Why Buy Property in Turkey?
There is much to like about Turkey. For one, the weather is always bright and sunny, which is such a pleasant change for those living in countries such as England, Sweden, Germany or Norway. So for home buyers looking for a second home or a winter villa, Turkey is an option they should be considering seriously.
Turkey has some of Europe’s best beaches, over 5000 miles of unspoiled coastline and offers excellent sailing and water sports opportunities such as rafting, scuba diving, sea kayaking and so on, all through the year. Other fun things to do in Turkey are paragliding and bungee jumping.
The economy is Turkey has really quite taken off over the last decade, and a plenty of new infrastructure has come up, which is at par with first world standards. The marketplaces are beehives of activity in the evenings and the people friendly to a fault, often willing to go the extra distance to help out a foreign visitor who is lost or in distress.
Also, your money would take you far in Turkey, far more than it would in the UK, Germany or the USA. That is why buying a nice winter villa in Turkey is such a pleasant option to have.
Are You Eligible to Buy Property in Turkey?
Turkey has a “reciprocity principle” when it comes to buying property there. This means, a foreign buyer would have the same property rights in Turkey as a Turkish citizen would have in the property buyer’s own country. So, if you’re a British citizen, buying property in Turkey would be easy, not so if you’re an American citizen. Also, it’s important to get the necessary government approvals from the local municipality before buying property in Turkey.
Buying Property in Turkey – The Essentials
# How to Find a Property in Turkey?
You can talk to expats about property buying opportunities in Turkey. You could look up the Turkish real estate portals online as well. Also, you may want to contact major Turkish property developers or real estate agents by email, if possible.
# The Financial Aspect of Buying Property in Turkey
In addition to the actual property price, you must add other expenses while buying property in Turkey, such as the Estate agents commission, which is around 3% of the property price, the solicitor’s fee, which may be close to £1000, and the Deeds Transfer Tax, which is stipulated at 3.3% of the property price.
Other minor fees would include the charges for the Registration of your Property Title deed, the Property tax (Emlak vergisi), around 0.1% of the property price and minor fees such as the Notary fee, Belledier Tax, Government tax and Municipality fee.
For new properties, VAT or value added tax will be charged, which will be around 18% of the property price.
# Importance of Hiring a Real Estate Agent
Turkish real estate agents are bound by the Estate Agents Act. You should look for real estate agents in Turkey who are members of the Royal Institution of Chartered Surveyors (RICS), National Association of Estate Agents (NAEA), and the Guild of Professional Estate Agents. Real estate agents in Turkey charge a commission of 3% of the property price, which is worth it, as they get you the best Turkish properties for sale. Worldwide Group have 3 offices in Turkey we have helped clients buy and sell thousands of properties in Turkey – Contact us today to buy a Turkish property.
# Importance of Hiring a Solicitor
It is important to hire an English speaking solicitor in Turkey, who would stay by your side during a property transaction, look through the documents and ensure that there is nothing in them that you wouldn’t want, and that your interests are protected.
# Importance of Hiring a Translator