The easy guide to buying property in Turkey
There’s no reason buying a property in Turkey should be any harder than in the UK, US or any other developed real estate market. With Spot Blue to guide you, you will benefit from our extensive experience in the overseas real estate market. We have put together 10 steps to help you achieve a good end result…
The 10 Commandments…!
- 1. Research the market in depth. It sounds obvious but you can always find estate agents claiming that what they are offering is the best quality and the areas they suggest are the ones that most suit your needs. Remember that majority of these agents only offer a handful of properties in a few areas of Turkey so they may not be as independent and objective as they say. So it is important that you take time to do your own research.
- 2. Compare offers from a variety of property agents and developers. Longevity is always a good sign of credibility and reputation in today’s competitive market so check how long they have been trading.
- 3. Build a rapport with your agent. Be clear about what you are looking for and make sure they tailor their search for you as opposed to try to sell you something ‘off the shelf’. Your needs are different to the next client.
- 4. Go to Turkey! When your agent has found a handful of properties which meet your requirements, go out there and have a look. Never purchase without seeing what you’re buying – you wouldn’t buy a car without a test drive! Do not fall for your agent telling you you’ll miss out on a great deal unless you purchase now – if the right one is there for you, you will find it. Allow four days so that you have one day for paperwork in case you DO find a property you want to buy.
- 5. See as many properties in Turkey as you can during your trip and use the expertise of your property consultant in Turkey. We are assuming here that you are not being serviced by a third party agent in Turkey and that your agent has their own office and personnel in Turkey.
- 6. Reserve your property in Turkey – negotiate best terms and price with the help of your consultant once you have decided which property to buy. This is what you pay their buyer fee for – to negotiate on your behalf. They will sort out the reservation fees which are refundable and usually around £1,000 – do remember to obtain a receipt.
- 7. Power of Attorney – once the reservation has been completed, you will need to appoint a solicitor and grant them power of attorney so that he/she can draft and sign the purchase contract on your behalf and with your approval.
- 8. The Turkish property purchase process takes around three to four weeks to complete from the signing of contracts. During this period, your solicitor will run the necessary title and municipality checks to confirm that there are no restrictions on the property so that a clean title can be registered in your name. The solicitor will also apply for the necessary clearances which allow foreign nationals to register title deeds in Turkey.
- 9. Obtain your Turkey property title deed (TAPU in Turkish). Once all the paperwork has been finalised and contractual obligations fulfilled, your new Turkish property will be registered in your name. You will then have title deeds to your property. 99% of all properties of Turkey come with freehold title deeds.
- 10. Enjoy your property!