In Turkey there are plenty of Real estate agents offering a wide range of properties, making the buy/sell process as simple as possible. Turkish property market in the recent years has been incremented for the low prices and for its coastal beauty, especially along the southern and western coasts where the Mediterranean and Aegean Seas meet. Turkey is one of the Middle East countries with the fastest economic growing and it soon will be a member of the European Union, therefore Turkey is seen as a good future investment.
Buying a property in Turkey by foreigners involves some regulations that are not too difficult to follow. UK, US, Russia nationals and European Union country member can purchase a property in Turkey without too many problems. Turkey has reciprocal agreements with those countries that make easy to purchase a property.
Among the restrictions applicable to any property purchaser and especially for foreigners are considered the location of the property. Any property could not be purchase if it is close to Turkish military land or basses and the intended property should be lying within the boundaries of a municipal area.
To make a good deal without problems and to stay safe of frauds, it is recommended to appoint a local lawyer, there are professional with good English language skills that could help, or you can use the service of Estate Agents that will do the job for you.
Once chosen the ideal property, the next step is make an offer and if it is accepted, the lawyer will draw up a preliminary contract to purchase and upon signing this contract a deposit of between 4 and 10% will be required. The deposit is non-refundable if the purchaser withdraws from the sale, but it is refundable if the vendor withdraws or if there are legal problems. The lawyer will have to check if everything is legally correct checking whether the vendor has the right to sell, whether the title is free of debts and outstanding claims.
The next stage, if all are satisfactorily completed, is to sign the final contract. Both, the purchaser or the legal representative and the vendor meet at the nearest Land Registry Office in Turkey to sign the final contract.
As a fact, the purchaser will expect to pay some fees during the buying process and after, below are listed some of them but take care they are only estimations.
- Estate Agency Fee: 3% of the Purchase Price
- Legal Notary Office: 130€ (approx. 90 GLP, $169)
- Sworn Translator: 30€ (approx. 20 GLP, $38)
- Photographs: 15€ GLP (approx. 10GLP, $19)
- Purchase Tax : 132€ (approx. 300GLP, $169)
- Land Registration (including maps): 659€ (approx. 450 GLP, 659 €)
- Earthquake Insurance (compulsory): 52€ (approx. 35 GLP, $66)