| We've
been asked many questions regarding property
buying in Turkey.
Is
it safe to buy?
Is my money safe?
Who can we buy from?
These
are the main concerns, who can blame people
from thinking they are about to lose money and
in some cases life savings. The main rules
regarding buying in Turkey are pretty
straightforward for instance would you buy a
property from a waiter in your local bar, so
why do people do it abroad, DON'T DO IT.
So
who can buy in Turkey and what can they buy.
Foreigners
may purchase land and property in Turkey under
their own names. There are some areas where
foreigners are not allowed to buy, to avoid
raising property prices to levels Turkish
people cannot afford - a precaution we think
is very sensible. (The regulations for
ownership are outlined in the 'Turkish Civil
Code', for a foreign person purchasing a
property.
Buying
property in Turkiye,
Regarding solicitors and lawyers, it is quite
simply essential that you appoint an
independent local solicitor who speaks English
to represent you.
There are many checks and searches that need
to be conducted on the title of a property
etc., and these must be done by a professional
solicitor otherwise you run the risk of
encountering problems either with the purchase
or later resale of the property. It's
unlikely you'd buy a house in your home
country without seeking the assistance of a
solicitor so don't be tempted to proceed in
Turkiye without a solicitor, On top of the
purchase price, are there any extra taxes or
fees payable?
Yes, There are some extra costs.
A 3% of the property value tax. This is a once
off payment and it is due for payment once the
(deed)TAPU is received.
The solicitor's fee.
Prices start from about £300 and will vary
depending on which solicitor you choose. and
the area you decide to buy in,
A 3% agency fee that covers all agents
commision and charges. This is usually payable
at the time that the contract is made,
together with the initial deposit payment on
the property but may be able to be negotiated
in certain circumstances.
Property
Insurance
It is compulsory to have earthquake insurance
The cost of earthquake insurance (DASK)
works out at 1YTL per sq meter for you
house/apartment + 3YTL.,So a 75 sq mt house is
78YTL.
You are advised to get full home and contents
insurance cover as soon possible after buying.
Or once the property is registered in your
name. (the cost of this varies depending on
the value of the property, it's contents for
the number of months it will be occupied.)
Approximately £150
Turkish Home/ property insurance is available
in the UK as well as Turkiye,
You are advised also to get the water and
electricity into your name so the bills will
come directly to your house.
Maintenance charges - these apply to
properties that share communal facilities and
can vary from as little as £80 - £500
annually
Note,
Certain restrictions apply relating to the
areas in which foreign buyers can purchase
land or property and a simple guideline is
that if a property is close to Turkish
military land or bases permission will be
denied. The owners of all new build
developments targeting overseas buyers can
usually provide proof that apartments and
villas for sale qualify for sale to foreign
buyers and if in doubt make sure your
solicitor checks out any property you're
interested in before you sign a contract to
buy.
This is to provide basic information about
buying property in Turkiye.
The information in this post is of a general
nature and does not constitute legal advice,
You can also see relevant issues regarding
Buying property in Turkiye, here,
www.turkisheconomy.org.uk/buyingproperty/property.html
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