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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.
|
| 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.
|
| 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.
|
| Can
a foreign national work in Turkey? |
| Yes,
providing the relevant permissions is
obtained.
|
| 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.
|
| 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.
|
| 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.
|
| 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.
|
| 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.
|
| 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.
|
| 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.
|
| 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.
|
| courtesy
of our friends at
http://www.turkishhomes4sale.com |
