Turkish Real Estate - Buying in Turkey
Buying Property in Turkey
Traditionally many people have bought property mainly in European - Mediterranean countries such as Spain, France, Italy, Portugal and Cyprus as well as famous US destinations like Florida. However, these places have recently become extremely expensive and saturated. Nowadays, the UK, Irish and European citizens have been seeking other alternative overseas destinations with a fresh property market, at the least turn some yeild on investment.
If you, as a foreigner citizen, prefer buying a property at a very reasonable price which you can use yourself for regular holidays and that you can also rent out to get some income in a country where the summer is nice and long, stretching from March to November, and there are many tourism attractions, then Turkey is the most appropriate destination for you.
Buying property in Turkey has become so uncomplicated and easy that in 2005 almost 50,000 foreigners already owned a villa or a second home here. Interest of foreigners buying a golf or holiday property holds strong for the 2007 season, while real estate is mainly purchased for either investment or residential purposes. There are very quiet, environmentally very clean, secure and cheap places for old people to live whereas there are very good job and business opportunities for qualified people who would like to work or to establish their own enterprise in Turkey.
Learn more about the beaches, towns, activities, history, restaurants and shopping available in the most popular holiday property regions of Antalya, and discover your favorite property place under the sun!
Buying Property in Turkey
1.Who can buy Turkish property?
2.Where can you buy property?
3.What property can you buy?
4.How to buy property in Turkey?
1. Who Can Buy Property in Turkey?
According to the law on 'property purchase by foreigners in Turkey' enacted on January 7, 2006, foreign nationals (real persons) are able to acquire real estate in Turkey on the conditions of being reciprocal and complying with legal restrictions.
In implementation of the reciprocity principle, it is essential that real estate acquisition rights given by a foreign country to its own citizens and to commercial companies established in foreign countries according to the laws of these countries are also given to the citizens and commercial companies of the Republic of Turkey.
There is a reciprocity between the United Kingdom, Ireland, Germany, Holland, Denmark, Sweden, Norway, Finland, France and 100 more other countries and the Republic of Turkey regarding real estate acquisition. Furthermore both Turkish Citizens and foreign owners have equal property-ownership rights.
2. Where can you Buy Property in Turkey
A recent change in Turkish legislation (19 July 2003) now permits foreigners and foreign commercial companies to buy a property outside the boundaries of a municipality, i.e. council district (Belediye) and within a village or rural area, however foreign nationals and are not allowed to buy property in historical, mining, energy, strategic military and security zones of Turkey.
3. what Property can you Buy in Turkey
In general, properties in Turkey are Freehold type and not Leasehold. Property prices have steadily been increasing. Real Estate in Turkey can be found from €30.000 up to a couple of hundred thousand Euros. The property price basically depends on the location of the property, the quality of the materials used during the construction phase, architectural features of the property, ease of transportation, economic activities in the region, and availability of services and amenities nearby.
There is a wide range of options such as detached, semi-detached and terraced houses, purpose-built apartments, cottages and luxury villas. Quality residential buildings are available everywhere in Turkey.
In real terms foreigners can only own up to a maximum of 2.5 hectares (25,000 m2) of land and property. Upon application the Council of Ministers may use its discretion to increase this threshold to a maximum of 30 hectares (300,000m2) providing this figure does not exceed a total of 0.5% of the land area of the province in question.
4. How To Buy Property in Turkey
The majority of property purchases in Turkey are made through a real estate agent.
we promote a quality portfolio of excellent properties available for investment. We are not lawyers, nor do we intend to be, and as such we recommend to all our clients that they instruct a lawyer who can give qualified legal advice and conduct the property purchase on their behalf. We only offer advice on lawyers whose services have been recommended to us via prior clients, while our mission is to sell properties with professionalism and offer an individual, personal service to all our clients. Below is a breakdown of what is involved:
4.1 Reservation Deposit
A reservation deposit of 3-5% is taken, when a specific plot or property is reserved. This takes the property off the market and freezes the price of the property.
4.2 Appointing a Solicitor or Lawyer
The best way of appointing a lawyer is to have one recommended to you. If this is not possible, we can recommend one to you.
4.3 Power of Attorney to your Lawyer
You can decide on how much power of attorney you would like to give to your lawyer. Some prefer to be in Turkey for the whole process, whereas others prefer their lawyer to complete all the transactions on their behalf. Power of attorney can be given for government office works, water and electricity hook-up, transfer of property ownership .
4.4 Property Ownership Transfer
Once the full amount of the property has been paid, the deed title transfer takes place at the Property Registry Office. Both the buyer (or lawyer of buyer with power of attorney) and the seller require to be present to sign over the deed new title in your name.
4.5 Property Buying Extra Costs
Say you buy a villa for € 100,000
Stamp Duty fee € 1,500
Conveyance fee € 3,000
Other Legal costs € 500
Total Cost € 105,000
A well written article. Plenty of valuable details, but not tooooo long. Good work!
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