When looking to buy property in Turkey, you will no doubt have a number of questions to consider. We will be more than happy to discuss the purchasing process with you either on the phone or in person but to help you get started we have shown some of the most frequently asked questions below:
Q: Are there any
restrictions for foreigners purchasing in
A: Only in rural areas and military zones. In the developments that we promote there are no restrictions imposed.
Q: Will the
property be freehold?
A: Yes – all properties we sell in Turkey are "freehold".
Q: Can foreign
companies buy property in Turkey?
A: Yes. Your company can own a property in Turkey if your country has reciprocal agreement between Turkey. Tetur Homes can help you easily at this complicated process. We have already experienced this situation for several times. Foreign company buy property...
Q: Can my company
establish an investment company in Turkey?
A: Yes. We know that your companies money is not your money. If you like to invest in Turkish property as professional manner, Tetur Homes can help you to establish a Turkish company. So you can easily invest your companies money in Turkey.
Q: Who sets the
price of the property?
A: If you are purchasing a property on a new development, the price will be set by the developer. Regardless of agents commissions you should still pay the same price with whoever you purchase through, whether you go direct or through a third party.
Q: Can everybody
sell property in Turkey?
A: Yes. Waiters, jewelry and leather dealers are the most wellknown property sellers at touristic regions of Turkey. Tetur Homes is registered real estate company at Chamber of Commerce of Antalya.
Q: What is the Real
Estate Agent Service fee?
A: Whenever a property is sold, registered and licensed real estate agents are entitled to receive 3% service fee over the actual sales price of the property from the purchaser and the property owner separately.
Q: Why should I use
a real estate agent?
A: Going through an established company like Tetur Homes Real Estate has several advantages: first, you will get to see a wide range of properties that match your criteria and not just one specific developer; second: you will have the benefit of our experience, as well as a fully staffed office to support you back home.
Q: Who can buy
property in Turkey?
A: Turkey has a reciprocal agreement for the purchase of land and property with many countries. This means that the people of these nations that allow Turks to buy land in their countries, can in return, buy land in Turkey. Foreigners may purchase in their own name if the property is outside military zones. Based on these agreements foreigners of the following countries are eligible.
List of reciprocal
Andorra, Argentina, Australia, Austria, Bahamas, Bahrein, Bangladesh, Barbados, Belgium, Belize, Benin, Bolivia, Bosnia-Herzogovina, Botswana, Brazil, Cameroon, Canada, Cape-Verde, Central African Republic, Chile, Colombia, Costa Rica, Cote D'ivoire, Croatia, Denmark, Dominic Republic, Ecuador, El Salvador, Estonia, Finland, France, Gabon, Germany, Ghana, Guinea, Grenada, Guetamala, Guyana, Haiti, Honduras, Hungary, Ireland, Israel, Italy, Jamaica, Japan, Korea, Latvia, Liechtenstein,Lithuania, Luxembourg, Malawi, Malaysia, Mali, Malta, Mauritania, Mauritius, Mexico, Monaco, Mozambique, The Netherlands, New Zealand, Nicaragua, Nigeria, Norway, Panama, Paraguay, Peru, Philippines, Poland, Portugal, San Marino, Senegal, Serbia-Montenegro, Singapore, Somalia, South Africa, Spain, Sweden, Switzerland, Tanzania, Turkish Republic of Northern Cyprus, United States of America, United Kingdom, Uruguay and Venezuela.
Some countries do not allow Turkish citizens to purchase a property in their land. That is why the citizens of these countries are not allowed to buy in Turkey. There are some exceptions to this rule such as Russia. Citizens of Russia can buy with special permission of the Ministry of Internal Affairs (Icisleri Bakanligi).
Q: What is the
title deed (Tapu) like?
A: The title deed is called ‘TAPU’ and all property transactions for the foreigners is done only through the Land and Registry offices of the relevant district where the property is located.
Q: Do I need to get
a residence permit?
