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Listed
below are the main questions asked
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| Will
the property in Turkey be freehold? |
| All
the properties on sale by our agents are
freehold, which will be verified by a
solicitor.
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| What
are the restrictions for foreigners buying
a property in Turkey? |
| There
are areas in Turkey where a foreign
national cannot buy a property, especially
if it is near the military zones or in the
rural areas. A good solicitor would be
able to advise you on this issue. All our
off plan or brand new developments are
suitable for foreign purchases, as most of
our buyers are British.
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| What
are the additional costs of buying a
property in Turkey? |
| The
buyer will be paying for legal fees,
including solicitor's fees which are
variable; wealth tax (depending upon the
area), stamp duty and purchase tax of 3%,
half of is normally paid by the Turkish
property developer, but varies. The latter
amount is based on the title deeds.
Furnishing of the new property up to a
high show room standard would be in the
region of £5,000 to £10,000, but can be
done significantly cheaper if you buy
goods on the market
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| What
are the costs of living in Turkey? |
| The
cost of living in Turkey is significantly
cheaper compared to UK and other Western
European countries. Your bills would be at
least 50% cheaper than in UK. The annual
ongoing taxes would be approximately 0.3%
for land and 0.1% for property, depending
upon the location of your property in
Turkey. It is significantly higher in
inner city areas. The solicitor involved
in the purchase process would be able to
verify this for you.
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| What
are the standard of healthcare and its
costs? |
| The
standard is quite high, although all
foreigners have to pay for their medical
treatment. Reciprocal private health cover
is available from the UK, which will be
accepted in the private hospitals. Enquire
about this before you receive the
treatment.
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| Can
a foreign national work in Turkey? |
| Yes,
providing the relevant permissions is
obtained.
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| What
are the standards of education in Turkey? |
| The
standards are high as well as a wide
choice of schools and colleges are on
offer - both private and statutory free
schools. International schools are
private. There is a wide choice of
universities in Turkey. Our colleges on
the ground would be able to answer your
questions relating to the nearest schools
during your viewing trip to Turkey.
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| Are
there any restrictions to repatriate
income or proceeds out of Turkey? |
| No,
you can take the proceeds of the property
sale or rental income out of the country
without a problem. Restrictions apply to
the commercial property.
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| What
are the advantages of buying an off-plan
property in Turkey? |
| The
off-plan or a newly built property in
Turkey from a reputable developer comes
with guarantees. In the recent years the
standards of the construction in Turkey
have improved dramatically and the
property will be given quality assurance.
You will not require a surveyor, but they
are a must when you consider buying a
pre-owned property in Turkey. The property
normally goes up in value during the
period of construction. You would have
good capital growth by investing in a
newly built property in Turkey. The prices
in Mediterranean Turkey have gone up by
nearly 50% in the past two years.
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| How
long does the whole process of buying a
property in Turkey take? |
| As
a general rule, the whole process takes
not more than 2-3 months. By Turkish law
you would be required to be present at the
Registry (Tapu) on exchange of the Title
Deeds. Alternatively, you can issue your
solicitor with a Power of Attorney and he
will do it on your behalf.
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| What
is the buying process in Turkey? |
| Normally
a reservation fee is left with the estate
agent to take the property in Turkey off
the market, whilst the solicitor is
checking the Title Deeds. At this stage
the contract is drawn between he seller
and the purchaser, which determines the
payment terms, the date of completion and
terms and conditions of sale. When the
solicitor is satisfied with the documents
produced and is checked, both parties sign
the contract and the deposit is paid. You
would also need to apply for the
permission to buy from the government and
several security checks will be done. This
is normally done by a developer or a
solicitor. It is a pure formality. The
rest is done a by a solicitor.
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| What
documents are required to purchase a
property Turkey? |
| Passports
of the buyers will be required, which will
be translated and its translated copy will
be notarised in the Notary public. The
translated copy will be checked by the
army to ensure that the buyer has not got
a criminal record or was not involved in
activities against Turkey.
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| What
are the costs of buying a property Turkey? |
- The
main costs of buying a property in
Turkey are:
- Estate
agency commission charged to the buyer
is 3%.
- 3%
of the purchase tax (similar tax to UK
stamp duty)
- Land
registration costs (approximately £120)
- Annual
property taxes at the rate of 0.1% and
3% for land developments.
- New
properties or when buying a property
off-plan in Turkey are exempt from
annual property tax for 5 years
following their construction
- There
are also administrative costs that
depend upon the complexity of the
buyers requirements. Solicitor's fees
vary in different parts of Turkey.
- As
a rule, the costs of buying a property
in Turkey should amount to about 10%
of the purchase price; however they
will be lower on newly built property
as it is exempt from the Stamp duty.
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| What
are the most popular locations for buying
a property Turkey? |
- The
most popular locations to buy a
property in Turkey are concentrated
around the costal areas, just like in
Spain. Properties for sale in Cesme,
Bodrum and Kusadasi are very popular
due to their proximity to Adnan
Menderes and Bodrum Airports.
Mediterranean areas of Turkey -
Fethiye, Kalkan and Kas are the most
popular on the West coast. Property in
Fethiye area is less expensive than
Kalkan. In the south of Turkey Alanya
is another hotspot for property
buyers.
- What
taxes are payable if you decide to
sell your property in Turkey at a
later date?
Property sales are not subject to any
VAT. When it comes to selling your
Turkish property, there is a transfer
tax of 3%. It is based on the declared
value of the property in Turkey.
Unusually it is significantly lower
than the actual sales price. In
practice the sales tax is shared
between the buyer and seller, but it
is up to both parties to agree on
that.
- What
is Tapu?
A Tapu is a Title Deed for a property
in Turkey. It is possible to apply for
the deeds with the copies of
passports, although there is now a
time limit concerning retrieving them.
It is advisable to issue your
solicitor with a power of attorney, so
he can collect them at any time. The
power of attorney is easier to arrange
when you are in Turkey.
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| courtesy
of our friends at
http://www.turkishhomes4sale.com |
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