If you want to look seriously at a property purchase in Turkey, here’s how you should approach the market and the sale so that you hopefully avoid being scammed. Iranians rank the first in the list of nationalities that bought the most real estate in Turkey. Iran was followed by Iraq with 385 houses, Russian Federation with 260 houses, Afghanistan with 168 houses, and Yemen with 88 houses. The property prices on our website are listed in TRY, EURO, USD, GBP, TRY, RUB, SEK, DKK & NOK as well as cryptocurrency BTC. With advanced features and a personalized experience, you can use user-friendly filters to find your dream property in Turkey. First and foremost research the agents thoroughly to ensure they are reputable and certified as there have been cases of nonlicensed agents attempting to sell homes to foreigners. Keep in mind that the real estate agent’s commission rate, which is generally paid out by both Buying Property In Turkey From Uk the buyer and seller, generally ranges from 2 to 4% percent, but is negotiable and should be discussed with the agent during deliberations. Newspapers, such as Sabah’s Sarı Sayfalar, which means “Yellow Pages” also contain advertisements for properties up for sale.
This in turn attracted more foreign investment in the housing market. Turkey has made it so easy for foreigners that they are even subject to the exact same laws and regulations given to Turkish locals. So, owning a property, the procedure and completion can take a as little as a few days providing you have all the relevant documents prepared. Don’t worry, Turkey Property Beys are here to walk you through every step of the process to owning your own home in Turkey. You will then need to arrange for the rest of the money to be transferred to Turkey. This will usually be paid into your own bank account in Turkey, leaving you or your lawyer to draw it out when needed. However, there will be deductions in many cases and with the chosen calculation system, the percentages will be less in reality. Registration fees for electricity, water, gas connections to your apartment will cost approximately 500USD. When you buy a property in Turkey, will you have full ownership rights on it and your family has the right of inheritance after your death. We advise you to read this guide to learn all the process of buying a property in Turkey. Some of these phoners are asking “Can we buy property in Turkey? If the caller is not a citizen of the above-mentioned 5 countries, they can purchase property in Turkey. Besides, Turkey does not even seek the reciprocity principle for foreign property sales.
However, legal ownership of a property does not pass with an accepted “sales commitment agreement”. Görkem CAN is a professional writer who likes to write about real estate trends for investors. He has been working in the real estate sector for many years and has been sharing his knowledge for properties internationally. If your house or apartment shares facilities with other owners, there must – by law – be a community of owners. Where possible, if you want a survey the best way is to persuade the seller to take the property off the market for a few days to allow the survey to take place and for you then, very rapidly, to sign a Reservation or Preliminary Purchase contract. Following the recession of the late 2000s, many banks have repossessed properties to sell. Such properties sound attractive, especially if the bank will grant you a mortgage to help buy the property, which they might be more inclined to do if – by selling the property – they are solving a problem. Estate agents in Turkey may operate differently from those in your country.
Expert translators are different from sworn translators at a notary. Only a few expert translators exist in the market, which makes them expensive. However, they are only needed if the foreign buyer wishes to attend the Land Registry himself and not via an attorney who has Power of Attorney. The real estate purchase tax, which is paid on the date of the purchase, is 4% of the declared real estate value. Some owners that advertise their property from Turkey save thousands in commission and can afford to offer cheap resale properties. Aside of the amazing scenic mountains, the Mediterranean sea & coastal breath-taking views, Turkey is also known & respected for its history. Thanks to Turkey’s geographical location & position, it’s been home to many cultures throughout history, from Troy to the Ottoman Empire, Turkey has much to offer all history enthusiasts and curious souls. Yearly 6% to 8% rental yield and 10% to 20% capital appreciation on the property price can be expected. Gas subscription security deposit is 700 TL for houses up to 200 sqm. Proverbially, as much as the gas, water, and electricity are used, bills will be heavier.
The size of your share will, these days, usually be proportional to the size of your apartment or house compared to the total size of all the apartments or houses. In other words, if you have an apartment of 100m2 and your neighbour has an apartment of 200m2 in a block of 1,000m2, you will own 10% of the common areas and your neighbour will own 20%. It is important to bear in mind that the Notary is not there to give you legal advice or to promote your interests at the expense of the other party. They are more a referee, to make sure the process is followed properly, than a lawyer acting on your behalf.