Is it easy for a foreigner to buy property in Turkey?
Yes. Buying a property in Turkey is a lot easier than in many other European countries. Foreigners may purchase land and property in Turkey in their own names provided that properties are located in areas with an official municipality and the property must be situated withinthe boundaries of thatmunicipality or borough.
Is buying a property in Turkey a good investment?
Yes, considering the fact that Turkey is on its way to becoming a member of the EU and has one of the fastest growing emerging markets in the world. In addition, the demand for private property in the Fethiye region has grown dramatically over the last 3-4 years. Due to such demand and the fact that there are limits on the amount of land available for building private accommodation in the Fethiye area, the value of existing homes in the area is set to rise substantially in the near future.
How do I get started?
It is likely that you will feel the need to come over to Turkey in order to inspect the land, check out thebuilding process and of course to meet and get to know our company directly. This can be arranged via an inspection visit where we can arrange your flights, accommodation, collect you from the airport, help organise an itinerary for your stay, arrange viewings for the properties you are interested in and answer any questions you may have. For the duration of your visit our team will be on hand to help make your stay as enjoyable and informative as possible and at the end of your stay we will transfer you back to your departure airport.
How long does it take to complete a property once bought?
If you have purchased a completed project then we estimate from the signing of the purchase contract that completion takes between 2-3 months. If you are purchasing an off plan project we estimate 6 months to completion.
Can I change anything I dont like during construction?
Yes, within reason. As long as the changes don’t stray too far from the original plans and are in line with local planning rules then we will do our best to meet your requirements. There may be extra costs involved depending on the changes required and at what stage it is in the building process.
Are there any additional costs or fees I should be aware of?
There are minimal extra costs involved totaling a maximum of £300 (excluding the 3% purchase tax).
- The passport translation required for purchase
- The property location checks at the local government office
- The power of attorney documentation required if you wish to appoint a person in Turkey to deal with the purchase on your behalf
- The verbal translation of the power of attorney documentation
- The fees for the paperwork involved with the mandatory security checks
- You will need 4 passport photos for the paperwork.
Do I have to pay all at once?
We generally ask the buyer for a 10% deposit, with the outstanding balance payable by the agreed completion date as detailed in the contract. We are happy to discuss and agree a payment plan with you when drawing up the contract.
How are the payments made?
Payments are required in cash in sterling. This is standard practice when buying property in Turkey.
Can I arrange finance in Turkey?
Mortgages are now available to foreign investors and the process is relatively straight forward and offered for completed and off plan projects.
Do I need to register the fact that I have bought the property?
Yes. Once the property ‘searches’ and property location checks have been carried out and approval has been received, the buyer and seller must register the sale/purchase of the property at the Land Registry Office and pay the 3% purchase tax.
As a property owner do I have to pay any local taxes/rates?
There is an annual property tax in Turkey. The Fethiye area has one of the lowest rates – 0.3% for land and 0.1% for a house. This tax is payable to the municipality (i.e. local government). On newly built properties, within 3 months of construction finishing, the buyer must complete an affidavit and submit it to the municipality for these tax purposes. We can guide you through this process.
How much are utilities in Turkey?
In Turkey you pay for what you use. Utilities in this area of Turkey are not expensive and £75 a month will easily cover everything.
Will I need planning permission to make any modifications to my property?
There are planning restrictions in place stating that a person can only build on a maximum of 10% of any land they own and that any building can not exceed a height of 6.5m. We make maximum use of these allowances and ensure planning permissions are obtained and any alterations permitted.
How do I bring a vehicle/car into Turkey?
If you are visiting Turkey as a tourist with your vehicle, you should have full documents and insurance. Details of your car will be registered in your passport on your arrival at the border. A foreign plated vehicle is permitted to remain in Turkey for a maximum of six months in any 12 month period.
Is it easy to sell up and transfer the proceeds out of Turkey?
Yes. Any acquired property may be resold or rented out and the proceeds transferred out of Turkey.
What sort of prices can the properties be let for?
As luxury holiday accommodation, villas can realistically be let for £500- £700 per week in high season.
Do I need medical insurance in Turkey?
Although it is not compulsory to have medical insurance in Turkey we strongly advise you to have full travel insurance, as private medical treatment can be expensive. If you are resident in Turkey you may arrange medical insurance from a local insurance company.
N.B. Local insurance companies generally do not provide cover for persons over the age of sixty.
How can I bring my household goods into Turkey?
You will benefit from having a residence permit valid for a minimum of one year in order to reduce the amount of tax payable on importing your household goods. We strongly advise you to contact the Turkish Consulate in London for this information or if you are already in Turkey, please contact the Turkish Customs Administration Office in Ankara on 0312 311 7971 or check their official website www.gumruk.gov.tr/english/
Does owning a property in Turkey entitle a person to residency?
No. However, it does make applying for a residence permit a lot easier because you can prove you have already invested in Turkey.
How can I find job in Turkey?
According to Turkish regulations, foreigners are only issued with work permits for jobs such as teaching English and for jobs in the tourism sector. We strongly advise those wishing to take up employment in Turkey to contact the Turkish Embassy in London and/or their prospective employer in Turkey about the correct procedure to obtain a Work Permit. However another option is to set up your own business, this can be an expensive and complicated procedure so we recommend that you consult with a reliable Turkish accountant from the start.
How can I obtain a residence permit for Turkey?
The £10 tourist visa that you obtain from the airport on arrival in Turkey lasts only for 3 months. If you will use your new property as a holiday home then you can easily continue with this type of visa for each visit.
However, if you are coming to live in Turkey it can be a huge inconvenience to leave the country every 3 months to renew your visa. If you wish to apply for a resident permit in Turkey, you should apply to The Police Headquarters, Foreign Nationals Department in the province where you reside. For more information visit the following website: http://www.turkishconsulate.org.uk/en/default.asp