Buying Real Estate Abroad – Turkey
Buying real estate in Turkey now is much easier than it used to be. The procedures are much easier than most European countries. Foreigners have the right to buy land and property in Turkey and as far as their sale is concerned, they can transfer the money abroad without consultation or consulting a lawyer as is customary in other countries.
How it is done:
- The owner of the property (The Seller) and the Real Estate Agency prepare the necessary documents to start the transfer of ownership and the buyer gets a copy of the contract in principle.
- After deciding on the sale, sign a legal contract.
- Buyer pays a sum of 1000 euro (not refundable) or equivalent in US dollars.
- The Agent will prepare a proxy through the authorization of “weareALANYA” – for processing and completing the legal procedures and follow up all transactions for registration of the property. Accordingly, the company prepares the application for registration and copies of the legal documents, along with a copy of the passport and send it to the concerned authorities.
- “weareALANYA” submits the application and formal transactions for obtaining the new property papers on behalf of the buyer and booking the property in favor of the buyer to ensure that it is not sold to another person.
- In the past, the process took 10 to 16 weeks before the title deed was issued but according to new legislation, the process was shortened to 3-7 days.
- It is recommended that all required installments be transferred to a bank account to be opened in Turkey before leaving.
- When all checks are obtained, and the papers are returned to our company – weareALANYA – the company completes all other items on behalf of the buyer.
- After registration of the property and issuing the new title deed for the property in the name of the buyer – weareALANYA – complete all the procedures required for the registration of Electricity Meters, Water, Telephone lines … etc. in the name of the client.
- On the day of transfer of ownership, the company will complete all necessary documents in respect of legal and financial issues.
- “weareALANYA” provides a Property Management Service that includes security services, cleaning services and much more. For Further details refer to the Services Section.
What are the additional costs of buying real estate in Turkey?
The purchase price includes the land on which the property or part is built if the property is part of a complex
- 4% Property Acquisition Tax (one-time payment to local authorities).
- 150 – 200 euros for the power of attorney and translation of contracts in notary public (one-time)
- 200 – 250 Euro Registration Rate Water Meter (one-time payment)
- 200 – 250 Euro Registration price Electricity meter (one-time payment)
- Real estate tax (housing) for modern projects and this is determined by the local authorities depending on the location and area of the property and is again a one-time payment.
- 40 Euros to transfer the telephone line (one-time payment) in the case of a landline.
- Annual property tax: 0.1% of the value of the apartment (according to the tax department estimate) based on the value of your property in Turkey and collected by the local government during the first quarter of the year.
The following is a general guide to normal energy cost:
- Water cost per cubic meter: Approx. EUR 0.85
- Energy cost per kWh: Approx. EUR 0.15
Services that we – Alanya – can offer you:
- Coordinate hotels and transport to and from the airport if necessary.
- Delivery from hotels to visit property. Alanya – Our employees have a background in tourism, so they can provide all the necessary information not only about property properties but also about the area.
- Coordinate appointments with an official interpreter.
- Register electricity, water and telephone in your new property on your behalf.
- Assist in related purchases such as furniture, air conditioners, electronics,
- Help to open a bank account in Turkey to ensure that there will be no fear of not paying the bills to be paid such as water and electricity where it can be paid automatically through the bank when the owner is not resident in Turkey.
- Obtaining a tax number which is required for all future transactions and legal procedures.
- Help prepare all documents required for home insurance.
- Coordination for official will (will) in Turkey, upon request.
- Assist in renting the property in the case of the client’s desire to do so.
- Assist you to make Turkish will for your property to other person in case of death, which will facilitate the reversal of the property much easier and hassle free.