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Buying Property in Turkey – The Most Important Things to Know

26th November 2016

Buying a property in your own country can be challenging enough so you can imagine the complexity when you take that to a foreign country. Thankfully YellAli is here to assist you.

Let’s look at some of the important things you need to know about Buying a Property

Buying a property in Turkey can be approached in many of the same ways you’d approach buying one in your home country. Let’s examine the main points you need to know about.


Property Purchase Tax – Sometimes referred to as property buying tax, this amounts to 4% of the assessed value of the property you’re buying. Plus some small additional administrative taxes. (stamp duties etc)
Please note; According to Turkish Law, the title deed transfer *fee should be payable by both parties 2% from buyer, and 2% from seller, however in practice it is usually the buyers responsibly to pay the whole amount of 4%. This will of course be according to the terms of your negotiation


Research – Research is key and you’ll need to research everything from house prices, the state of the property market, agents and the exchange rates between currencies. Once you’ve got everything worked out start building a rapport with your agents a good and strong rapport with your agent can go a long way. Contact YellAli if you need assistance finding a property agent.


Inspect the Property – If you’re planning on buying a property in Turkey then it’s highly likely you’ve been to Turkey before. However you should always visit the property and inspect it before buying as that way you can be 100% sure it’s the property for you.
Appoint a Solicitor – If you grant power of a attorney to a solicitor in Turkey they can conclude the deal on your behalf. Many people do this to save time as they don’t need to stay in Turkey to complete the purchase.


Military approval- Having this will entitle you to own a property in Turkey. This is a necessity before you can legally own a property in your own name. Applying for Military Approval is a process which starts when you have selected a property to purchase.


Receive the Deeds – The last step of any real estate purchase in Turkey is the registering of your title deed, this is known as your TAPU. Once everything is ready your home/ property can be registered in your names and you will receive the new deeds.


A habitation certificate or living permission - is a document verifying that the property is constructed in accordance with regulations and that the construction has been completed to meet building legislation.
The full completion of the tapu process is really only complete once you have received the certificate of habitation.

A habitation certificate shows that a property is suitable for use. It is not easy and sometimes not possible to obtain services such as water, sewage and electricity for a building without a habitation certificate. A habitation certificate allows you to obtain electricity and water in your own name and once registered you will be charged domestic rates, (as opposed to builders rates, which is more expensive)


Capital Gains Tax – Is payable to the government if the property you are selling is sold within 5 years of your date of purchase. Capital Gains Tax calculated as a percentage of any profit you made above the annual inflation rate. This is around 15%.


Debts – Please be aware that any debt outstanding on the property or land can be the new owners responsibility, therefore it is essential to carry out the necessary checks on the property of land before committing to purchase.


YellAli Can Help!
Yes YellAli can really help you in all sorts of ways and our Foreigner Center service includes a variety of services that can help property investors. This includes a relocation service and an in-depth property service that includes both legal property management and a consultancy service. Via our partners we can even help you with real estate appraisal and property valuation as well. Find out more by visiting the YellAli Foreigner Center today!

 
Written by David VARTY - YellAli






Turkish Residence Permit

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