Buying FAQ
Investing in Property
Property ownership laws for foreigners changed in 2001 in Turkey. You can buy
your own Turkish property in most tourist areas now including some villages.
Prices are still competitive, especially in areas such as Altinkum, for example
Altinkum Apartments close to the beach sell for £30-35.000, and very good
value for money, and in some areas they compare to those in Spain in the late
80's. As people are finding it more exensive to buy property in the UK, they
are turning to buying property overseas as an investment. Prices have increased
by approx. 20-30% annually during the past 3 years making Turkey an ideal place
to buy a holiday home. In addition Turkey hopes to become a full member of the
EEC by 2010; this makes Turkey an attractive place to buy a home. Therefore
you can enjoy the benefits of holiday home ownership coupled with the advantage
of earning a good return investment.
Information about the Purchase Process
Foreigners can buy property in their own name in many areas of Turkey within
the local council 'Belediye'. The process takes approximately 3-4 months, followed
by a check on the property before the title deeds are authorised. The majority
of properties are bought under Freehold basis. Only a small percentage of property
in Turkey is sold on a leasehold basis, for example commercial properties in
major cities.
A lawyer will represent your interests throughout the whole purchase of your property. A certified qualified Translator will be employed to ensure you fully understand the process and give you peace of mind. A contract will be drawn up between the seller and the buyer; a copy of which is translated into English for you, which is thoroughly checked by both parties before signing. It is possible to purchase property without using a lawyer, via the Land Registry Office. However Aegean Quality Homes only sell property in conjunction with a lawyer. This gives both parties peace of mind that the legal process has been followed correctly.
When buying new properties, the Government applies a 10 year building guarantee called 'Yapi Denetim'. If you are buying a resale property, it is possible to organise a property survey by a Qualified Surveyor.
Costs
As a guide Lawyer's fees will cost approximately £200-450. The price is
based dependent on other factors such as region. We provide our customers with
details of other payments you will need to make.
When you have found your ideal property you will need to pay a deposit of 10% of the purchase price to secure the property and proceed with the sale. There are several taxes in Turkey and the first one you will pay is the Buyer's tax. You should expect to pay 1.5% tax of the total amount recorded on the actual Deeds. The seller pays 1.5% tax. However when buying a resale property it is normal for the buyer to pay the full 3% property tax. For new properties a fee of approx. 600 lira is applicable for the Title Deeds. This fee was introduced by local councils late 2005. A community tax is payable twice a year - this is similar to Council Tax and is only 0.1% of the value of the property. This is for local services and maintenance. However this amount is very small compared to other countries. There is a charge for the drawing up of plans of the area to the Belediye. If you purchase a property in a complex you will pay an annual charge for the up-keep of the complex for the swimming pool, gardens and security etc. You will pay 0.1% tax based on the value of your home each year to the Government. Please note that as we are an independent Estate Agent, and not linked to any developer or property owner, our real estate fee for Buyers is 3% of the value of the property. This is payable within 2 weeks of the contract to purchase being drawn up or at a mutually agreeable date.
If you have more specific questions, please use our contact form
