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Below are some brief points in purchasing property in Turkey.
Who can buy a real estates in Turkey: Citizens and
commercial corporate entities of the countries with which
reciprocity agreements have been signed and companies
established in line with Foreign Direct Investment Law No. 4875
in Turkey may purchase a real estate in Turkey on their own
names provided that the property is not located in military and
security zones.The acquired property may be resold or rented out
and the proceeds of the sale or the rental income may be
transferred out of Turkey freely.
Title Deeds: A title deed (Tapu in Turkish.) is an
official document which shows you have ownership rights over the
real estate. The owner's full name and photograph, and detailed
information on the asset appear on this document. The sale
procedure for foreigners is the same as Turkish citizens except
a search for the abovementioned military and security zones
restriction. Once a sale agreed with the owner, an application
has to be made to the local Land Registry Office. The Land
Registry Office then carries out a search for the abovementioned
restriction through correspondence with the military authorities
in the area. As soon as the search is completed, the Land
Registry Office then transfers the title and issues the new deed.
Each freehold property will have a property deed known as a tapu,
the name of the present owner is written on the tapu in addition
to a photograph and general information about the plot size,
plan number, district town and location.
A background check is made on
all foreign nationals buying in Turkey.Anyone with a criminal
record cannot buy property in Turkey. This process takes about
three months, and once approved the TAPU will be issued. A copy
of your passport is sent to the Ministry of Defense for
authorization which can take from 6 to 10 weeks. Once all the
checks on the property or land have been carried out and the
authorization has been returned from the Ministry of Defense the
title deeds will be changed into your name Land Registry: Both
buyer and seller can be present to enter new details in the
Registry book at the Land Registry Office.
Bank account: It is a good
idea to open a Turkish bank account for payment of bills. You
can open accounts in Banks in Turkey in your own name. All you
need to do this is just to have a tax number from a local tax
office, which takes only few minutes, and then to submit it and
a copy of your passport as well to a Bank branch you want to use.
Purchase Tax: Both purchaser
and seller are liable for a 1.5 per cent property transfer tax,
based on the declared price of the property. There is also a
municipal property tax, again, based on the declared value of
the property, at the rate of 0.1 per cent for residential
properties and 0.3 per cent for land annually. The newly built
residential properties are exempt from the municipal property
tax for the first five years. Council tax of approximately £100
per year is paid for rubbish collection etc.
Tax: Turkey has a double
taxation agreement with UK and Europe.
Types of properties: In
general, properties in Turkey are of Freehold type. There is a
wide range of options such as detached, semi-detached and
terraced houses, purpose-built flats, cottages and luxury villas.
Quality residential buildings are available everywhere in Turkey
.
Purchase related costs
Property Management
Buying process