A: With the last update in the property ownership law for foreigners, due to reciprocity agreements between the countries some nationals do need to get a residence permit of a minimum of 6 months in order to own a property. This procedure to get the residence permit takes 2-3 days after the necessary applications are done. The cost for a 6 months application is around 250 Euro. Tetur Homes provides this assistance service for clients who needs a residence permit to purchase a property.
Q: On a new
development, what is the average deposit
required? Can I pay in installments?
A: You will normally pay 3,000 Euro (approx) reservation fee and then 30% as a deposit within four weeks. Most developers offer stage payments (lump sum to be paid at the completion of each building stage) often with a degree of flexibility towards your personal circumstances. This will be agreed at the time of purchase.
Q: What is the
general buying process in Turkey?
A: After paying the reservation fee, Tetur Homes will carry out the title deed checks. A contract will be drawn up between the seller and the purchaser. This will give the details of the completion date, payment schedule and terms & conditions. When this is signed by all parties, the deposit is paid. You then apply for a security clearance to allow you to own a property in Turkey – this will often be applied for you on your behalf by the developer. You can sign a Power of Attorney to conclude all the necessary paperwork, if your circumstances require it.
Q: What documents
A: Your passport, which will be copied and translated into Turkish and passport sized photos. The notary office works in conjunction with the title deeds office and the Aegean Military Headquarters. Translated documents will be checked by the Military to ensure there is no record of criminal intent or activity against Turkey and that any property being purchased by a foreigner is not in the proximity to militery land or intend to be used for any military purposes.
Q: After I have
received the necessary permission to purchase,
what happens next?
A: Tetur Homes carry out pre-completion checks. Following this, you (or your Power of Attorney) will sign a deed of transfer in front of an officer of the Land Registry who then records you as the official owner of the property. The property tax is paid at this stage.
Q: Are there
English speaking lawyers in Turkey?
A: Yes, there are reputable English speaking lawyers / solicitors and we can introduce them to you during your viewing trip.
Q: What are the
costs associated with buying property in Turkey?
A: All expenses of property purchase are explained here.
Q: Why is property
so cheap in Turkey?
A: Turkey’s economy is only just starting to mature, and inflation has fallen from 30% to a manageable 7% in the last few years. An impoverished population, which is still used to cash purchases, has kept prices low but they are beginning to rise. This is partly because of interest from foreign investors and also because more mortgage options are starting to emerge for Turkish nationals. As the mortgage market becomes more competitive, and opens up to foreign buyers as well, prices will continue to rise.
Q: What should I
expect to pay in community fees?
A: This varies from development to development. Tetur Homes will inform you before purchasing.
Q: Are there any
A: State property tax, environmental tax and wealth tax. However, these are relatively low and your lawyer will advise you.
Q: Can I insure my
A: Tetur Homes will help you to insure your property.
Q: Can I rent out
A: Yes. The main season is from April to October but you should still be able to rent it out over the winter months at lower rates. At the height of the summer you can expect a more reasonable return.
Q: What about
furnishing my property?
A: Many developers offer furnishing packs. You can buy furniture online. Please visit buying furniture in Antalya page.
Q: How does the
general cost of living compare with the
A: Fresh produce is great value for money. You’ll find most other items up to 50% cheaper than in Ireland or the UK. However, electrical items are the most expensive with prices comparable to the UK.
Q: What is the
government system in the country?
A: It is a democratically elected government as in Ireland/UK. Turkey is also one of the 5 permanent members of NATO.
Q: Is there
property management service?
A: Yes, Tetur Homes provides property management in Antalya and Belek.
Q: What other
services do Tetur Homes offer?
A: You may visit our services overview page.
Q: What about
A: An important part of our service is the personalized viewing trip we arrange for each and every client who wishes to travel to view prospective properties. Each viewing trip is unique and designed to fit with the requirements of our clients. The key word is service – we talk to you before you make your trip, find out exactly the type of property and locations are of interest to you and tailor your trip accordingly. We will be happy to provide full details on request.