Am I able to purchase property in all parts of the country?
Except military zones foreigners may purchase land and property in Turkey under their own names, and a recent change in Turkish legislation (i.e.in the article 35 / dated July 3, 2003) permits foreigners to buy a property outside the boundaries of a municipality, i.e. council district (Belediye) and within a village or rural area as well.
I would like to purchase a property in Turkey, where should I start?
We strongly advise you consult with a lawyer/solicitor, and if you purchase through Court Properties, we will keep you updated on the purchase process.
Why do I use a lawyer/solicitor?
A lawyer/solicitor will represent your interests throughout the entire purchase of your property. A contract is drawn up between the seller and the buyer, which is checked thoroughly by both parties before signing.
Are mortgages available?
There is no mortgage system in Turkey. Lenders from foreign countries will not offer a mortgage to secure against a Turkish property. Most buyers chose to provide funds by re-mortgaging their home or utilize funds from their investment portfolio.
If I purchase a property in Turkey, do I have to visit country several times during processing period?
If you purchase through Court Properties, we manage the sale for you. You would only need to come over to Turkey to view and decide which property to purchase and end of the process for title deeds exchange.
Do you use a qualified surveyor to give a reliable report on the Property?
All new properties, under control of Government system on building (Yapi Denetimi), all Court Properties build under control of qualified architects and guaranteed by Court Properties. For older resale property, buyer pays for property to be surveyed by qualified surveyors.
Do you arrange a programme, if I would like to view some properties?
Court Properties is able to provide both return transfers and accommodation at very good rates. When you book a flight, please contact us immediately and let us arrange the rest.
Is it a good investment opportunity to purchase a property in Turkey?
Potentially, purchase a property in Turkey is an excellent investment opportunity, because prices are still relatively low in Turkey. Also Turkey wants to join the European Union and negotiations will start on October 2005. When Turkey will join the European Union we anticipate that prices will rise.
Are lots of European people purchasing homes in Turkey?
Yes, in the last couple of years, many European people purchased property in Turkey. With the facilities brought by the new law on ownership of property for foreign nationality personalities, until today the following number of properties have been sold to European Countries citizens:
U.K. 2699
Germany 1791
Netherlands 562
Ireland 452
Greece 238
Denmark 195
Norway 178
Belgium 170
Austria 165
Sweden 63
Italy 54
Finland 22
source: www.tkgm.gov.tr
What are the advantages of buying property in Turkey instead of other countries like Spain or Greece?
At present, prices are generally quite lower than Europe and cost of living in Turkey is also significantly less, so that means your money tends to go much further in Turkey. Also many opt for Turkey because of the climate, friendly people and culture.
How long does it take to own the property?
The process of obtaining the title deeds takes approximately two-three months. A military check is also made for all foreign people before the title deeds are authorised.
Should furnish my property in Turkey?
Furniture is generally cheap, and can be custom made by local craftsmen if required. It is possible to buy in most towns at very competitive rates, with a wide range of goods. Electrical items are less expensive than in Europe; however, household goods are extremely cheap and can be purchased at the local markets. For non national residents it is possible to import household goods providing they hold a suitable residency permit.
What is inheritance situation of the property according to Turkish Law?
According to Turkish Law, the property goes to spouse and children. To make amendments on the title deeds would involve legal assistance.
Can I take my money back out of Turkey when I sell the property?
You are able to take money back out of Turkey. Via bank transfer is the preferred way, as this registers the money both arriving into and departing from the country. Change in Turkish legislation in August 1989 (Decree 32) Turkish Lira is convertible so proceeds of the sale of a property can be converted to whatever currency and subsequently transferred to any country you choose.
What are the resale costs of the property?
Freehold resale costs are around 5% of the property value (comprising sales tax, local documentation and legal fees). Property may be sold to Turkish, or foreign nationals without restriction.
What are the tax implications for property owners?
There are several taxes in Turkey, both purchaser and vendor is liable for a 1, 5 % property transfer tax, based on the declared price of the property. There is also a municipal property tax, at the rate of 0.1% of declared value of property annually. The newly built residential properties are exempt from the municipal property tax for the first five years. And the first that you would need to know about is the buyer’s property tax.
What are the extra costs of buying property in Turkey?
. 1,5% property purchase tax (only once)
. 1% lawyer fee (only once)
. € 60 registration of title deed on your name (only once)
. € 100 for Power of Attorney and contract translation (only once) . € 250 for Military Clearance.
. € 120 registration of electric and water meters
(Please note these prices quoted and may change due to updates made by the authorities)
Are there any charges for property in a complex?
For a property in a complex, the average annual charge for up-keep is € 250-350. The charge depends on the complex and any work that has been carried out.
Can I purchase more than one property?
Yes. Property deeds can also have more than one name on.
Will I have any citizenship rights or citizenship with purchasing a property in Turkey?
No, purchasing a property in Turkey does not give you any citizenship rights or citizenship.
Do I need residence permit to purchase a property in Turkey?
No, you do not need it to purchase but residency visa is only to be applied for should you wish to stay in the country for long periods of time
How will I get residence permit?
For a stay exceeding three months a Residence Permit is necessary. This involves formal application to the Turkish Consulate at the start. Later, renewals will be carried out by Police Authorities and Department for Foreigners in the city or town in which you would like to stay. Bodrum itself has both these offices, with the province capital offices being in Mušla. It is a legal requirement that all persons living in Turkey must register with the local registrar (muhtar), an official whose sole purpose is to maintain the register. It is strongly advised you do this and apply for a residence permit as soon as you are certain you will stay in Turkey for a period of time exceeding three months. Alternatively, if you leave the country before your visa expires; upon re-entry you can get a further three month visa. First time applicants may be granted up to two years resident permit. Thereafter, it may be renewed for five years. Resident permit applications will be processed and issued in one day.
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