Buying a Turkish Property

Buying a Turkish Property: Intasure, the holiday house insurance specialists, has compiled a list of important factors to consider before buying a property in Turkey. Foreign purchasers seeking a year-round residence frequently choose Turkey since the cost of living is lower than in their own countries. Did you know that over 34,000 Britons live in the country on a permanent basis?

Some British investors are likely to be looking for alternative possibilities for a property due to concerns about the post-Brexit scenario and future relationship with other European countries, and Turkey can provide more affordable holiday houses than other countries (Spain, France, or Portugal).

According to the Turkish Statistical Institute, over 40,000 foreign investors purchased property in Turkey last year, which was the biggest number on record and nearly double that of 2017. After all, the cost of living in Turkey is 47% lower than in the United Kingdom, and the average rent is 74% lower. Thousands of British citizens have settled in areas such as Fethiye, Kalkan, Kas, Bodrum, and Antalya, forming British communities there.

The collapse of the Turkish Lira in 2018 was a disaster for the country – and for Britons who had purchased a Turkish property in recent years – but it made Turkey even more appealing to property investors looking for a bargain on the Mediterranean coast, particularly those using US dollars, pounds, or euros.

Is it possible for British residents to buy property in Turkey?

In order to purchase real estate in Turkey, British citizens need not need a residency visa; however, they do need military permission. Before agreeing to a purchase or paying a deposit, it is recommended that you consult with an independent lawyer.

British residents can purchase property in Turkey if they are eligible, produce all relevant paperwork, and register with the appropriate authorities for full ownership transfer. The UK government warns that Turkish procedures and legislation governing the acquisition of a holiday house in Turkey may differ from those in the UK, and that some safeguards may not be in place in Turkey.

Is a visa required for UK nationals to visit Turkey?

When visiting Turkey, British citizens must apply for a visa, with the exception of cruise passengers who will not be staying in the country for longer than 72 hours. The official Republic of Turkey e-Visa website allows you to apply for an e-Visa up to three months before your trip. Turkish visit visas are valid for up to 90 days in a 180-day period and can be used numerous times. However, when the 90-day period has passed, some persons can pay for a one-year residence permit (short-term residence permits are only valid for two years) or a permanent residency card after living in Turkey for at least eight years.

What are the common expenses when buying property in Turkey?

It’s important to understand the costs of legal procedures, as well as tax and service fees, before purchasing a Turkish property. The United Kingdom and the Republic of Turkey have reached an agreement (DTA) to avoid double taxation and prevent fiscal evasion in the areas of income and capital gains taxes.

These are some of the most common costs associated with purchasing a vacation house in Turkey:

  • Fees for real estate agents
  • Transfer Fees for Title Deeds (Tapu)
  • Fees for notaries
  • Taxes on real estate (Emlak Vergisi)
  • Expenses for an attorney
  • Water, electricity, telephone, and internet
  • Checks by the military
  • Fee for translation
  • Fees for upkeep (Aidat in Turkish)
  • Property insurance and DASK Insurance

What is DASK insurance, and how does it work?

The Turkish Catastrophe Insurance Pool provides DASK, which stands for Dogal Afet Sigortalari Kurumu (compulsory earthquake insurance) (TCIP). The Turkish government calculates the DASK insurance premium for your property and provides this coverage to all homeowners in Turkey. DASK insurance is available through authorized agencies.

What does DASK insurance cover?

DASK insurance protects your home from earthquakes, fires, explosions, tsunamis, and landslides that are directly triggered by the earthquake. However, in the event of an earthquake, it may not provide complete coverage, therefore you should consider purchasing extra insurance, such as buildings insurance.

Insurers may require that you have DASK insurance in place before providing you with additional property coverage, and some of them can even assist you in arranging and renewing DASK insurance from the UK. However, not all insurance firms offer earthquake insurance as a basic feature in addition to the mandatory DASK coverage. So, if you’re looking for holiday home insurance for a property in Turkey, looking for a British company that specializes in overseas holiday house insurance would be a smart idea.

Why is DASK insurance compulsory in Turkey?

Turkey is becoming a popular location to buy a second home due to the combination of low-cost houses, pristine beaches, and beautiful sea views. Turkey, on the other hand, is a seismic hotspot due to its unusual placement between three continents.
If your Turkish property is damaged by seismic activity as a result of an earthquake, the expense of repairs may be beyond of your budget.

Buying a Turkish Property