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WHY BUY A
PROPERY IN TURKEY ?
+ WHO CAN BUY
A PROPERTY IN TURKEY?
+
ASSINGNING A LAWYER FOR LEGAL PROCEDURES
+ TENURE OF A
PROPERTY
+ MORTGAGE /
FINANCIAL ADVICE
+ THE
PROPERT DEED - (TAPU IN TURKISH)
+ MAINTENANCE
SERVICES
+ REGISTERING
A TELEHONE LINE
+ RESIDENTS VISAS
+
TYPES OF HOUSING
+ A
GUIDE TO THE LEGAL COSTS INVOLVED
WHY BUY A PROPERY IN
TURKEY ?
The advantages of buying property in Turkey
Since Turkey has been given the date of October 2005
for starting negotiations to become a member of
E.U., you will be able to double and even triple
your investment within a few years. Real estate
prices are still very attractive in comparison with
E.U. countries, take your chance to make a good
investment for your future. And with the last
changes in the regulations on property ownership for
foreign citizens, buying a property is a lot simpler
now and living cost is incomparably cheap compared
to the majority of European countries.
BUYING A
PROPERTY IN TURKEY
WHO CAN BUY
All citizens of E.U, UK, USA and countries who have a
reciprocity agreemnet with the Turkish government may own,
buy, sell a propery in Turkey. Please note that military and
governmential areas or land cannot be purchased
Capital gains made from the sale of a property will be
taxable in Turkey if the owner is a Company. Individuals do
not have to pay capital gains, provided they have owned the
property for one year. Unlike Spain and the Canary islands,
when you sell a property in Turkey, all proceeds from the
sale can be sent back to the U.K
Property & Conveyancing in
Turkey
Persons wishing to buy property in Turkey can be
apprehensive about their choice of lawyer since they will
not be familiar with the firms nor, in most cases, with the
civil law system. We can put these misgivings to rest by
recommending the lawyers we work with who are reliable and
will provide an efficient and professional service.
We can further assist by explaining the civil law procedures
and translating documents. If a client so wishes we can also
act on their behalf, through a Power of Attorney or a
written authority, to actually complete a purchase or sale
of a property on their behalfIn most areas of Turkey,
finding accommodation to rent or buy isn't difficult,
providing your requirements aren't too unusual.
Accommodation accounts for around 25 per cent of the average
Turkish family's budget, but can be more in the major
cities. Property prices and rents in Turkey vary
considerably depending on the region and city. For example,
a property rented outside a municipality will cost £75.00 a
month, and £150.00 a month in most municipalities on the
Mediterranean and Aegean coast.It is very practical to have
a street map of the area where you are going to live. Check
for out the local tourist information office free copies.
Even after you have found your home, you will find a street
map invaluable for getting around.
ASSINGNING A LAWYER FOR LEGAL PROCEDURES
when you give a power of attorney to the lawyer,
He/she applies for the title deed on buyer’s behalf
and secures the property until the title deed is
received.
TENURE OF A PROPERTY
Almost all property in Turkey is "Freehold".
MORTGAGE / FINANCIAL ADVICE
There are currently no mortgages available for a foreign
citizen secured on a Turkish property. Recent changes in
legislation means in theory that it is possible, but the
logistics makes it very difficult. Aquavista Property
Consultants Ltd is currently in discussion with several
Turkish banks to resolve these issues to provide this
facility to our clients. There are alternative means of
funding a purchase of your property and Aquavista Property
Consultants Ltd have an independent financial adviser who
can discuss with you the options. Please contact us for
further information.
THE PROPERT DEED - (TAPU in TURKISH) ** ALL SERVICES
PROVIDED BY OZDOY CONSTURCTION ***
When you buy a property in Turkey, you are given two deeds
one of which is the deed of the land amd the other is the
deed of the area. This is issued first and will show the new
property owners name. According to Turkish law as long as
the owners name is on the arsa tapu then they own whatever
is on the land. An application must be made to the local
council offices for a living license (the second tapu -
OTURMA IZNI). This is done by the property vendor (i.e. the
builder), and is only issued once the building has been
inspected to comply with the building application. Once this
has been granted the tapu will show the words CINS TASHIHI
that confirms the classification on the property. In the
case of re-sale property the OTURMA IZNI should have already
been granted, but must be checked it is shown.
