| 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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