Owning Property in Turkey
Turkish regulations allow Non-Turkish nationals to buy property in Turkey providing it has a government Title Deed recorded at the Land Registry/Cadastral Office.
The process of buying
1st Step After your visit to Karia-Idyma Villas, upon your decision to buy a villa a down payment of 30% should be completed to sign the purchase contract.
2nd Step After the downpayment is received, the contract will signed between the buyer and the seller. The contract will include the terms and conditions of delivery, the payment plan and other agreed upon resbonsibilities. Payment plans can differ based on each project
3rd Step Title deeds will be given to buyers after all payments are completed. If the seller can not complete property constructions by the agreed upon time period, a monthly penalty will be awarded to the buyer. The seller agrees to assist the buyer at the title process at the Land Registration office.
Recommendation The easiest way for non-Turkish nationals is to purchase property is to give power of attorney to a lawyer. In this case, the buyer does not need to return to Turkey to complete the purchase, thereby saving valuable time and money.
Process of Approval
The only anomaly in the Turkish buying process is the requirement of an approval paper from the Military in Izmir . This application is made to ensure that the non-Turkish national is buying property within permitted areas, i.e. those which do not constitute national forestry or are located close to military installations.
The application is made by the agent or lawyer and the requires: a photocopy of the buyer's passport (with Turkish translated version), passport sized photographs and details of the property.
The notary's office works in conjunction with the title deeds office and the Aegean Army.
The translated documents will be checked by the army to ensure there is no record of criminal intent or activity against Turkey and that any property being purchased by a foreigner is not in the proximity to or intended to be used for any military purposes.
The approval is usually granted 10 to 16 weeks later, after which the buyer can complete. If the property is already in foreign ownership or on a housing development e.g. apartments, where other foreign owners are already present, the approval process is shorter usually being granted in 8 weeks. The agent or lawyer can give advice as to the likely timescales involved.
Taxation & Insurance
On completion all residential property must have obligatory government DASK insurance. After completion buyers should take out additional private insurance to increase the level of building cover and to insure contents.
They will also need to re-register the property with the local authority for payment of council tax and with the utility companies.
The utility companies will levy a charge for this service and may require a security deposit. For the connection of a new telephone line, foreigner owners must first apply for a residential visa. This application can be made in at the Turkish Consulate in foreing country and ratified by the authorities in Antalya . A residential visa will also be necessary should owners wish to ship their house contents into Turkey from abroad.
Post-purchase, foreign owners should undertake a Turkish will. Whilst property in Turkey will not revert to government ownership on death, there are differences in Turkish inheritance law and foreign owners should ensure they are protected.
Buying Tips
Financing the Property
Customers’ financial position: If you are buying with borrowed money speak to the lender and get a written confirmation of the amount you can borrow and the time scales involved. Currently it is not possible to raise a mortgage in the UK secured on a Turkish property. If you are planning to buy with borrowed money therefore, you must use a UK based asset as security.
If you are looking to secure a property during your visit with cash, know the timescales involved to release money from accounts and transfer it to Turkey . Most foreign based banks will accept a faxed transfer authorization but you need to arrange this with them prior to your visit. Likewise deposits can be made with a cash advance on a credit card, but you will need to inform your credit card company beforehand.