The Property Banks Buyers Guide to Turkey
The buying process in Turkey is far
more straightforward than a traditional UK property purchase.
The Purchasing Process
Once you have made the decision to buy a property in Turkey you
should complete the designated reservation form and return it us.
This should be followed by your reservation payment (the amount
specific to the development). This reservation payment secures your
property and brings it off the public market.
You are then issued with a Sale and Purchase Agreement (contract).
At which point you are given a specific execution date, by which you
should ensure that Sale and Purchase Agreement has been signed and
returned, along with the required deposit payment.
On receipt of signed documentation and cleared payment you are
immediately issued a countersigned contract.
You will then continue to make payments in accordance with the
specific developments payment schedule.
Legal Advice
Legal Requirements
You are not legally required to instruct solicitors when purchasing
property in Turkey. Although Select Property are able to recommend
independent solicitors should you wish.
Property Purchase tax
This is payable on receipt of the TAPU (title deed) and is 3% of the
stated value of the property.
Real Estate Tax
Annual Real Estate Tax (similar to Council tax in the UK) for
residential buildings is 0.1%.
VAT
Purchasing a residential property in Turkey with a net area up to
150sq.m is subject to a VAT of 1%.
Stamp Duty
Stamp duty rates applied to contracts are 1.1% of the property price
stated in the contract.
Annual Service Charge
Once completed there is traditionally an annual service charge,
which again is specific to the development. The service provided
under the annual service charge varies in each development, but
generally covers your maintenance, landscaping, access to facilities
and refuse collection. Speak to your Turkey Advisor for further
advice.