Buying property in Turkey: the advantages and nuances of contracting

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Buying property in Turkey: the advantages and nuances of contracting

Acquisition of real estate in other countries is a profitable investment option. Affordable price, attractive conditions contribute to the popularity of this business. Among various countries, Turkey remains one of the best contriesto purchase real estate in.

What to look for when buying property in Turkey

Turkey is located on the border of Europe and Asia. The unique location of its capital – Istanbul, makes it simultaneously located on two continents. Ancient history, rich culture, excellent cuisine invariably attract the flow of tourists into the country. Optimal conditions have been created in Turkey for the development of the real estate market and investments in it. The rather low cost of facilities and quality construction ensures a steady growth in demand for Turkish apartments.

Before buying property in Turkey, note the important features.
1. For negotiations and documentation, it is better to use the services of an interpreter.
2. Carefully study the “Tapu” or title documents to make sure who owns the property. Check for compliance with construction standards and make sure there are no debts on the property.
3. Upon signing the preliminary sale contract, a deposit must be paid, approximately 30% of the total value.
4. Transfer of documents takes place in the registry office. The data and name of the buyer are indicated on the title. In addition, there is a copy of the document.
5. If the purchase is carried out,out of the plan, it is necessary to obtain a certificate for housing or “Iskan”. It is given at the end of construction work. The document confirms that everything is agreed with permission for redevelopment. “Iskan” is required for all new buildings. This document is extremely important: without it, you have no right to live in this housing and to use public services.
6. When buying property in Turkey, 6-7% of the total amount is paid. This includes the deposit, legal costs, tax, and agent commission. The stamp duty is paid jointly by the two parties, it is 3%.

After purchasing the property, you must register with the tax office and open an account with a local bank. You must be given an identification number.

Fees and taxes that are expected when buying property in Turkey

For housing costing £ 150,000, the following costs must be considered:

1. The purchase tax is paid by both parties, it is 1.5 (£ 4500).
2. Notary fee – £ 140.
3. The fee imposed upon registering the land is £ 150.
4. The number of municipal fees may vary, approximately £ 300.
5. Military registration – £ 500.
6. DASK or annual compulsory earthquake insurance – £ 50.
7. Total expenses: £ 5,640.

The most popular among investors is the sea coasts – the Aegean and Mediterranean. The active development of resort areas contributes to the sale of real estate in Turkey.
Alanya has a developed infrastructure and coastline, which is actively built up.
Belek attracts the presence of golf courses and close proximity to the international airport. Nearby is the town of Sid, where prices for a few properties are lower.
In Bodrum, 70% of the tourism business in Turkey is concentrated there. They haveall the advantages of a developed resort.

Dalaman and Fethiye are loved by tourists and investors. The first value resorts for a variety of entertainment, the second – for the value of the real estate. One bedroom apartments with a beautiful sea view will cost an average of £ 63,000.
Istanbul has become more accessible to foreigners after the adoption of a law that allows citizens of another country to buy housing on their own behalf. The cost of real estate in the capital of Turkey is growing by an average of 40% every year, but this does not stop investors who want to invest money in high-quality facilities in a picturesque place.

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