|
Listed
below are the main questions
asked
|
| Will
the property in Turkey be
freehold? |
| All
the properties on sale by our
agents are freehold, which will
be verified by a solicitor.
|
| 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
|
| 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 |
