How to Buy Property in Turkey

How to Buy Property in Turkey: The buying procedure can take up to five weeks in most cases, but since law revisions in 2013, it can take as little as one day if the property being purchased is currently owned by a foreign citizen — or if a foreign national owns property in the same complex.

You’ll need to contact an impartial lawyer once you’ve found a suitable property. Before you go any further, present your lawyer all of the essential legal papers, including the TAPU (title deeds) and Iskan (habitation license). He’ll see if the property can be sold to someone who isn’t Turkish. Typically, a holding deposit of £1,000 to £2,000 is required. A date for the full 10% to 30% deposit will be set (less the holding deposit). You’ll need to obtain a tax identification number and open a bank account.

After that, the parties sign all of the pages of a Turkish contract, which is then translated into English by a professional translator. After this is completed and the deposit is obtained, your application documents will be sent to the military for clearance before the buyer’s deeds can be issued.

How to Buy Property in Turkey: What Buyers Should Know

Make sure you get a fully independent lawyer who can perform all of the necessary checks.
Don’t expect a huge range of mortgage options – financing is still restricted, though it is gradually improving.

Buying Costs

Property Purchase Tax will be 4.4 percent of the total registered purchase price (similar to stamp duty). The cost of military approval ranges from £125 to £500, while the Land Registry fee is £125. Re-sale property estate agent costs are typically 3%, with utility transfer fees starting at £150. The cost of buying varies by area in Turkey, but as a general rule, budget at least £500 for legal fees in Turkey. The cost of a Notary (with Power of Attorney) starts at £200.

How to Buy Property in Turkey