaction.
When buying or selling a property in Turkey it’s essential to understand any costs you may incur in the process. As a general rule of thumb, you should keep aside 6-9% to cover all fees and charges.
Foreign buyers (non Nationals of Turkey) typically have to purchase with cash. The source of cash can come from a variety of places, for example personal savings, inheritance, pension or releasing equity from existing assets. Regardless of the source, it is very important to make sure the funds are readily available as having the cash locked in bonds or accounts that need notice to release can cause delays, if not aborted sales.
Banks in Turkey can sometimes lend to non-nationals however lenders have extremely strict requirements in order to obtain a loan. Generally speaking the banks offer 40-60 LTV on purchases valued £100,000 or more. Although this opens up more opportunities, you will need a large deposit while mortgage terms are typically full repayment and interest for 15 year terms charging 8-9% interest.
We heavily advise our customers needing finance to explore options in your home country first, for example it will be quicker, easier and cheaper to remortgage your home in order to release equity and become a cash buyer.
If you wanted to speak with our mortgage broker please reach out to [email protected]
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!
The amount of tax paid varies depending on the level of revenue generated, but property rental income is taxed from 15%.
Note, we’re not accountants and therefore you would need to seek professional advice.
A deposit of 10-30% is required.
A general rule of thumb is 6-9% of the purchase price.
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