House Sales Turkey (http://www.housesalesturkey.com/),
the premier online resource for Turkish properties, helps guide you through the
steps of the purchase process for property
in Turkey. While foreigners are allowed to purchase property in the
country, with more and more overseas purchases taking place each year, there
are certain restrictions that are worth noting, as well as variations from
British real estate processes.
Turkey works on a
reciprocal agreement basis when it comes to foreign ownership of Turkish properties. Citizens from
countries which allow Turkish citizens to own property in their country are
allowed to purchase property in Turkey;
this extends to most countries within the EU, including Britain. There
are some restrictions, however, including restrictions on foreigners buying
properties in municipal areas with less than 2,000 inhabitants. Foreigners are
not allowed to buy property in
Turkey in military zones and if they buy property with more than 30
hectares of land they have to acquire a special permit.
Once a foreign national has established that they can buy a house in Turkey with no
restrictions (something their lawyer should help to establish as well as their
real estate agent), the purchase process can begin. Buyers should allow between
4.6% and 5.5% of the purchase price for purchase fees and taxes. A deposit of
between 10% and 25% of the purchase price is paid by the buyer on the signing
of the purchase contract. Permission of sale then needs to be obtained by
sending the translated passport details of the buyer and the deeds of the
property to the relevant authorities, a process which normally takes between
six and eight weeks. This enables the Land Registry Office to transfer the
title deed to the buyer. When a foreigner wants to buy Turkish property, they must |