Buying land and property in Turkey is open to almost every nationality including UK, European, US, Asian and Middle Eastern citizens.
Before 2012, Turkey adopted a strict reciprocity law which restricted many nationals from buying property in Turkey unless a Turkish national could in return buy a property in that respective country.
However, the Turkish land & property law introduced in late 2012 now allows nationals from many ‘new world’ countries such as Russia, India, China and the Middle East/ Gulf to directly own Turkish land and property in their own name without the need for a reciprocity agreement between countries.
Property Purchase Process
The property buying process in Turkey is quite straightforward. RentBuyTurkey offers you a simple step by step guide:
Find The Right Agent – Getting the right information and advice is so important when buying a property in Turkey. You need someone with strong local market knowledge who you can trust. At RentBuyTurkey our dedicated team have many years’ experience designing, building and selling properties in the Mediterranean area. We work closely with our clients in every step of the buying process and after-sale property management.
Property Search – Buying a holiday home on the Mediterranean coast of Turkey is both a lifestyle choice and a serious financial investment. We need to find the right property for you. The first thing to do is arrange a property consultation with our dedicated sales team to establish your buying criteria and budget. We will then arrange a number of suitable property viewings for you.
Property Reservation – Once you have decided on your ideal property, we will negotiate the best possible price and terms of sale for you. A small reservation deposit is normally required to secure the property. RentBuyTurkey will assist you to obtain your Turkish tax ID number and open your Turkish bank account (necessary to buy a property in Turkey). We recommend that you use a solicitor in the property transaction. You can also give power of attorney to the solicitor to complete the property transaction on your behalf. This avoids the need for you to be present during the buying process and on the property exchange/completion day.
Sales Contract – Your solicitor will draw up a Sales Contract between yourself and the seller. This will include all information such as deposit monies paid, agreed sale price, date of transfer and property check list. The solicitor will make a full background check on the property – who are the legal owners of the property, are there any charges on the property (mortgage, credit etc.), have all the necessary building and living permissions been obtained. It is required for foreign buyers that an independent valuation of the property is carried out. The TAPU (Property Title Deeds) price cannot be less than the valuation price. We require two passport size photographs and a passport copy of the person whose name will be on the property title deeds.
Property Title Deeds (TAPU) Transfer – Once all the terms of the contract have been met by both buyer and seller, the property title deeds (TAPU) will be transferred to the new owner’s name and given to the local land registration office. The property title deeds will show the location/address of the property, land and building plot numbers, details/date of the property transaction and name of the new owner.
Costs Of Buying A Property In Turkey – There is a 4% Government Property Sales Tax of the sale price written on the property title deeds (TAPU). This is normally shared 2% by the buyer and 2% by the seller. The buyer will typically pay 2-3% commission to the real estate agent. There will be additional property transaction fees paid of approx. 1% paid by the buyer (solicitor’s fees, notary/legal registration fees, utility bills registration). In conclusion, when buying a property in Turkey expect to pay an additional 5-6% in taxes/fees on top of the agreed property purchase price.
Costs Of Maintaining A Property In Turkey – The compulsory costs are quite small. There is 0.1% Government Property Tax payable each year. There is a Government Building Insurance (DASK) of approx. 50 euros payable each year (depends on size of the property). Home and contents insurance is optional (approx. 100-150 euros per year). If you buy a property in a site complex then there will be communal charges payable for security, garden & swimming pool maintenance. (approx. 1,000 euros per year).
Turkish Residence Permit
When you buy a property in Turkey you can apply for a Turkey Residence Permit. This will initially be for 1 year but it is possible to request residence permits for longer duration. Previously it was up to 5 years but now a typical residence permit is for 2 years.
RentBuyTurkey can assist you in this application process. The alternative to a residence permit is a tourist visa which allows you to stay in Turkey for no longer than 90 days in a 180 day period.
t is possible to obtain Turkish citizenship by investment in Turkey.
You can become a Turkish citizen by buying a property with a minimum value of 250,000 US dollars or equivalent. Turkish citizenship will also be given to the property buyer’s spouse and children (under 18 years of age). Your Turkish citizenship will be for life and you can keep multiple citizenships along with your Turkish citizenship. RentBuyTurkey can assist you in this application process.
You can also become a Turkish citizen by depositing a minimum of $500,000 US dollars in a Turkish bank account or buying a minimum of $500,000 US dollars of Turkey government bonds. Again RentBuyTurkey can advise you on this procedure.