Buying Property in Turkey Faqs
It is very easy to buy a property in Turkey and we try to answer your questions with our link – Buying Property in Turkey Faqs. You can buy property or properties, apartments, villas, commercials, even hotels in Turkey. There are some restrictions and some warnings to the prospective property buyers in Turkey. Can I get mortgage in Turkey might also be one of your questions.
You may also be qualified for the Turkish Citizenship, if you meet the minimum requirements and your funds are clean, available, etc.
Who can buy a property in Turkey?
Please use this link to guidance from the Turkish Ministry for Foreign Affairs:
https://www.mfa.gov.tr/guidance-for-foreigners.en.mfa
For a list of countries whose citizens can easily purchase land & property in Turkey please click HERE
Can I get mortgage in Turkey?
Yes. Mortgages are available, please see our Financing the Property section. So, how can I get mortgage in Turkey? We can help you with all aspects of your application from choosing your bank to translations.
Can I open a Turkish Bank account?
Yes, you need a Turkish tax number which we can help you to acquire and your I.D, passport, etc and proof of address in your home country which is less that 3 months old.
What currency can I use in Turkey?
In Turkey you can set prices in any currency (Lira, Pounds, Dollars). Many properties are sold in pounds and Euros because the seller is a nationality that uses that currency.
Can I negotiate the price?
Yes, you can. We will advise you if your offer is a sensible one and proceed from there to facilitate negotiations with the vendor.
How do I pay the deposit when I have chosen my property?
Your deposit can be paid in cash or bank transfer. It is normal practice to put down a smaller deposit to secure the purchase, normally 3%. The contract is then drawn up with a timeline being
put in place for the payment of the remainder of the deposit, normally taking the full deposit up to 10%. The 3% is not normally refundable if the buyer pulls out of the agreement unless your
solicitor has advised a valid reason that the purchase is not sound.
Keyholders Fethiye always recommends you to seek legal representation for your house purchase.
When do I pay for my property?
After you have paid your deposit, the contract will stipulate when payments should be paid. In the case of an off plan project there are usually staged payments that can be agreed with the builder.
We will assist you to negotiate these payment intervals and guide you on normal practice. The final payment of any property will be made on the day of Title Deed (TAPU) transfer. Please check the property buying procedure details here.
Do I have to be there or can I give Power of Attorney (POA)?
You do not have to be in Turkey to complete the sales process. POA can be given very easily and securely to your solicitor. You can even give POA from your own country although the fee for this
process is higher (but usually cheaper than an off season plane ticket). Normally, purchasers give POA to their acting solicitor, who completes the deal on their behalf and ensures the title deed
goes into the buyers name and utilities are transferred to the new owner.
If I decide to sell my property later, can I take my money home?
Yes, there are no restrictions on you removing your money from Turkey. A simple international bank transfer takes it to where you want it to go.
Should I make a will in Turkey?
Turkish Inheritance Law regarding property is very clear and you should always take qualified legal advice regarding the validity of any will. Always make any will under the guidance of a solicitor
in Turkey and take the following into consideration.
Official will: To consider the will effective, notarisation is required by a consulate general, notary or civil court of peace. The next requirement for an official will is to have two literate witnesses present. The witnesses must be people who have a legal capacity, are not barred from public service and are not relatives of the will maker. They must be present when a will maker signs the will in order for the will to be considered valid. A medical report must prove that a will maker is of sound mental health and has the capacity to make a contract. A will maker may draft his or her wishes and apply to the authorities to make the will valid, or can express those wishes so an authority can write them down to be notarised.
SELLING YOUR PROPERTY IN TURKEY
There are couple of important things to be aware of when you wish to sell your property in Turkey.
CAPITAL GAINS TAX:
How long have you been the owner of the property? If you have owned it for 5 years or longer then you do not need to worry about Capital Gains Tax. If you have owned the property for less than 5 years than you need to do some calculations about how much tax you would need to pay.
It is important to find out what the purchase price is on the title deed. It can a tricky subject as some of the property sellers advise us that they are selling the property for less than what they had paid for it. However, there have been many local builders or estate agents
who have sometimes not provided the correct advice during the purchase process.
Turkish Property purchase tax is 4% (used to be 3% up until 2014) and local Authorities have to give a âMinimum Property Value Documentâ which is generally much lower than the actual market value of the property. Itâs a bit like a council tax valuation. Please contact us for more information about this subject.
What to pay:
The tax amount payable will be calculated by subtracting the declared original purchase value of the property from the declared sales value of the property â the amount of profit
made from the sale, is the amount which will be taxed. If your capital gain is less than 6,000 Turkish Lira (TL) then you do not need to pay Capital Gains Tax. If it is higher than 6,000 TL then various rates apply; Profit between 6,000 Lira and 7,000 Lira, the tax is 15% Profit between 7,000 Lira and 18,000 Lira, the rate is 25% Profit between 18,000 Lira and 40,000 Lira, the rate is 27% Profit any amount over 40,000 Lira, the tax rate is 35% If you send us a copy of your TAPU then we would be able to tell you more about your property in Turkey.
Case Study:
You purchased an apartment in 2014 and paid 200,000 Turkish Lira for it. Now you found a buyer for 212,000 and your Capital Gain is 12,000 TL. You are now due to pay 25% tax based for the amount between 7,000 & 12,000 TL which is 5,000 TL x 25% = 1,250 TL. Please do not hesitate to contact us for further assistance.
MARKETING YOUR PROPERTY IN TURKEY:
It is important to appoint an agent who is registered with the correct professional bodies, regulated and official. In addition to this, make sure that they are proactive and know how to market a property in Turkey and outside of Turkey. Keyholders International (KHI) is registered in the UK and works in Liaison with Keyholders Fethiye which is registered in Turkey, we are also members of the Turkish Estate Agency Authorities, TPO, National Associations of Estate Agents (UK), Trading Standards (UK & TR), Chambers of Commerce in Turkey and Estate Agencies Union in Turkey.
Our Marketing Strategy
KHI Property Group advertise properties with two Keyholders owned Websites, Google, Rightmove Overseas, A Place in the Sun, Zoopla, Prime Location, Sahibinden, Domaza, Kuwait, Dubai, UK Based Office and Local Offices in Istanbul, Fethiye, Oludeniz, Antalya, Didim and Bodrum. We also attend international property exhibitions and have partners in the UAE.
Also….
We provide an efficient and professional estate agency service including providing legal advice via our approved legal practitioners, mortgage applications for the prospective buyers, surveying service for the sellers and buyers, airport pick up and drop of services for the prospective buyers, inspection trips, conveyancing service in Turkey, fully qualified and equipped sales
consultants with English, Turkish, Russian and Arabic Languages. We do not charge VAT for the exclusive clients and properties. We are registered under the Anti Money Laundering regulations and regulated in the UK.