Turkish Property Buying Guide

      A warm welcome to you from myvillaturkey.com sales team. Below you can find some information about buying a property in Turkey. Please click on the links below to reveal the answers.

·     Property in Turkey

·     Inheritance law

·     Will law

·     Real estate law in Turkey

·     Ownership law in Turkey

·     Purchase by foreigners law in Turkey

·     Sales law in Turkey

·     Sales by foreigners law in Turkey

·     Rental agreement law in Turkey

·     Building construction law in Turkey

·     Owner's liability law in Turkey

·     Title deed law in Turkey

·     Property law in Turkey

·     Possession law in Turkey

·     Ownership law in Turkey

·     Mortgage law in Turkey 

·     Power of Attorney in Turkey

     

      Many of you might have a lot of questions in your minds about purchasing a property in Turkey. We appreciate the fact that you are not familiar with the law, local rules and regulations and the difficulties of communicating with the local people due to the language barrier. To avoid all the difficulties we will assign you a professional sales representative to guide you throughout the purchase.They are happy to answer all your questions, leaving you absolutely nothing to worry about.

      Once we find you the property we will carry out inspections on the property at the local land registry office and other channels. If all is fine the military clearance process will start. Once we receive the all clear there is not much left other than signing the deeds (Tapu) on to your name.

      Which Property?

Property in Turkey

 

      Everyone has to make a big decision some time in their lives. Picking the right property for rental income gurantee, investment, retirement home or as a holiday property is important. We have a wide variety of choices. On our website you will see different types of properties for every single location. By browsing our portfolio you can start defining the prices, regions and popularity of each region and area.  When you choose and enquire about a property of your choice, we will start to complile a file containing properties matching your requirements including the property you picked and some other alternative options. After narrowing down your choices to the most suitable properties, we will arrange for you to view your selection.

 

      Inspection Trips

      When we receive all the relevant information we will contact our head office in Izmir. You will be assigned a sales executive who will guide you and answer all your questions. All these details will be confirmed to you via E-mail or by post. The inspection trips can be arranged all year around.

      When you arrive in Turkey, our representative will pick you up from your accommodation or the airport. Depending on the number of properties you would like to visit the inspection trip may be exteded. During the inspection trip we will also introduce you the area with a short tour.

      The inspection trip is designed to make the process more fun, more enjoyable and simple. All your questions will be answered and at the end of the day you will be dropped back to your accommodation.

 

      Legal

      Seeking legal advice from a professional and reputable legal firm in Turkey while purchasing a property is money well spent. Throughout the years we have purchased and sold many properties and have used different legal firms. At My Villa Turkey it is our obligation to recommend a reputable and credible legal firm to represent our clients when they make the decision to purchase a property. We will make an appointment on your behalf as an introductory session and the decision is up to our clients to utilize their services or not. The usual fee for a legal advisor in Turkey is between £500-£1000. This fee will include all your property checks such as;

 

·     Obtain confirmation that the deeds are clear of debts

·     Obtain confirmation that the deeds are not under litigation

·     Obtain confirmation of who has the right to sell the deeds

·     Obtain confirmation that deeds are within the municipality boundaries

·     Obtain confirmation of land status

This service does not include;

·     Notary costs

·     Costs of Turkish Chamber of Commerce and local Registry

·     Other fees required by local authorities

      Foreigners may purchase land and property in Turkey on their own names provided that properties are located in towns (i.e. there must be municipality in the area where the property is and the property must be situated within the boundaries of that municipality or borough), not in villages or rural areas and outside of military zones.

      In order to purchase the title of a property, an application has to be submitted to the local Land Registry Office in which the property is situated. After carrying out necessary searches and checks for the above mentioned requirements, the transfer of the title is done by the Land Registry Office. During the transaction, the proofs or the documents concerning the transfer of the full purchase price into Turkey must be presented to the Land Registry Office. Also a 1.2 per cent duty both for the purchaser and seller is due and collected during the transaction. There exists an annual property tax, collected by the municipalities (i.e. local governments) at the rate of 0.3 per cent for private buildings. The newly built properties are exempt from the annual property tax for 5 years. All properties are subject to revaluation for every five years for tax purposes. The acquired property may be resold or rented out and the proceeds may be transferred out of Turkey. Different regulations apply when a property is purchased for business related purposes. The duration for these checks vary from three to five weeks.

      As an alternative our clients may chose to use their own legal firm in the UK. There are no restrictions for seeking advice from a UK based Legal firm but you are purchasing a property in Turkey and it is beneficial to use a local fluent English speaking lawyer, have many years of experience in Turkish Law and are just as competent as UK based lawyers for a lot less money.

 

      Buying Property in Turkey - Fees & Taxes

       - Purchase (transfer) tax at 1.65% are payable on the purchase of a property. These fees (i.e. approx 2% in total) are based on the declared value of the property. However, the declared value of the property cannot be lower than the 'tax value' determined by the local municipality, which is also used as the base of the property tax. 1.5% is also payable on the register of new buildings constructed on land.

      - Notary fees 140 Eur

      - Land registry fees 150 Eur

      - Municipality fees (can vary) 400 Eur

      - Military clearance 500 Eur
      - DASK (annual compulsory earthquake insurance) 50 Eur

      - VAT is charged at a rate of 1% on the sale of real estate (less than 150m² residential), and 18% on the sale of real estate (residential building over 150m², land).

      - 3% Agent Fees 

* The total of all government fees usually add up 3%. This may be slightly lower or higher depending on the real estate declared value. Figures above are approximate values to be used as guidelines and may differ in government offices.

 

      Setting up a company to purchase real estate / property in Turkey

      Some country nationals cannot purchase real estate from Turkey directly such as Egypt, Czech Republic, Saudi Arabia, Kuwait, Iraq, Libya, Tunisia, Ghana etc. In this instance the buyer is required to set up a Limited Turkish company. And the real estate is purchased by the company. For details of the procedure please contact us and we will send you the process document explains the process in full. We can also arrange a call with our fully qualified acocuntants to explain this process to you. The set up costs depend on the capital of the company. The smaple below is a rough guide to give you an insight of the costs involved on different capitals.

Capital of the company: 200.000 TL
Set Up cost: 3.700 TL

Capital Declared: 500.000 TL
Set Up cost: 4.400 TL

Capital Declared: 5.000.000 TL
Set Up cost: 6.200 TL

 

     Your Dream Villa 

      We would like to make sure that our clients are satisfied with the purchase therefore our after sales team will always be there to help you regarding any information you may need. Such as decorating or maintaining your Villa, opening a bank account, applying for citizenship renting or selling your property etc... The contact details for the after sales team will be attached in your After sales-package.