Buying Guide for Turkey

The following information is intended to help you understand the process of buying a house in Turkey and to give you an indication of the obligations of overseas home ownership. Your Lawyer should carry out the following work from you:

  • The title of the property is checked.
  • The person selling the property actually owns it.
  • Whether there are any charges on the property.
  • Where applicable, that building licences and permissions are in order.
  • The terms and conditions stipulated by the seller are checked for fairness.

Once the lawyer has drawn up the sale agreement, and the buyer & seller have signed it, the new title deeds will be applied for. This process could take 2 – 3 months. You should request a clause in the sale agreement where the developer undertakes to build the home in accordance with the building licence granted.

  • The title deeds will then be transferred into your name, which is signed in the presence of the notary. You can either attend the signing in person or appoint someone as power of attorney to attend on your behalf
  • For the fees and taxes to be paid.
  • For the title to be registered with the government land registry.

The Notary is a public official who is present to officially certify that the title deeds have been exchanged and understood by the parties concerned. After the signing, the notary witnesses the payment, or an acknowledgment that the payment has been made, and this is incorporated in the title deeds of the property.

Surveys

As is the case with the purchase of property anywhere, it is often prudent to have the property you intend to buy surveyed. A law was passed in Turkey recently whereby all new property has to be surveyed, however this is not the case for resale property. We can, if you wish, make arrangements for such a survey to be completed and will advise you on the costs of doing so.

Legal fees should be around 1 to 1.5% of the cost of the property

Notary charges approximately £60 / € 89 for power of attorney and translator.

Other Costs

There is no Capital Gain Tax after four years of ownership

Agency fee 3 %to 4% of total property price.
Buyers tax: Approximately 1.5% of the sale agreement price.
Government tax: Approximately £100 / € 148
Community tax: £8 / € 12 paid yearly for local services.
Property tax : Approximately % 0,5 of property price, paid yearly.
Water & electricity connection fee: Approximately £250 / € 370
Earthquake Insurance: Depends on property price and location. (required by law)

If property is bought in a complex: There is an average maintenance charge of £ 170 / € 252 - £ 750 /€1,109

When purchasing property, the buyer will be responsible for paying the water and electricity connection fee.

Taxation

There is no double taxation agreement at present between Turkey and Ireland however the double taxation agreement has been signed but awaits ratification and this should happen in the medium term.

Bank Guarantees

These are not yet available in Turkey as is the case with many other emerging countries. It is important to know that you carry the risk for payments made to the developer until completion and registration of title deeds. You need to be aware therefore what risks you carry and your Lawyer can spell these out for you. This is one of the reasons why property is still cheap in Turkey.

The above rules and costs may vary from time to time. It is important to use the services of and independent lawyer. Please Request your lawyer to supply you with the up to date situation on purchasing property