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VILLAS FOR SALE IN TURKEY
Purchasing a property in Turkey is far easier than in most european countries and we hope the notes below will assist you.
Foreigners may purchase land and property in Turkey under their own names provided that properties are not located close to Government buildings, military airport, etc.
When a sale is agree, an application has to be made to the local Land Registry Office. The title may be transferred once checks have been made to ensure the property meets all necessary requirements (see below). A lawyer/solictor is not needed in Turkey although it makes sense to consult one for your own piece of mind. Costs around £300 to £400.00.
During the transaction, the seller declares that he has recieved the purchase price from the buyer.
This is a process that can take a few weeks as the Land Registry office needs the official permit papers from the military administration .
A 1.5% duty both for the purchaser and seller must be paid. In addition, there is an annual property tax, collected by the local government at the rate of 0.1% for houses and 0.3% for developed lands.
Currently new properties are exempt from 25% of the annual property tax for 5 years.
All properties are subject to revaluation every year for tax purposes.
Currently the acquired property may be resold and the proceeds of the sale may be transferred out of Turkey.
There is no time restriction for reselling property after having bought, you can get it registered in your name and resell it the next day.
The buyer must pay a 3% agent’s commission.
These are standard terms offered by all Turkish estate agents.
Remember, that to reserve a property you will need a 10% deposit.
Cash is the easiest way to pay the deposit but understandably most people do not want to carry around thousands of pounds/ euros etc in a foreign country.
The easiest thing to do, is open a bank account in the resort area of your choice (preferably on the day of your arrival) and then if you have taken cash, deposit it in the account.
Alternatively inform your bank in your present country that you will be opening a bank account in Turkey and that you may be requesting a money transfer to this account. Allow 3-5 working days for the transfer of funds to Turkey.
Travellers cheques can be used but can take a while to process and you will end up paying commission. It is also possible to use credit cards but once again can take a while to process, hefty commision and sometimes the transaction can be stopped by the credit card company because they suspect a fraud is taking place.
It is very easy to open a bank account in Turkey and if you need any help please call one of our agents.