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Purchasing Real Estate for Private Use in Turkey


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Posted 16 June 2008 - 21:43

Purchasing Real Estate for Private Use in Turkey Buying property in Turkey is not as complicated as you might imagine. The procedure is often far simpler than in most other European countries.

Foreigners may purchase land and property in Turkey under their own names provided that properties are located in anywhere except restricted military zones.

After an agreed sale, in order to acquire the title of a property, an application has to be made to the local Land Registery Office. The title may be transferred once checks have been made to ensure the property meets all necessary requirements (see above).

During the transaction, the proofs or documents concerning the transfer of the full purchase price into Turkey must be presented to the Land Registery Office. Sometimes this process can take a few weeks.

Where the owner of the property is already a foreigner, however, the checks and searches have previously been carried out and the whole procedure can literally take five minutes !!!
A 1.5% duty both for the purchaser and seller must be paid. In addition, there is an annual property tax, collected by the local government at the rate of 0.1% for houses and 0.3% for developed lands.
New properties are exempt from the annual property tax for 5 years. All properties are subject to revaluation every 5 years for tax purposes. The acquired property may be resold and the proceeds of the sale may be transferred out of Turkey.

The buyer and seller must each pay a 3% agent's commission. These are standard terms offered by all Turkish estate agents.



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