BUYING RULES

All foreigners are able to purchase property in the boundaries of a muncipality in their own name. Foreigners are not allowed to buy property in rural areas, villages or within a specific distance of military zones. The law states that you cannot buy property if it is located within a particular distance of military sites or strategically important areas. Many places along the coastline are covered by this law. It is therefore essential to check with the military authority to see if the property is affected by these restrictions.

Firstly we apply to the local Land Registry Office who is the department responsible for transferring the title deeds from vendor to buyer and will carry out the necessary searches. A solicitor is not required in Turkey as the Land Registry Office and the Notary Office performs these duties, however you may wish to use the services of a solicitor for your own peace of mind. We can recommend good english speaking solicitors to you. (It is possible for a third party to buy the property by Power of Attorney which must be notorized).

Once all documents have been presented to the Land Registry office a search will be carried out to ensure there is no evidence preventing the buyer and vendor completing this transaction. Once this has been completed the land registry office then issues a deed (Tapu) as proof of ownership to the buyer. Both buyer and vendor will sign the relevant documents together at the Land Registry Office.

Our relationship with you doesn't finish once you receive your Deeds. We provide an excellent after sales service to help you get the best from your new home. If you need furniture - then we will take you shopping. We can arrange everything ready before your arrival.

BUYING PROPERTY

We would like to provide you a brief explanation how a foreign person can become the owner of real estate in Turkey. It is important to purchase real estate in Turkey. Without the correct information and expert guidance the procedure in Turkey can be daunting and the beaurocracy can be overwhelming for a foreign national. However, buying an overseas property is not as complicated as you may think.

Here at Compass Estate can help you in the right direction to make the process from viewing, right through to buying your furniture and turning the key, a stress free and easy procedure. The question is how a UK national can become the owner of real estate in Turkey. Which steps must be taken? Which aspects to pay attention to? If you are looking to buy property here in Turkey please do use a registered Agent, one who is a fully paid up member of the 'Association of Estate Agents'. In the event of any problem arising you would be able to challenge the Agency via the Association.

We provide all the assistance that you require and employ lawyers (Advocat) to act on your behalf. We will manage the sale on your behalf and you will only need to come to Turkey once in order to sign the purchase contract. Alternatively you can appoint someone to act on your behalf as 'power of attorney'.

How much will buying a property in Turkey cost?

There are some small incidental fees involved in buying property in Turkey . The main amounts to be paid are:
* There is a 0,03 (30/1000) % stamp duty tax to be paid on the property declared value of property.
* Property tax : Approximately % 0,005 (5/1000) based on the declared value of property, paid yearly.
* Community tax: Approximately £30 paid yearly for local services.
* Commission rates; in Turkey both buyer and seller pay 3% of the purchase price to the estate agent.
* Maintenance fee:If your property is part of a larger development, then a committee of owners will decide on the level of community charges. Currently the annual charges 25£ per month.
* Connection of electric for a new home is aprox 55£ and for an electric is 80£. Telephone connection is 20£.

If you add on top of these amounts an extra £500, you can be sure to cover all those incidental fees such as paying for Solicitor, Government Tax, a registeredtranslator, paying for a land registry search, paying for the service of a public Notary officer, etc.

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 five years.

PROPERTY MARKET

At the present time the property market along the coastal resorts is attracting a wide range of foreign buyers. Homes and land are being sold to retired couples, individuals and families who have relocated full time to Turkey, holiday home buyers, who spend a few weeks here and then rent the property for the remainder of the season and to a swarm of overseas speculators and investors.

New property regulations for foreigners

Have just been enacted and plans are underway to introduce new mortgage laws and low interest purchase schemes to promote home ownership to both the local population and to the wave of incoming foreigners. The regulation and supervision of the property market is also currently being revised and revamped to outlaw property and land sale transactions from being conducted by unqualified and unscrupulous self appointed 'agents'.

Some of these new laws will come into effect during 2006 but, as with most property booms in developing resort locations, until such time as the regulations and controls are put in place its still very much a case of 'buyer beware'.

Most European buyers are familiar with dealing with qualified and reputable Estate Agents but some buyers, doubtless looking for a 'bargain' are still falling foul of illicit deals struck by 'friends of the seller' and end up paying considerably more for the same property they could have bought cheaper, and legally, through a reputable Estate Agent.

