Over the years, Turkey has become extremely popular among overseas buyers and ex-pats. Property investors are drawn to the country because of its fantastic weather, picturesque coastlines, colourful waterways, and unspoiled places, in addition to its rich, ancient, and fascinating history and outstanding and appealing cultural heritage.
Where can I purchase real estate in Turkey?
Foreigners can buy land and property in Turkey in their names as long as they are in cities rather than villages or rural areas. The property must be inside a municipality or borough’s boundaries. Purchased land or a residence must also be outside of military zones.
Procedure for purchasing a home
You must first locate a home that you wish to purchase. Istanbul is a standout destination for international investors, particularly those from the Middle East. Buying a second home in the UK is a lifestyle option for our British customers, and they like to look at the country’s coastal districts on the Aegean or Mediterranean Seas.
All of the popular seaside destinations, including Fethiye, Dalyan, Kalkan, Antalya and Side. In Turkey, most people choose to buy a relatively new home, and the quality of new construction has dramatically increased in the last decade. New apartments and villas with a more contemporary open plan style are available, some with lovely outside areas and swimming pools.
A contract will be drawn up
The agent will make a contract with you specifying the agreed-upon terms and conditions of the purchase once you’ve selected your desired vacation house. This will include the holding deposit, a date for paying the full warranty, and the property’s final balance cost. For the length of the process, a legal translator appointed by government notary offices will be there to ensure that you understand everything.
The Notary Office
The buyer’s passport(s) are then taken to the Notary for translation by the legal translator. Security and property location checks necessitate this. The translation will take no more than half an hour, following which the customer will receive the passport(s).
We advise you use a solicitor
The contract will be taken to a local solicitor. Your lawyer is in charge of managing the TAPU (title deeds) and Iskan (habitation license) applications, as well as handling contracts. The Iskan contains information such as the number of floors and indoor infrastructure. The TAPU is a legal document that proves who owns what. The owner’s portrait and an official stamp and signature will be included in this document. It is critical to verify the legitimacy of a TAPU by ensuring that the name on the TAPU matches the seller’s name. Your solicitor will double-check all of this for you, as well as ensuring that the TAPU is free of obligations and corresponds to the property in question. The solicitor, the legal translator, and one other witness will witness all parties signing the contract written by your agent.
Payment of the deposit
You will be needed to pay a holding deposit to secure the property (the minimum holding deposit acceptable is USD 2,000 or equivalent in Turkish Lira), and a date will be established for you to pay the full warranty, which is normally 1-2% of the property’s selling price.
Title Deeds (Tapu)
To get a property’s title, an application must be presented to the local Land Registry Office where the property is located. After conducting the appropriate searches and verification for the requirements mentioned above, the Land Registry Office transfers the title. In Turkey, it is mandatory for both parties (the seller and the buyer) to be present at the property register entry during the transaction. The Land Registry Office must give proof or documentation about the complete purchase price transfer into Turkey.
Payment of fees and taxes
All taxes and fees will be paid at the time of the deed transfer. You’ll also have to pay the purchase tax (stamp duty), which is equal to 4% of the property’s assessed value. The assessed value of a property is usually around 60% of the purchase price. Thus your purchase tax will be 4% of 60% of the property’s value. This tax is paid to the local government (council). If your agent requires a buying fee its currently 3%.
Receiving your Tapu
Once the buying procedure is completed, you will receive your TAPU as a new property owner (title deed). To register a property in Turkey, you must first register with the local tax office and open a Turkish bank account, which is required. You will need to produce another form of identification with your home address in the country you are resident in to create a Turkish Bank account, in addition to your original copy of your passport. This could be a driver’s license, a utility bill (electricity, water, gas, and so on), or a council tax bill. You’ll be issued a unique tax number once the bank account is opened, and you’ll need to notify the local government that you now own the property.