The cost of owning real estate in Turkey is far more affordable than in most European countries. Turkey is a vast country with an immense option of available land. Compared to other popular tourist destinations, rates are still very fair.
On the other side, there are many homes on the market designed by world-renowned designers and architects and situated in luxurious environments. There are still costs associated with purchasing property, regardless of your budget.
Do I need a lawyer?
While it is not required by statute, we recommend using a lawyer when buying a real estate in Turkey. On the British Consulate website, you can find highly qualified Turkish solicitors. The expense of a lawyer would be about £1,000, but it may be the best money you’ve ever spent.
Finding a property to buy
It is recommend that you appoint a lawyer after finding your dream home, who will go through all the related legal documents, the TAPU (title deeds) and Iskan (habitation license). A holding deposit, which varies depending on the region and the seller, usually is £ 1,000 to £ 2,000, is generally required. You will need to pay a total 10 to 30% deposit on a fixed date, and you will need to get a tax number for this and open a bank account.
Once you have found a property
Sellers accept the remainder of the asking price until the deeds, like Iskan, are ready to be released. At the deed issue period, taxes would also be payable. To complete the deal, the lawyer will draft a contract. Your application papers will be submitted for military clearance after all of the paperwork is signed. The deposit is made before the deeds can be released into the buyer’s name. There is no need to remain in Turkey; you can get a notary based in the UK to select a lawyer to sign on your behalf.
How long does the buying process take?
The buying process can take up to eight to twelve weeks, but after legislative reforms in 2013, this time can be significantly reduced. Sellers accept the remainder of the asking price until the deeds, like Iskan, are ready to be released. At the deed issue period, taxes would also be payable. To complete the deal, the lawyer will draft a contract. Due to recent reforms in land ownership rules, foreign buyers can now receive title deeds, also known as TAPU, more efficiently.
How to pay utility bills
Standing orders are the most common form of paying household bills in Turkey. The lifestyle is considerably more attractive because the cost of living is significantly lower than most European countries. It’s around a fifth of the United Kingdom prices.
Do I need a will in Turkey?
Your UK will is valid in Turkey, so you can update your will once you have completed on your Turkish house if you are a UK national. However, it may be advisable to make a Turkish will too.
Can I rent out my Turkish property?
A good variety of high street and web-based letting agencies are open. Turkey has decent rental yields and a high reputation as a tourist destination.
It would be free of capital gains if you keep your Turkish home for five years or more. There is a 15% sliding scale land capital gains tax owed on any property if you plan to sell within the first five years. You should review the date on the title deed to explain precisely when you acquired the land (TAPU). The amount you will need to pay will be determined by subtracting from the home’s sales value to the house’s original purchasing value. The amount of profit gained from the sale is subject to capital gains tax.
Healthcare in Turkey
The quality of private healthcare, frequently cheaper than in most of Europe, is very high in both hospitals and dentists in Turkey. Turkey’s public ambulance service can be called for emergencies by calling 112, and several hospitals provide private ambulance services in the major cities.