Currently the new housing supply, for the kind of property that foreign buyers are interested in, is lagging slightly behind the demand in most areas. The average age of 'second hand' houses in Turkey also suggests that there is a strong need for new development.

Buildings erected after the devastating earthquake in Izmit, a city in the northwest of Turkey, in 1999 are much more preferred by investors since new buildings have to be pursuant to the earthquake-proof standards which were launched after 1999. With the continuing demand in resort regions from foreign buyers house and land prices are starting to climb.

In this regard, buying property or land in Turkey in the current boon climate can lead to some substantial gains. Since property prices are steadily going upwards, there is likely to be a significant positive difference between the acquisition cost and the proceeds when you sell it.

Moreover for holiday home buyers your property is likely to amortise its acquisition cost, within at most 8 to 12 years, if it is rented out properly with the assistance and services of a reputable local Estate Agent. To summarise, if you want to take advantage of all that Turkey has to offer and are considering buying the home of your dreams in the sun, you can, with some sensible judgment, the assistance of a qualified Estate Agent and a relatively modest outlay not only revel in the delights of Turkey but also make a substantial return on your investment.

Use your common sense and deal with a Professional estate agent - enjoy your home in the sun safe in the knowledge that you paid the right price and it's 100% yours. Wishing you happy house hunting.

The Post-Marmaris Local Newspaper February, 2006

Turkey's new property laws for foreigners. Who can now buy property and land?

Foreign real persons (individuals) and foreign commercial companies from countries with which there exists legal reciprocities in relation to property purchase can buy residential or commercial properties in zones covered by an Implementary Development Plan (a municipal plan controlling development and construction within an urban zone) or a Local Development Plan.( an official plan envisaging all development implementation details for an approved zone that is outside municipal borders and where all necessary social and infrastructure facilities are provided).

However those companies which are legal entities can buy property provided that they operate pursuant to the special laws such as the Tourism Encouragement Law, the Oil/Petroleum Law, the Industrial Zones Law and the FDI Law. In addition foreign legal entities other than the above mentioned commercial companies, such as foreign charities, foreign foundations and foreign societies etc cannot buy property in Turkey.

What are the size limits of land/property?

The maximum size of total lands/properties that can be purchased by a real foreign person cannot be more that 25,000 square metres . The Council of Ministers is authorised to increase this the shold to 300,000 square metres per person. The maximum size of (cumulative) lands that can be purchased by foreign real persons in a province shall be capped by the Council of Minsters and this cap cannot be more that 0.5% of the toal area of the whole province.

Forbidden zones

Foreign nationals and foreign commercial companies are not allowed to buy property in the military, strategic and security zones of Turkey. In other words TAPU offices are supposed to check whether a property that is being purchased by a foreign national is within one of those forbidden zones or not.

The Council of Ministers is also authorised to determine specific zones to be preserved such as lands which are strategically very important in terms of energy, agriculture, mining, history, cultural, biological flora and national security. Thus foreign nationals and foreign commercial companies will not be able to buy property in those specially preserved zones.

Previously suspended property/land transactions

The new law also covers the applications for Title Deeds to TAPU offices in the period between July 26 2005, when the previous law became void, and the date when the new law came into effect.

Who can buy a real estate in Turkey? (See Reciprocity lists)

Foreign nationals (real persons) and foreign Companies. According to the law on 'property purchase by foreigners in Turkey' enacted on January 7, 2006, foreign real persons and commercial companies having legal personality established in foreign countries according to the laws of those countries will able to acquire real estate in Turkey on the conditions of being reciprocal and complying with legal restrictions.

In implementation of the reciprocity principle, it is essential that real estate acquisition rights given by a foreign country to its own citizens and to commercial companies established in foreign countries according to the laws of these countries are also given to the citizens and commercial companies of the Republic of Turkey.

Companies established and/or participated in by foreign nationals

Companies can freely acquire real estate or limited rights through a legal entity established or participated in in Turkey by foreign investors provided that such acquisitions are permitted for Turkish citizens.

What is the legal framework for property ownership?

The Constitution, the relevant provisions of the Civil Code, the Title Deeds Act, the Foreign Direct Investment Law and the relevant legislation form the legal framework which enables foreign people or corporate entities to buy real estate in Turkey. P.S. Please remember that Laws and regulations can be changed so please ask update info for current law.

 
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