Why Buy in Turkey?
Turkey is a wonderful country to live or retire to. Many people move there to experience a happy, fulfilling quality of life. The climate reaches scorching temperatures during the summer and Turkey is home to some of Europe's most beautiful coastlines. You can enjoy sunshine for more than 300 days of the year, not to mention the fantastic sailing opportunities for keen yachtsmen. Turkeys ports are becoming increasingly popular and the country is full of nautical history and referenced in much famous literature. With over 8000 kilometres of coastline to explore, activities such as river rafting, scuba diving and sea kayaking are available to enjoy all over. Not to mention the incredible views you will get from hot air ballooning and paragliding!
Getting Started - is it possible for you to buy in Turkey?
The 'reciprocity principle' applies in terms of property in Turkey; foreign citizens may purchase freehold land and property in their own names in Turkey providing that Turkish citizens are allowed to buy freehold land and property in the purchaser's country of origin or residence. This allows UK citizens to buy in Turkey. You will however need to obtain Government approval from the relevant municipality before purchasing a property. This is because specific areas within Turkey are zoned for strategic importance and you may not build or buy property in these preserved zones.
To find out more on how to get started on your Turkey property buying journey, request a copy of The Overseas Guides Company's Turkey Property Buying Guide.
Finance - how much does it cost to buy a property in Turkey?
Here is a brief list of what you may expect in the way of purchase costs. Please be aware that these may well vary from one estate agent to another as there is no regulation in terms of costs. You need to make sure exactly what they charging you when you buy. At time of writing they are generally as follows:
- Estate agents commission: This is generally 3% on a resale property subject to negotiation.
- Lawyer's fee: This varies and should be checked once you have found the lawyer you wish to retain - more about this later. It is dependent on things such as whether you wish your lawyer to retain Power of Attorney etc. but is usually around £350 for just drawing up the contract. Speaking to someone in Turkey I was given an average figure of £1000 on most property transactions.
- Deeds Transfer tax: This is payable at the Cadastral Office (Tapu) and is charged on properties bought from private individuals at a rate of 3.3% usually split equally between the buyer and the seller subject to the contract. You should ensure that this is calculated on the price you paid for the property.
- Registration of your Property Title deed: The cost of this is around £100 - this can vary.
- Property tax (Emlak vergisi): This is the property tax payable by the buyer upon the transfer of ownership of the property at the Cadastral Office at 0.1% of the value entered in the Property Registry.
- Translation services: Your passport will require translation as will your Turkish contracts into English. This should amount to about £120 - £160. Bear in mind that the Turkish contracts will apply what ever the English ones say, so you do need to make sure that this is properly translated.
- Notary fees: Currently these stand at £140.
- Municipality fee: This can vary but is approx. £300.
- DASK (annual compulsory earthquake insurance): £50.
- VAT: This is charged at 18% on the sale of a new residential building over 150m².
- Belledier Tax: Approximately £140 - this is for the property to be registered and map referenced - similar to land registry in the United Kingdom.
- Government tax: Administration cost to the government for military checks. Approximately £100.
Finding a property Turkey - where should you start?
Find property in Turkey with Rightmoveoverseas.co.uk - the best place to search for Turkish property and part of Rightmove.co.uk, the UK's number one property website. Turkey is a seductive mix of culture, stunning scenery, friendly villages, delicious cuisine and pristine beaches. With plenty of villas, apartments and houses for sale, you can find your perfect property in Turkey on Rightmoveoverseas.co.uk as Rightmoveoverseas.co.uk is the best place to find the very latest property in Turkey.
To find out more on how to finance and find a property in Turkey, request a copy of The Overseas Guides Company's Turkey Property Buying Guide.
Estate agents - how do I find a good one?
All estate agents are bound by the Estate Agents Act. However, it is an additional advantage if they are registered with a trade organisation. This will give you an indication of the standards they follow as these trade organisations set a standard of professional behaviour that members are obliged to follow. Three such organisations are The National Association of Estate Agents (NAEA), the Royal Institution of Chartered Surveyors (RICS) and the Guild of Professional Estate Agents. All estate agents are also obliged to belong to an approved redress scheme to deal with complaints.
Settling into Turkey - how can you make friends?
Turkey has lots to offer anybody who moves there. Why not take a trip to one of the local shopping markets in your area. This way you will quickly get a feel for the hustle and bustle of market life, including haggling! In these markets you will find many hand crafted items such as textiles, embroideries, ceramics, and pottery, onyx, mother-of-pearl, leather and suede products, rugs and musical instruments, all of which make for excellent home decorations or presents for friends and family when you visit home or indeed, if they come to visit you.
It is a good idea to find some fellow ex-pats living in your area, which won't be hard as there are over 350,000 foreigners living in Turkey, from nearly 10 different countries. A popular pastime for the elder generation is to grow your own produce, vegetables and fruits.
To find out more on legalities, moving and settling into your new home in Turkey, request a copy of The Overseas Guides Company's Turkey Property Buying Guide.