Buying a Property in Turkey
The Buying Process
This procedure is quite similar in Turkey to that of a number of European countries. A deposit is needed at the time of contract signing, and the total payment is made when the title documents are transferred.
What documentation is required?
- Your passport and a photocopy of it
- 6 passport-sized photographs
- A Turkish bank account
- Turkish tax number
- A state employee with a notary who provides us with a one-time proxy so that we may finalize the transaction for you if you need to leave home until everything is in order.
- Proxy: approximately 100 Euro
- Translator: around 50 Euro
- Photos: around 10 Euro
- Transaction Fee: 4% of assessed value
When you decide to proceed with the purchase of your ideal house, a sales contract will be prepared, and a deposit will be requested. The contract becomes legally binding after all parties have signed it and the deposit has been paid. The deposit amount varies each property, but in general, you put down up to 10% of the buying price.
If you afterwards decide to cancel your contract, you will forfeit the deposit. If the seller withdraws from the agreement, you are entitled to a reimbursement of the deposit you paid; nevertheless, a penalty clause applies in such a situation.
Following completion, the buyer and seller (or their power of attorney) will personally meet at the local real estate office to transfer title deeds. This process normally takes less than an hour, and a representative is there at all times. To verify enrollment, foreign purchasers must be accompanied by an official translator. The buyer is required by law to pay taxes and fees before signing the final deed. The procedure is finished and the sale is completed after all parties have signed the contract. By signing this form, the property and ownership have been transferred to the new buyer, and the buyer has been recorded in the Land Registry. The seller must have received the whole purchase amount when the title deed is transferred.
Residence Permit - Turkey
Foreign nationals that wish to enter Turkey must have a visa ( 30, 60 or 90 days ) or visa exemption. Foreigners that wish to stay longer ( usually 1 year ) must apply for a residence permit in Turkey.
Expenses of Buying
How to Become a Turkish Citizen?
Finance in Turkey
The housing market here in Turkey is extremely buoyant, making buying property a sensible option. Real Estate is strong compared to elsewhere in Europe, and the Turkish Government simplified the buying process, which is now quick and easy.