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BUYING GUIDE FOR PROPERTY FOR SALE IN TURKEY

Buying property in Turkey for sale is not as complicated as you might imagine. The procedure is often far simpler than it is in most of the other European countries.

Foreigners may purchase land and property in Turkey under their own names provided that properties are not located close to a military airport, station etc.

After an agreed sale, in order to acquire the title of a property, an application has to be made to the local Land Registry Office. The title may be transferred once checks have been made to ensure the property meets all necessary requirements (see below). A lawyer/solictor is not needed in Turkey although it makes sense to consult one for your own piece of mind. Costs around £500.00.

During the transaction, the seller declares that he has recieved the full purchase price from the buyer.

This process can take a few weeks as the Land Registry office needs the official permit papers from the military administration .

A 1.5% duty both for the purchaser and seller must be paid. In addition, there is an annual property tax, collected by the local government at the rate of 0.1% for houses and 0.3% for developed lands.

New properties are exempt from 25% of the annual property tax for 5 years. All properties are subject to revaluation every year for tax purposes. The acquired property may be resold and the proceeds of the sale may be transferred out of Turkey. There is no time restriction for reselling property after having bought, you can get it registered in your name and resell it the next day.

Alternatively forewarn your home country bank that you will be opening a bank account in Turkey and requesting by fax a money transfer to this account.Transfers normally take 3-5 working days which is why it makes sense to open an account as you arrive. Travellers cheques can be used but can take a while to process and you will end up paying a hefty commission. It is also possible to use credit cards but once again can take a while to process, hefty commision and sometimes the transaction can be stopped by the credit card company because they suspect a fraud is taking place.Think about it and you can understand why.A very large withdrawal in a foreign country sets the alarm bells ringing. It is very easy to open a bank account in Turkey and if you need any help all our agents can help you.