We report the real facts about buying property in Turkey
If you have always wanted to buy property in Turkey but didn't know how to go about it, you may be surprised to discover that the whole process, from signing the initial contract to closing, is very simple and straightforward.
However, the only obstacle you face is Turkish law, which requires all foreigners to obtain permission from the military authorities before purchasing property in Turkey.
The approval process by the Turkish army can take up to 12 weeks. However, there is currently a huge backlog of applications since the country's rules were revised in 2005. However, there is no need to hesitate as the new law has been in force since January 2006 and things are expected to return to normal by the end of the year.
The good news is that UK buyers will not be affected by the recent changes in property law. The slightly amended law limits the amount of land that can be owned by a non-Turkish national to 2.5 hectares.
It also requires all purchases to be made in areas approved by the Turkish government and in areas included in the official town plan. The law also prohibits foreigners from buying land in areas of cultural, economic and military importance to the country. The bad news is that these areas may be home to popular coastal resorts that British buyers want.
Care should be taken when buying property in Turkey, especially when handing over money. Once you have chosen a particular property, you may be required to pay a deposit, which should be included in the contract between you and the seller.
DO NOT deposit any amount unless there is a contract and always consult a Turkish lawyer experienced in Turkish real estate law before signing a contract.
Some checks and searches relating to more in-depth aspects of the law should be carried out at the registry office. Once you have completed these and received permission from the military authorities, you can start paying the money and transfer the title deeds into your name.
You can also instruct a lawyer to carry out the whole procedure, giving him the power of attorney to act on your behalf. The procedure takes place at the local registry office and is very simple and straightforward.
It sounds simple enough, but be sure to take into account some of the fees and costs involved in the transaction. Land Registry fees alone cost around £160, plus 1.5% stamp duty, legal fees and don't forget the 3% commission for the agent.
If you are buying in euros or US dollars, use a reputable exchange agent rather than a bank. This way you will get a better exchange rate and save on commissions and fees.
The above is basically all you need to know when exploring the possibility of buying property in Turkey. Start building your piece of paradise today.
Turkey Homes Real Estate offers beautiful off-plan resale properties and land at competitive prices.
Only the real estate agent who puts you from the beginning in the corridor of the full truth regarding all the details of the real estate purchase process in Turkey, where he tells you all the additional expenses that are required for the purchase process as determined by Turkish laws, which makes you as a foreigner willing to own and aspires to double the financial wealthAs entering the world of real estate investment in Turkey is comfortable, far from any kind of fraud, manipulation or inability to pay costs, due to the direct investment process that you have been waiting for so long.
And because we are in Al Huda Real Estate company, work conscientiously with investors who have trusted us from the first phone call and extended their hands to us in order for the success of their real estate investments in Turkey, it was incumbent upon us as a team to put you in the picture regarding all the expenses that you as investors must pay during real estate purchase transactions, whether they are taxes and fees or additional costs arising from the extraction of documents.
The following are the most important expenses that accompany the purchase of a property in Turkey: Real estate appraisal expenses, which is an essential step for determining the property price in the market, and here the buyer is obligated to pay about 1,500 TL to the Real Estate Appraisal Department for a real estate appraisal client.Value-added tax or VAT that is paid to the Turkish state and is calculated from the total area of the property at the market value price at the time of buying the property and is paid according to the type of property as it is estimated at 18% in commercial properties, but in residential properties it is calculated according to the area of the property, which is usually 18% in the event The area of the property exceeded 150 square meters, and the smaller the area of the property, the lower the value of the tax, which ranges from 1% to 18% depending on the area, area, price, level of construction, its quality, and others.Land tax or title deed paid to the Real Estate Documentation Office during the subscription process and its price is determined based on the total value of the property.Transfer taxFees for translating the passport into Turkish.Fee of sworn translator, which is usually used to translate documents and contracts during real estate purchase transactions.Certification fees for the notary public.Photo graphics.Power of Attorney fees if the property buyer chooses to adapt one of his relatives for him on his purchase.Commercial registration fee if the property is investment, not residential.The costs of the real estate developer, agent, or broker who has the right to receive commission from both parties of the purchase, provided that it is licensed and operates according to the provisions of Turkish law.The costs of a lawyer who accompanies all the legal procedures for the property purchase.Real estate tax or ImlakVergisi which is paid annually to the Turkish state that uses it to improve waterways and security and the other services that the region needs.Earthquake insurance, which is a mandatory document that is calculated in square meters, through which the investor guarantees compensation for all damages in the event of an earthquake, which entails several dangers, including fires, landslides, etc.The energy identity document is also mandatory, through which the efficiency of the building is secured in terms of the extent of energy consumption and the extent to which the conditions for protecting the environment from dangerous gas emissions are observed.Property insurance from fire, disasters and theftSubscription fees for electricity, gas, water and internetRevenue fees, which are usually in residential compounds that provide services such as swimming pools, playgrounds, elevators, etc.
In this way, you will know all the expenses that you encounter before, during and after the process of buying a property in Turkey without being exposed to any kind of play or fraud, and it should be noted that all the fees and costs mentioned above are symbolic and very lowCompared to global capitals and major cities with strong infrastructure such as the cities of Istanbul, Ankara, Antalya, Bursa and other Turkish provinces that have witnessed a great demand for property purchase by foreigners in recent years.
Maan Builders is a well-known company in the real estate market.
We deal in all types of real estate services.
If you are planning to buy a property or if you are in a search for a well-designed property at an affordable price, then you are at the right place.
