In comparison to other European countries, the cost of owning a holiday home in Turkey is significantly lower. Turkey is a vast country with a lot of lands to choose from. Rates are also very reasonable as compared to other popular tourist destinations.
On the other hand, several homes on the market have been built by world-renowned designers and architects and are located in luxury settings. Regardless of the budget, there are costs associated with buying property or land. Read a guide for first time payment of your property taxes in Turkey to help you in the coming months.
Is it necessary for me to hire a lawyer?
We suggest hiring a lawyer when purchasing real estate in Turkey, even if it is not necessary by law. You can find highly trained Turkish solicitors on the British Consulate’s website. A lawyer will set you back about £1,000, but it may be the best money you’ve ever spent.
Locating a property to purchase
After you’ve found your dream home, you can hire a lawyer to go through all relevant legal papers, such as the TAPU (title deeds) and Iskan (habitation license). A holding deposit is typically expected, depending on the area and the seller but is usually between £1,000 and £2,000. You’ll need to pay a total deposit of 10 to 30% on a specific date, as well as obtain a tax number and open a bank account.
Once you’ve found a home, it’s time to make an offer
Sellers allow the remainder of the asking price before the deeds are ready to be released, as in Iskan. Taxes will be due during the deed issue era. The lawyer will draft a contract to seal the deal. Once you’ve signed all of the documents, your application will be sent to the military for approval. Before the deeds can be issued into the buyer’s name, the deposit must be paid. There is no need to stay in Turkey; a notary in the United Kingdom will choose a lawyer to sign on your behalf.
How long does it take to buy something?
The purchasing process can take up to eight to twelve weeks, but this period can be substantially reduced following legislative changes in 2013. Sellers allow the remainder of the asking price before the deeds are ready to be released, as in Iskan. Taxes will be due during the deed issue era. The lawyer will draft a contract to seal the deal. International buyers will now collect title deeds, also known as TAPU, more quickly due to recent land ownership reforms.
How do you pay your utility bills?
In Turkey, standing orders are the most common method of paying household bills. Since the cost of living is substantially lower than in most European countries, the lifestyle is much more appealing. It costs about a quarter of what it costs in the United Kingdom.
Is a will needed in Turkey?
If you are a UK national, your UK will is valid in Turkey, so you can update it once you have finished building your Turkish home. However, it may be prudent to prepare a Turkish will as well.
Is it possible for me to let out my Turkish property?
There is a range of high-street and online letting agencies available. Turkey has an excellent rental yield and is a popular tourist destination.
Capital gains on your property
If you keep your Turkish home for five years or longer, you won’t have to pay capital gains taxes. If you intend to sell within the first five years, you will pay a 15% sliding scale land capital gains fee. You can double-check the date on the title deed to make sure you know exactly when you bought the property (TAPU). The sum you’ll have to pay will be calculated by subtracting the sales price from the house’s original purchase price. Capital gains tax is applied to the benefit earned from the sale.
Turkey’s healthcare system
In both hospitals and dentists in Turkey, private healthcare is excellent, and it is often cheaper than in most of Europe. Several hospitals offer private ambulance services in Turkey’s major cities, and the public ambulance service can be reached by dialling 112 in an emergency.