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Home Page >> Buying in Turkey |
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10 good reasons to buy in Turkey
Prices... It is outside the EU and borders Syria, Iraq and Iran - but Turkey stretches for thousands of miles. Kalkan's soutwesterly location means it has far more in common with holiday favourites like the Greek Island of Megisti - just a short boat trip away. Yet it also means you will get a good deal on price.
Airports... Istanbul is a major international destination, but Kalkan is also well served with Dalaman airport little over an hour.
Mortgages... European banks have started to offer mortgages on Turkish property, opening the investment opportunity not just to the mega-rich. Typical rates around 6.9 per cent for off-plan and up to 75 per cent of the value.
People... This isn't a Manchester United 'welcome to hell' visit to Istanbul. If anything the Turks passion of football means they have more in common wit the English than it first seems possible. Service levels are humbling and British restaurants could learn a lesson or two on keeping happy customers.
Weather... Unprecedented heat waves this summer saw temperatures soar into the 40s. Thankfully, there is always the pool or sea to cool off in.
Raki,
Melon and Cheese... an odd mix perhaps, but throw melon, cheese and the Uzo-like Raki, the potent Turkish short, together and the combination makes for a starter sensation.
Mezzes... staying with food, the only problem with the mezze selection is trying to find a table big enough. You can find yourself with 20 dishes in front of you from cured mackarel to seaweed to yoghurt and spinach, all deliciously presented and infused with herbs. You'll never have the same dish twice mealtimes will last twice as long.
Football... we share your passion. The Inonu stadium in Istanbul, home to top side Besiktas, is proud to have the highest recorded sound levels for any football ground - standing at an ear-bashing 132 decibels.
Language... English is widely spoken, so you'll not have to worry if your Turkish, Uzbek or Azeri is not up to scratch.
Sea... warm, calm and free of strong currents, it's perfect for divers, sailors and you can float effortless on its salty waters.
PROPERTY PURCHASE PROCEDURE IN TURKEY
Buying a property in Turkey is a lot easier than in many other European countries. Foreigners may purchase land and property in Turkey in their own names provided that properties are located in towns (i.e. there must be municipality in the area where the property is located and the property must be situated within the boundaries of that municipality or borough), not in villages or rural areas and outside of military zones. In order to acquire the title of a property, an application has to be submitted to the local Land Registry Office in which the property is situated.
After carrying out necessary searches and checks for the above mentioned requirements, the transfer of the title is done by the Land Registry Office. In Turkey, it is legally compulsary for both sides (the seller and the buyer) to be present at the entry in the property register. During the transaction, the proofs or the documents concerning the transfer of the full purchase price into Turkey must be presented to the Land Registry Office. A purchase tax of 4% is shared between the purchaser and the seller during the transaction. An annual property tax is collected by the municipalities (i.e. local governments) at the rate of 0.3% for land and 0.1% for a house in the Kalkan area. In the big cities these figures are doubled. All properties are subject to revaluation every year for tax purposes.
On newly built properties, within 3 months of construction finishing, the buyer must complete an affidavit and submit it to the municipality for these tax purposes. Tashan Construction Co. is happy to guide customers through this process for the first time.The acquired property may be resold or rented out and the proceeds may be transferred out of Turkey. Please note: Different regulations apply when a property is purchased for business related purposes.
Can all foreign nationals purchase property in Turkey ?
Most foreign nationals can purchase property in Turkey. Agreements are usually reciprocal between governments.
Can I borrow money in the UK to purchase my Turkish property ?
From September 2006 it is now possible to mortgage in the UK against a Turkish property. Some restrictions apply as to the where in Turkey and what type of property. Rates are from approximately 6.9% in Sterling and 5.9% in Euros.
Mortgages are available for Turkish residential property located on the Turkish Riveria and İstanbul only for the purposes of property purchase, refinance, and home improvements.
Main Points:
The mortgage will be secured on your Turkish property
Lending amounts from 40.000 to 200.000 Euros (larger amounts may be considered on a case by case basis)
Up to 80% of the purchase price or property valuation whichever is the lower value
Maximum term 20 years
Maximum borrowing age 75
Proof of income is required
Repayments must not exceed more than 45% of nett monthly income together with any exisiting liabilities i.e. mortgage/rent repayments, personal or banks loans etc.
For off plan purchases the funds will not be made available untill the property is registered in the buyers name.
Mortgages are not available for the renovation of property which is currently uninhabitable.
If the property is rented the Interest Rate is increased by 0.6% throughout the mortgage term
Further İnformation:
All applicants need to provide a minimum proof of income:
Employed applicants
Copies of the your last three months pay slips
Copy of your latest P60
Employers reference
Copies of your last three months personal bank statements
For Self Employed applicants or Directors of Limited Companies (wıth a share holding of 20% or more)
Copies of the last 3 years Audited accounts
Copies of your Personal Tax Returns fort he last 2 years
Copies of your last 3 Personal Bank Statements
What will be my buying costs on top of the purchase price ?
The costs ontop of the purchase price will be:
Purchase tax
Legal fees
Re registration of the utilities at completion
Insurance for the property at completion
As a rough guide lines these usually work out as a 4 to 5% on top of the purchase price.
How can I pay the deposit to secure my property ?
There are several ways you can pay the deposit money:
1. Cash or travellers cheques
2. Cash withdrawl on a credit card over the counter in a bank
3. Money transfer from your account in the UK to an account in Turkey
1. Is self explanatory but not always practical depending on the amount of cash you need to bring with you.
2. For this to work sucessfully the local banks must accept your card. As a general visa is fine but maestro is not accepted locally. You will need to tell you credit card company that you plan to make a large cash withdrawl otherwise they can stop the transaction for security checks.
3. Not all UK money institutions will accept a fax or phone authorisation for a foreign transfer. You must check with your bank or building society before you come to ensure this is possible and if so what documentation they require.
Like many other sellers around Klalkan, we will accept a goodwill deposit from you when you are here. This would be around £1,000 to £2,000 pounds with the understanding the balance of the 10% will be transferred to Turkey within 10 days of your return to the UK. A good will deposit is non refundable.
Can I open a Turkish bank account from the UK ?
What documents do I need to open an account ?
It is not generally possible to open an account at a Turkish bank from the UK. You must be present at the bank to open the account and require your passport plus one other form of identification. You do not need to place funds in the account but most banks levy a small administration fee for setting up the account.
Are transactions completed in Sterling or Turkish Lira?
Generally most property transactions in this region are completed in Sterling. If the property is advertised in Sterling then the contract and payment will also be in Sterling. Euro or Dollar are equally acceptable and the rate of the conversion will be agreed at the contract date.
Do I have to return to Turkey for the completion ?
Unless you have arranged for your power of attorney to be given to a lawyer or friend then yes. The transfer of the title deed of the property is a process completed face to face.
How do I arrange power of attorney ?
Power of attorney is arranged through the Notars office. You will need to visit this office along wth the person to whom you are giving the power of attorney and accompanied by an official translator. The Notars office is open Monday to Friday only, so allow time for arranging this, if this is your preferred method of completion.
If later I sell my property can I take my funds out of Turkey ?
Yes. There is no restriction on foreign money movements into or out of the country.
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Copyright © 2008 Tashan Construction & Design. All rights reserved. Designed by Tashan Design / Updated 14.06.2023 No parts of this web site can be copied without written permission.
Disclaimer : We have prepared this information in our best effort to ensure that is it true and accurate on our behalf however we take no responsibility and disclaim in respect of any errors here. Prospective purchasers need to verify their own enquiries with their information.
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