MAINTENANCE SERVICES
For your peace of mind, if you are a non-resident, all our
Developers and Real Estate companies offer a full
maintenance service to ensure your property is kept in A1
condition during your absence. Details of services and costs
are available on request in relation to a particular
property.
REGISTERING A TELEHONE LINE
Upon receipt of
the title deed, so called ‘’Tapu’’, you need to
apply to the Turkish Consulate in your country for a
1-year visa. Upon receipt of that, when you come to
Turkey, you need to apply to the district’s Foreign
Police Department for a residence permit ( 5 years)
which costs approx. 500 Euro. Upon receipt of
residence permit called the “ blue book’’ you can
get a car/telephone/satellite line registered on
your name. OZDOY will assist you during this
procedure.
ELECTRICITY AND WATER REGISTERATION
If the property purchased is a new house, then with
the residence permits of the property, copy of Tapu
and your passport you need to apply to Tedas for
electricity and to Gatab for water. The cost for new
memberships are approximately as follows:
Electricity -new membership :120 €
Water new-membership : 50 €+ Sewage
infrastructure fee 75 €
If the property purchased is an old building with
existing memberships, you just need to get the
membership number and copy of passport and Tapu (THE
DEED) .
In that case the costs are as follows:
Electricity register transfer for the house : 40.-€
Water register transfer for the house : 35.-€
BUYING A CAR FOR YOUR OWN
To get a vehicle you bought in Turkey registered on
your name, you need first to obtain the ‘blue
book’(see question 5) and then apply to the traffic
police department to get an ‘MA’plate meaning
Misafir Araç- Guest Plate and the book of the
vehicle.
If you want to import the vehicle you bought to
Turkey, then you need to pay the tax assigned by the
Turkish Customs Office to the local authorities. The
taxes for import are very high, therefore it is not
recommended to
bring cars from abroad
Residents Visas
If you are relocating to Turkey for more than six months
then you are well advised to apply to the Turkish Government
Office for a residents. They will issue a document for you
to present to the police neared your new home who in return
will process the application.
Areas
If you want to live in an area where there are many
international residents it is best to check out where the
schools and hospitals are. Contact your embassy or
international social organizations and ask the international
residents themselves if you really want to live in a colony
of your own citizens fellow.Costs
Rents for a 2-bedroom apartment in in the south of Turkey
can be £175 - 200 per month, while a 3-bedroom house can be
around £200 - 250 per month. In addition, you might pay a
real estate agent up to 1 months rent. Then you might need
to buy kitchen cabinets and maybe pay for redecoration.
Types of housing
Many Turkish families live in communal property developments
where rents are lower than in the town centers. Rents are
calculated according to the number of bedrooms and the floor
area (in square meters). Generally the higher an apartment
is in a block, the more expensive it is (you pay for the
view, the extra light, the absence of street noise,
increased security and the rarified air). However, if a
block doesn't have a lift, apartments on lower floors may be
the most expensive. 1 square meter is about 10 square feet.
Check the housing needs page to help you evaluate a
property.
A guide to the legal costs
involved
The solicitor’s fees £150
The legal translator’s costs £40
Notary charges approximately £60 for power of attorney and
translator.
Other Costs
Buyers tax: Approximately 1.5% based on the declared
price of the property.
Government tax:
Approximately £100
Community tax: Approximately £8 paid yearly for local
services.
Property tax : Approximately % 0,5 based on the
declared value of property, paid yearly.
Water & electricity connection fee: Approximately
£250
Earthquake Insurance: Depends on property price and
location.
(required by law)
If property is bought in a complex: There is an average
maintenance charge of approximately £ 150 - £ 400 per
yearWhen purchasing property, the buyer will be responsible
for paying the water and electricity connection fee.
To contact the British Embassy:
www.britishembassy.org.tr |
