Property Guide (Turkey)
Property Guide (Turkey)
The buying progress in Turkey is very simple and in some cases the title deeds can be obtained the same day!
Citizens of most EU countries, the United States, Canada and other countries in Asia, Latin America and Africa can freely purchase properties in Turkey.
Once you chose your property, arrange the finance, sets the contracts detailing terms and conditions as well as payment plans, paid a deposit to secure the property (typically 10-30%), then title deed transfer process can be done in a few days but we would advise a month for the entire process.
Having a solicitor to do the conveyancing is not a legal requirement, and typically the estate agent will carry out the registration duties on your behalf. Notarisation of all property sales to foreign nationals by a government-authorised interpreter is, however, a legal requirement.
As a general rule of thumb, you should keep aside 9% to cover all fees and charges, but here are the typical fees you will encounter when purchasing a property in Turkey;
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%.
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 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
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.
A deposit between 10% to 30% is required to secure a property.
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.
The average purchase/sale in Turkey takes 1-2 months. However it can be done in a matter of days/weeks.
Yes, you can purchase as many properties as you like!
No! The Turkish Government have no share, stake or claim over your property. You own the property 100% freehold
No! The rules follow UK Law in that your spouse and/or children inherit the property or otherwise specified in your will