Steps to buy a property in Turkey

Turkey has become incredibly popular with both foreign real estate owners in Turkey because the country has a rich, antique and interesting history with an impressive and attractive cultural heritage, but real estate investors in Turkey are attracted to the beautiful weather, stunning coastlines, colorful waters and beautiful sites. Especially popular sites include Istanbul Trabzon Stock Exchange Antalya, Bodrum and Fethiye, which are areas that offer modern and modern apartments and villas. It is also much easier to buy a Turkey apartment, making investment in Turkey an attractive opportunity for foreign investors all over the world.

Buying a property in Turkey

Foreigners can buy real estate in Turkey and invest in Turkey. The real estate is in Turkish cities, not in villages or rural areas. The property purchased must be located within the municipal boundaries or neighborhood. The purchased land or house must also be located outside the military areas.

Steps to buy a property in Turkey

The first step

You need to find an apartment in Turkey that you want to buy especially for Arab foreign investors who prefer to live in Istanbul which is a prime location for British buyers. Buying a holiday home is a lifestyle choice and most of them tend to look at the country's coastal areas of the Aegean or Mediterranean. Ferdous Amlak Life offers all the famous coastal resorts such as Fethiye, Dalyan, Antalya, Side and many others. Most people tend to buy an apartment in Turkey relatively recently and the quality of new Turkey properties has improved significantly in the past decade. New villas and apartments are open in a more modern style, some with beautiful outdoor areas and swimming pools. No matter what type of property or site you are looking for, Paradise Life properties have something for everyone.

The second step

Once you find an apartment in Turkey, Ferdous Life Company will contract with you in detail the agreed terms and conditions for the purchase. This will include the reservation deposit amount, the agreed date where you will pay the full deposit and the final balance cost of the property. A designated legal interpreter will be provided by government documentation offices throughout the process until everything is fully understood.

The third step

Then the legal translator takes the buyer's passport to the notary for translation. This is necessary for safety checks and property location. The translation takes a maximum of half an hour, after which the passport is returned to the buyer.

The fourth step

Then the local office consultants take the ownership of the Paradise Life and Jupiter property and the title to the local lawyer. Your lawyer is responsible for overseeing requests (title deeds) and (residence permit) as well as dealing with contracts. Iskan is a technical passport for your real estate in Turkey that contains information about your property such as the number of floors and the internal infrastructure. TAPU is an official document that shows ownership of the property. This document will include the owner's photo, stamp and signature. It is necessary to validate TAPU by ensuring that the name on TAPU matches the vendors. Your attorney will check all this for you as well as ensure that TAPU does not come with any debt and matches the property in question. After that, all parties will sign the contract written by Firdous Al-Hayat Real Estate Company, which the lawyer, legal interpreter, and other witness witnessed.

The fifth step

Upon completion of the contract, you will be required to leave a pending deposit to secure the property (the minimum pending deposit is $ 2000). The properties will be specified at a specific time for you to pay a full deposit, which is usually 1-2% of the property's purchase value.

The sixth step

Once you have completed all the other paperwork, you will pay the remaining balance on your property and your lawyer will sign the title deeds.

In order to obtain the title deed, an application must be submitted to the local land registry office in which the property is located. After conducting the necessary searches and searches for the above requirements, the ownership is transferred through the Land Registry Office. In Turkey, it is legally obligatory for both parties (seller and buyer) to be present upon entering the property registry during the transaction, proofs or documents relating to transfer of the full purchase price must be submitted to Turkey Land Registry Office.

The seventh step

At the transfer point, all taxes and fees will be paid. You will need to pay the buyer's fee and you will also need to pay the purchase tax (stamp duty) that reaches 3% of the appraised value of your property. The estimated value is usually about 60% of the purchase price, so your purchase tax will be 3% of 60% of the value of your property. This tax goes to your local municipality (council).

The eighth step

As a new property owner in Turkey, once the real estate purchase process is completed in Turkey, you will receive TAPU (title deed). You will need to register with the local tax office and open a mandatory Turkish bank account to register a property in Turkey. In order to open an account with the Turkish Bank as well as your original copy of your passport, you will also need to provide another identification form with your home address in the country in which you reside. This can be in the form of a driver’s license, or any utility bill (electricity, water, gas, etc.) or a council tax bill. Once you open a bank account in Turkey, you will be given a custom tax number and you must register the fact that you now own the property in the local municipality.

Delivery fees, taxes and insurance

Once you receive the keys to your new home, you will need to pay a one-time fee for utilities like electricity, gas, and water. You will also be required to purchase earthquake insurance. Turkey suffers from earthquakes and this insurance is the basis for peace of mind. All new construction features come with a seismic guarantee certificate from the developers.

The annual property tax is collected by the municipalities (equivalent to the council tax) at a rate of 0.3% for the land and 0.1% for the house. The costs can vary slightly depending on your municipality and in these big cities these numbers are double. All Turkey properties are subject to revaluation every year for tax purposes.

Real estate prices in Turkey

The following explains the one-time costs of buying real estate in Turkey. The numbers mentioned here represent the sale of an apartment in Turkey worth $ 150,000. All figures are quoted in dollars.

Purchase Tax 5,000 (generally lower - estimated value, not purchase value)

VAT is not available

3500 buyers fee

The fees for lawyers is 1500

Notary fees 400

Gas and electricity 200

The total cost of buying a property in Turkey is about 6.5% of the cost of the new property. However, due to the fact that the purchase tax is generally paid at an estimated value equal to 60% of the contract price, the final costs are around 5%.