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