The facts about buying property in Turkey
Below is a MRR and PLR article in category Finance -> subcategory Real Estate.
The Facts About Buying Property in Turkey
An Up-to-Date Guide for Foreign Buyers
Purchasing property in Turkey is surprisingly straightforward. The entire process, from signing an initial contract to finalizing the purchase, can be completed in just a few days. However, foreign nationals must obtain approval from the Military Authorities, which typically takes up to 12 weeks. Due to past legislative changes in 2005, there has been a backlog of applications, but the situation is expected to stabilize throughout the year.
Key Legal Considerations
Recent changes to property laws primarily affect land ownership limits for non-Turkish nationals. Foreign buyers can now purchase up to 2.5 hectares, but only within areas that have an official town plan. Some regions, crucial for military, economic, or cultural reasons, remain off-limits to foreigners. These do not typically include popular coastal resorts sought after by many international buyers, especially from the UK.
Steps in the Buying Process
1. Choosing a Property: Once you've selected a property, you'll generally need to pay a deposit. Ensure this is recorded in a contract with the seller. Never transfer money without a contract, and always have the document reviewed by a Turkish solicitor experienced in property law.
2. Legal Checks: Your solicitor will conduct necessary checks with the Land Registry and other relevant authorities. Following these checks and receiving military clearance, you're ready to complete the purchase.
3. Finalizing the Sale: Transfer the deed into your name at the local Land Registry office. You can grant power of attorney to your solicitor or a trusted individual to handle these formalities on your behalf, if needed.
Budgeting and Costs
When budgeting, remember to include all associated costs and fees:
- Stamp Duty: 1.5%
- Land Registry Fees: Approximately 160 Turkish Lira
- Estate Agent Commission: 3%
- Legal Fees: Varies
If you're converting currency, consider using a recognized foreign exchange broker instead of a bank to ensure better exchange rates and lower fees.
By understanding these key points, you can navigate the property buying process in Turkey smoothly and efficiently.
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