REAL ESTATE PROPERTY IN TURKEY BUYERS GUIDE
Turkey has become incredibly popular with both holiday homeowners and expats over the years. Not only does the country have a rich, ancient and interesting history with an impressive and attractive cultural heritage, but property investors are attracted by the beautiful weather, stunning coastlines, colorful waters and unspoilt locations. Particularly popular locations include Antalya, Bodrum and Fethiye, areas offering modern and state of the art apartments and villas. It is also much easier to buy a home in Turkey than it is in many other European countries, with its fast turnaround being an attractive prospect to investors all over the world.
Where can I Buy a Property in Turkey
Foreigners may purchase land and property in Turkey in their own names provided that properties are located in towns, not in villages or rural areas. The property purchased must be located within the boundaries of a municipality or borough. The land or home purchased must also be located outside of military zones.
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Property Purchase Procedure in Turkey
Find a Property
To begin with, you need to find a property that you want to buy. For international investors, Istanbul is a stand-out location, especially those from the Middle East. For our British buyers, buying a holiday home is a lifestyle choice and most tend to look at the country’s coastal areas on the Aegean or Mediterranean Seas. Executive Realty offers properties in all of the popular coastal resorts such as Fethiye, Dalyan, Kalkan, Antalya, Side and many more. Most people tend to buy a relatively modern property in Turkey and the quality of new-build homes has improved drastically in the past decade. Brand new apartments and villas are available with a more contemporary open plan style, some with beautiful outdoor areas and swimming pools. Whatever kind of property or location you are looking for, Executive Realty has something for everyone.
Contract Creation
Once you have found your dream holiday home, Executive Realty will draw up a contract with you detailing the agreed terms and conditions of the purchase. This will include the amount of your holding deposit, a date agreed where you will pay a full deposit and the final balance cost of the property. A legal translator appointed by government notary offices will be present for the duration of the process so that you fully understand everything.
Translation
The legal translator then takes the buyer’s passport(s) to the Notary for translation. This is necessary for security and property location checks. The translation takes a maximum of half an hour, after which the passport(s) will be returned to the buyer.
Tapu and Iskan Applications
Local office consultants from Executive Realty and the buyer will then take the contract to a local solicitor. Your solicitor is responsible for overseeing the applications for the TAPU (title deeds) and the Iskan (habitation licence) as well as dealing with contracts. The Iskan is a technical passport for your real estate which holds information about your property such as the number of floors and indoor infrastructure. The TAPU is an official document that shows property ownership. This document will include the owner’s photo and an official stamp and signature. It is vital that a TAPU is checked for authenticity by making sure that the name on the TAPU matches the sellers. Your solicitor will check all of this for you as well as making sure that the TAPU does not come with any debts and matches the property in question.
All parties will then sign the contract written up by Executive Realty, witnessed by the solicitor, the legal translator, and one other witness.
Initial Deposit
On completion of the contract, you will be required to leave a holding deposit to secure the property (Minimum holding deposit accepted is GBP 1,000 or equivalent) Properties at and a date will be set for you to pay a full deposit which is usually 1-2% of the purchase value of the property.
Pay Remaining Balance
As of August 2018, no more military application process required on foreign purchasing 16 provinces of Turkey from Fethiye, Bodrum to Antalya. Once all other paperwork is in place, you will pay the remaining balance on your property and your solicitor will sign over the deeds of the property.
In order to acquire the title of a property, an application has to be submitted to the local Land Registry Office in which the property is situated. After carrying out necessary searches and checks for the above-mentioned requirements, the transfer of the title is done by the Land Registry Office. In Turkey, it is legally compulsory for both sides (the seller and the buyer) to be present at the entry in the property register during the transaction, the proofs or the documents concerning the transfer of the full purchase price into Turkey must be presented to the Land Registry Office.
Pay Taxes and Other Charges
It is at the point of deed transfer that all taxes and charges will be paid. You will need to pay a buyer’s fee to Executive Realty which will be set at 3% of the value of the property. You will also need to pay the purchase tax (stamp duty) which amounts to 3% of the assessed value of your property. The assessed value is normally around 60% of the purchase price, so your purchase tax will be 3% of 60% of the value of your property. This tax goes to the local municipality (council).
Receive TAPU and Open a Bank Account
As a new property owner, once the purchase process is complete, you will receive your TAPU (title deed). You will need to register with the local tax office and open a Turkish bank account which is compulsory in order to register a property in Turkey. In order to open a Turkish Bank account as well as your original copy of your passport, you will also need to provide another form of identification with your home address in the country you are residing. This could be in the form of a driving license, any utility bill ( electricity, water, gas,etc ) or council tax bill. Once the bank account is opened, you will be given a dedicated tax number and you must register the fact that you now own the property with the local municipality.