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Property
in Turkey - FAQs
- Will
the property in Turkey be freehold? All the
properties we sell in Turkey are freehold, which
will be verified by a solicitor. The buyers should
be aware that a large amount of properties in
Southern Turkey are sold without Title Deeds, as
they were built without planning permission. Also,
there are different types of Title deeds in Turkey
the foreign buyer should be aware of, especially
when he buys from a small developer or re-sale
property in particular. Do not let the above put you
off from buying a property in Turkey! We carefully
select our developments and the construction
companies we work with. We also recommend to always
using a solicitor when buying property in Turkey! We
can recommend several UK based solicitors who
specialise in this specific area.
- What
are the restrictions for foreigners buying a
property in Turkey? There are areas in
Turkey where a foreign national cannot buy a
property, especially if it is near the military
zones or in the rural areas. A good solicitor would
be able to advise you on this issue. All our off
plan or brand new developments are suitable for
foreign purchases, as most of our buyers are
British.
- What
are the additional costs of buying a property in
Turkey? The buyer will be paying for legal
fees, including solicitor's fees which are variable;
wealth tax (depending upon the area), stamp duty and
purchase tax of 3%, half of is normally paid by the
Turkish property developer, but varies. The latter
amount is based on the title deeds. Furnishing of
the new property up to a high show room standard
would be in the region of £5,000 to £10,000, but
can be done significantly cheaper if you buy goods
on the market
- What
are the costs of living in Turkey? The cost
of living in Turkey is significantly cheaper
compared to UK and other Western European countries.
Your bills would be at least 50% cheaper than in UK.
The annual ongoing taxes would be approximately 0.3%
for land and 0.1% for property, depending upon the
location of your property in Turkey. It is
significantly higher in inner city areas. The
solicitor involved in the purchase process would be
able to verify this for you.
- What
are the standard of healthcare and its costs? The
standard is quite high, although all foreigners have
to pay for their medical treatment. Reciprocal
private health cover is available from the UK, which
will be accepted in the private hospitals. Enquire
about this before you receive the treatment.
- Can
a foreign national work in Turkey? Yes,
providing the relevant permissions is obtained. We
do not assist with finding employment in Turkey;
therefore e-mails related to this issue will not be
answered.
- What
are the standards of education in Turkey?
The standards are high as well as a wide choice of
schools and colleges are on offer - both private and
statutory free schools. International schools are
private. There is a wide choice of universities in
Turkey. Our colleges on the ground would be able to
answer your questions relating to the nearest
schools during your viewing trip to Turkey.
- Are
there any restrictions to repatriate income or
proceeds out of Turkey? No, you can take
the proceeds of the property sale or rental income
out of the country without a problem. Restrictions
apply to the commercial property.
- What
are the advantages of buying an off-plan property in
Turkey? The off-plan or a newly built
property in Turkey from a reputable developer comes
with guarantees. In the recent years the standards
of the construction in Turkey have improved
dramatically and the property will be given quality
assurance. You will not require a surveyor, but they
are a must when you consider buying a pre-owned
property in Turkey. The property normally goes up in
value during the period of construction. You would
have good capital growth by investing in a newly
built property in Turkey. The prices in
Mediterranean Turkey have gone up by nearly 50% in
the past two years.
- How
long does the whole process of buying a property in
Turkey take? As a general rule, the whole
process takes not more than 2-3 months. By Turkish
law you would be required to be present at the
Registry (Tapu) on exchange of the Title Deeds.
Alternatively, you can issue your solicitor with a
Power of Attorney and he will do it on your behalf.
- What
is the buying process in Turkey? Normally a
reservation fee is left with the estate agent to
take the property in Turkey off the market, whilst
the solicitor is checking the Title Deeds. At this
stage the contract is drawn between he seller and
the purchaser, which determines the payment terms,
the date of completion and terms and conditions of
sale. When the solicitor is satisfied with the
documents produced and is checked, both parties sign
the contract and the deposit is paid. You would also
need to apply for the permission to buy from the
government and several security checks will be done.
This is normally done by a developer or a solicitor.
It is a pure formality. The rest is done a by a
solicitor.
- What
documents are required to purchase a property
Turkey? Passports of the buyers will be
required, which will be translated and its
translated copy will be notarised in the Notary
public. The translated copy will be checked by the
army to ensure that the buyer has not got a criminal
record or was not involved in activities against
Turkey.
- What
are the costs of buying a property Turkey?
- The
main costs of buying a property in Turkey are:
- Estate
agency commission charged to the buyer is 3%.
- 3%
of the purchase tax (similar tax to UK stamp duty)
- Land
registration costs (approximately £120)
- Annual
property taxes at the rate of 0.1% and 3% for land
developments.
- New
properties or when buying a property off-plan in
Turkey are exempt from annual property tax for 5
years following their construction
- There
are also administrative costs that depend upon the
complexity of the buyers requirements. Solicitor's
fees vary in different parts of Turkey.
- As
a rule, the costs of buying a property in Turkey
should amount to about 10% of the purchase price;
however they will be lower on newly built property
as it is exempt from the Stamp duty.
- What
are the most popular locations for buying a property
Turkey? The most popular locations to buy a
property in Turkey are concentrated around the
costal areas, just like in Spain. Properties for
sale in Cesme, Bodrum and Kusadasi are very popular
due to their proximity to Adnan Menderes and Bodrum
Airports. Mediterranean areas of Turkey - Fethiye,
Kalkan and Kas are the most popular on the West
coast. Property in Fethiye area is less expensive
than Kalkan. In the south of Turkey Alanya is
another hotspot for property buyers.
- What
taxes are payable if you decide to sell your
property in Turkey at a later date? Property
sales are not subject to any VAT. When it comes to
selling your Turkish property, there is a transfer
tax of 3%. It is based on the declared value of the
property in Turkey. Unusually it is significantly
lower than the actual sales price. In practice the
sales tax is shared between the buyer and seller,
but it is up to both parties to agree on that.
- What
is Tapu? A Tapu is a Title Deed for a
property in Turkey. It is possible to apply for the
deeds with the copies of passports, although there
is now a time limit concerning retrieving them. It
is advisable to issue your solicitor with a power of
attorney, so he can collect them at any time. The
power of attorney is easier to arrange when you are
in Turkey.
- Includes turkish furniture packs Furnishing of the new property up to a high show room standard would be in the region of £5,000 to £10,000, but can be done significantly cheaper if you buy a furniture pack from www.turkishfurniturepacks.com
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