Buying A Property in Turkey
Why buy a property in Turkey?
A land where two continents Europe and Asia meet, Turkey is a wonderful country surrounded by Agean, Black, Mediterranean and Marmara seas. Anatolia had been the cradle of the oldest civilisations and religions since the ancient times. Sun, lovely nature, beautiful coasts and warm hospitality makes Turkey attractive for all. Furthermore life is easy in Turkey. One of the few countries with the cheapest prices among OECD members, where you can still buy a cheap property.
Some of the facts and potentials that might affect the property market are:
- Turkey started full EU-membership negotiations in October 2005. In year 2006, more than 19 million tourists visited Turkey and this figure is expected to double within a few years.
- The new mortgage law and other relevant laws with regards to the regulation and supervision of the property market are enacted in 2007
- Housing supply in Turkey currently lags behind the demand
- Average age of houses in Turkey suggests that there is a strong need for new developments,
These facts suggest that house prices are highly likely to be rocketed within few years. Thus, there are big prospects for property and construction related businesses.In this regard, buying a property in Turkey can really lead to substantial amount of gains if an appropriate decision is made. Since property prices are steadily following an upward trend, there will be a significant difference between the acquisition cost and the money you will get when you sell it. Moreover, your property is likely to amortise its acquisition cost cost in 8-to-12 years if it is rented out properly.
Who can buy a property in Turkey?
According to the legislation on property purchase by foreigners in Turkey, enacted on January 7, 2006, foreign nationals(real persons) and foreign commercial companies which operate pursuant to the special laws such as the Tourism Encouragement Law, the Oil/Petroleum Law, the Industrial Zones Law etc. are able to acquire real estate in Turkey.
According to the legal framework both Turkish citizens and foreign owners have equal property-ownership rights.
Are you advised to hire a solicitor?
It is not compulsory to hire a solicitor. However, since there are lots of transactions for buying a property and some steps are very important, a careful consumer will consult a solicitor who can provide legal and financial advice about all issues including a power of attorney. Typical costs are around €1,000. If you want to appoint someone to deal with the title deed transfer typical notary fees are around €200.
What are the taxes and fees?
- Property transfer tax: 1.5% of the properties value.
- Land Registry Expenses: Land Registry Office might want to investigate the plot if it is not in a planned area or if it is not shown on any map. Or in certain cases (we suggest in most of the cases) you might want to translate the documents you sign. These expenses cost a sum of nearly €150
- Insurance: Earthquake insurance is mandatory and nearly €40. Full insurance is around €100.
Are you a real estate agent?
No, we are not an estate agent. We are a leading construction firm based in Antalya. You will be buying directly from the developer without any hidden agency fees. The prices you see at our plans section are the final key-ready prices of our properties excluding the taxes and duties mentioned above.
Please note that purchases or contracts made via sources other than this website, like real estate agencies, may be subject to 3% fee or more.
What are the payment terms?
We ask for 25% deposit upon signing the contract and the rest when you see your name on the title deed (tapu). Mortgage available for the remaining %75. We are aware of the fact that buying in a foreign country can be mind-boggling, so we try to keep everything simple for you in order to accomplish a smooth transaction. We have a good reputation in the construction business and being trustworthy is the foundation of our success. Please contact us if you have any questions about the buying procedure.
Can I reserve a property?
You can reserve a property which you plan to purchase for one month at a cost of €1000. During this period the Purchase Agreement must be signed.
Do you organize inspection trips?
We do not organize inspection trips, but if you plan to come to Belek, you can contact us and we will do the best as we can in the name of Turkish hospitality. You may check before, the web site of Belek Tourism Investors Association for a list of hotels and resorts. Surely we will fetch you and bring to the construction site when you arrive.