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Buying Property In Turkey - Rough Guide

Buying in Turkey is no more difficult than buying a property in the UK or any other EU country. Please find the breakdown of what is involved in buying a property in Turkey.

Reservation deposit

A reservation deposit is taken, normally £3000 or €4000. This takes the property off the market and freezes the price of the property.

Appointing an independent solicitor

The best way of appointing a solicitor is to have one recommended to you by a friend. If this is not possible, we will recommend you an independent English speaking independent solicitor had been used by our clients before.

Power of Attorney to your solicitor

You are free to decide how much power of attorney you would like to give to your solicitor. Some buyers prefer to be in here for the whole process, whereas others prefer their solicitor to complete all the transactions on their behalf. Power of attorney can be given for;

Transferring title deeds into your name

Signing the private purchase contract

Issuing a tax number

Opening a bank account

Water, electricity and phone connections

Power of attorney is given at the Turkish Notary Public. Passports are translated into Turkish and the power of attorney is prepared. The power of attorney is prepared in Turkish; there is always a sworn translator present to translate the power of attorney into English.

You are also able to send an apostilled POA from UK to be translated and used here.

Title deed and building license:

All the properties we sell are free hold.

All legal paper work is ready to submit to your independent solicitor

Private Purchase Contract (maximum 2 to 4 weeks reservation)

When all the legal paperwork is submitted to your solicitor the solicitor drafts a contract between the buyer and the vendor. The contract mentions all the details of the property; from delivery date to technical specifications, payment terms and any special adjustments to be made to the property.

This draft is prepared in both Turkish and English. Terms and conditions are agreed, the solicitor will than confirm approval for signing of the contract. 

Military approval by the Turkish government

The vendor/builder needs to send the details of the property purchase to the Turkish government military approval. This is to check that the property is not located in a restricted zone for military purposes.

Our proprieties are not in specific zones to be preserved such as lands which have strategic importance in terms of agriculture, energy, history, mining, cultural, flora and fauna and national security.

Transfer of Title deed /TAPU)

Once military approval has been granted and the last payment of full amount has been paid to the vendor, the title deed transfer takes place at the Property Registry Department. Both the buyer(or legal representative with power of attorney) and the vendor needs to be present for exchanging of signatures and title deeds to be placed on your name.  

Buying Costs and the Legal Process

Purchase tax is 4% of the registered value in town council.

Property tax is 0.01% of the counsel office value. Paid by vendor/builder at purchase

Water and electricity connection fees are approximately £100

Notary charges and passport translations cost is approximately £80

Solicitor fee varies between £750 to £1000 and 18% V.A.T

Agent’s commission is 3% of purchase price for re-sale properties and paid by the buyer, no agent’s fee is charged for brand new properties

Taxation

Capital gains tax rate on Turkish property can range between 15% to 35% of the profit made. However if you own the property more than 4 years you become exempt from capital gains tax liability.

Real estate annual tax (council tax)  – annual payment of 0.01% of the registered town council value of your property

 

 
Property Webmasters: Birdenbire.