Buy or build your own home in Turkey !
Sarigerme golfcourse area - Dalaman - Ortaca - Dalyan - Köycegiz - Port Göcek - Fethiye - Marmaris - Bodrum
Cheap Properties in Turkey - Plots, Villas for sale - Construction
Purchase Procedure /Financing
1. for plots, land and ready built homes
Buying a property in Turkey is easy -
Regulations - Laws
Purchase of property in Turkey
The law allowing the sale of property to foreigners was temporarily suspended in April 2008. Following ratification and signing by the Turkish Government on 4th July and approval by the President and publication in the Offical Gazzette on 14th July, Turkish Authorities have confirmed that foreign nationals will now be able to buy property in Turkey in line with the new act.
A decree is now being passed to local deeds offices.
Background Detail
In real terms foreigners can only own up to a maximum of 2.5 hectares (25,000 m2) of land and property. Upon application the Council of Ministers may use its discretion to increase this threshold to a maximum of 30 hectares (300,000m2) providing this figure does not exceed a total of 0.5% of the land area of the province in question.
Foreign nationals and foreign commercial companies are not allowed to buy property in strategic military and security zones in Turkey.
Please note that to purchase real estate/land in Turkey, conditions of reciprocity, complying with legal restrictions apply. In implementation of the reciprocity principles, it is essential that real estate acquisition rights given by a foreign country to its own citizens and to commercial companies established in foreign countries, according to the laws of these countries are also given to the citizens and commercial companies of the Republic of Turkey. As detailed in the Turkish Embassy website, the United Kingdom and the Republic of Turkey have full reciprocity regarding real estate acquisition.
Please access the Turkish Embassy website for more information.
We suggest the following process when purchasing in Turkey:
Choose and reserve the property of your choice.
You will visit the solicitor, along with the translator and the contracts will be drawn up, while you wait, in both Turkish and English.
The translator will go through the Turkish contract with you. If you are then satisfied, the solicitor, translator, developer and yourself will sign the contract.
The solicitor will then start the process of applying for Aegean Army clearance.
You will then go before the notary, together with the legal translator.
To save you having to travel back to Turkey to sign legal documents, a ‘power of attorney’ will be appointed.
You will need to allow for the following fees:
Optional: Solicitors’ fees – approximately £250
Aegean Army Clearance - £150 for Sarigerme, for Ortaca , Dalyan up to 500 - 2000 Turkish Lira
this depents on the local mayor.
Translators fees - £80
Notary fees - £70
Power of attorney – approximately £120
Title deed , registration fees (Tapu sicil havalesi, transfer at Ziraat Bank) about 50 £
Buyers tax – 1.5% of the purchase price
If you buy resale : 3 % Real Estate commission (for our own off-plan developments no tax)
If you feel comfortable without solictor, we offer the same service. The costs are more less.
Private Financing a ready built property with the Turkish IS-Bank
(It has to be an agency of IS Bank in your home country, not in Turkey)
Terms and Conditions for financing your Turkish property:
- Financing is only possible for ready built homes with an official owner ship deed (Tapu)
- the maximum sum of the financing is up to 80 % of the valuation report
- there will be a charge of the land done by your bank
- credit assessement before in your homecountry
- Financing starts with 50 000 Euros
- maximum for 10 years
- fixed interest period 5 years
- the property will be secured by a mortgage and a risk life insurance
- the risk of the financing in Turkey will be absorbed with higher interests
Foreigners are not allowed to take mortgages in Turkey by bank law.
So it is possible also to ask your native bank about financing.
Financing an off-plan development
If you have an own home in your homecountry ask your bank for a mortgage
in your home country to finance your Turkish property.2. Financing a new building when purchasing off plan
Payment steps of a new building in Turkey
click
Turkish Household costs
power bill per month : for two persons about 10 GBP
water bill per month : for two persons about 12 GBP
Telephone bill tax for month about 6 GBP
costs for a phone jack/unit 0,27 GBP
(you need a document of settlement of your turkish mayor where your property belongs to for open a telephone account
at Türk telekom)
telefone bill per month : basic charges 14 TL