Property Shop in Turkey is a professional organization and we put in our best efforts to make sure that our clients have every information when it comes to buying property in Turkey. There are some things that your solicitor or your independent lawyer may not be able to tell you. However, we offer full services; from providing you an agent to making you aware about all the formalities, and impeccable after sale services, we do everything for you under one roof.
To know more about buying property in Turkey, read the following –
- The Market
Turkey is a country where property prices remain less volatile in comparison to any other part of the world. Even though the real estate sector here has risen at a pace like never, still there is no ready mortgage market to finance your property. However, there are banks that offer this service, but the number of such banks is few given the fact that banks play safe and avoid transactions involving higher risks.
This becomes even riskier for the banks when the mortgage is in favor of a foreign national. Usually it is seen that Britons are the people who are most interested in buying properties in Turkey. Apart from this, another thing that you must keep in mind before you finalize your purchase is that you might have to pay in cash, if you are a foreigner. The foreigners are allowed to pay in their own currency such as Euros and Dollars. However, it is advisable to convert your currency into the New Turkish Lira (YTL), because the short and excess are not adjusted in your currency.
However, you can still rely on us for mortgaging your loan as we have recently entered into a partnership with one of the leading Turkish banks. Hence, you can be stress free while we make the mortgage arrangements for you.
- The Frauds
This is an advice, mainly for foreign nationals, who are new in Turkey. Considering that you might be visiting Turkey for the first or second time, if you are investing money in any type of property, make sure that you are dealing with the right people. Given your foreign nationality, it is likely that frauds or cheats might try to mess with you.
For this, always check the property dealer’s license, issued to him under the property laws of Turkey. However, when you are with Buy Properties in Turkey, you can always be sure about our originality and be completely sure that your money is being dealt in the best way possible.
- Property Rates
In most parts of Turkey, like Alanya, Antalya, and Istanbul, the property rates are comparatively higher. This is because these cities are the biggest metropolitans of the country. However, there are locations where you will find cheaper property rates. It may be because of two reasons; one, the real estate sector in that area is facing lows, and two, the area is not fully developed. So, if you are being offered any property at unreasonably low rates, check its complete details.
However, there is one more crucial thing that you must check before you buy any property in Turkey. It is possible that too low offer price for a property is because it still has some unpaid charge on it. By this, what we mean is that if the seller is offering extensively lower price, it is possible that the property is not yet approved, or waiting for further permission, sold by an unlicensed dealer, or maybe has some mortgage or liability unpaid. So always inquire about this before you make the final payment.
- The Military Check
Even though there aren’t many formalities relating to military clearance, it is possible that it may delay your transaction for approximately 1-3 months.However, under new Turkish law that has recently been introduced if another foreigner owns a property in the same complex or building it is now possible to get the title deeds the very same day making it a much speedier process.According to Turkish laws, before the Government approves your transaction, it needs to check that your property is not within a certain radius from the military region. This is done to ensure national security and can take time.
If you cannot wait that long, you can appoint a solicitor or an independent lawyer. You will have to sign a power of Attorney in his name to enable him to take decisions in your absence.
We at Buy properties in Turkey, act as your agents and help you in the formation of the Power of Attorney. If you wish to have your own independent lawyer, you can still avail our services for formation of the deed.
Banks in Turkey work on strict norms and if you open an account in Turkey’s any of the banks to complete the transaction, you have to be certain about a few things. Firstly, you need to have a tax number from any of the local authorities in Turkey. And secondly, there is no one other than you who has the access to your bank or even could view your bank details. The tight structure of banking allows a person, other than you, to view and access your bank account, only in two cases; one, if it is a joint account, the joint holder will have full control over the bank account, and two, if you have named someone as your agent in the Power of Attorney.
We can help you with this too, as we deal with only the best banks in Turkey.
- Additional costs
Since we do not intend to keep any hidden costs from our clients, here is the detail of additional costs you will have to incur while buying properties in Turkey.
- Stamp Duty is 4%, equally shared by the buyer and the seller. (i.e. 2% each)
- Capital gains tax, if any. However, it is exempt in case the property is being sold after the 4 years of its purchase.
- Income Tax, if the property is let out for rent.
- Corporate Tax. However, a company that has held the property for at least two years is exempt from paying this tax.
- Real Estate Tax.
- Inheritance and succession tax, if any.
- Earthquake insurance. With the recent amendments in the law, it has become compulsory for every buyer to take earthquake insurance regardless of the location of purchase.
- Environment Tax.
We hope we have been able to clear all your doubts as regards property purchase in Turkey. In case you have more queries, then feel free to contact us or email us. We will he happy to help.