Buying Procedures in Turkey FREQUENTLY ASKED QUESTIONS Is property in Turkey Freehold? The majority of property in Turkey is freehold. Can Turkish property be owned by foreigners? Property ownership in Turkey by foreign nationals is a recognised right as there is reciprocity between Britain and Ireland with Turkey. Buying a property in Turkey is a lot easier than in many other European countries. Provided the property is in the municipality boundaries, not in a village and outside of military areas, the process is simple and straightforward. Are mortgages available in Turkey for foreign buyers? Mortgages are on their way for foreign buyers but not yet in place. Most buyers use the equity in their UK home to purchase. What is the usual payment procedure? For new build property a contract will be signed at the Reservation Stage to secure the 10% reservation deposit. A second contract will be signed at the Contract Stage which will cover all the details about your property together with the price agreed, payment method and any extras or alterations you may require. Both contracts are binding in Turkish law. Please use a solicitor who is familiar with turkish law, this is best done with an English speaking Turkish solicitor, for a small fee. For resale properties there is a standard agreement. A 10% deposit is given to secure the property. Then balance of payment is made within approximately 30-40 days depending on the owner of the property. This not only secures the property in your name but also the agreed price. How does the purchase procedure take place? In order to acquire the title of a property, an application has to be submitted to the Local Land Registry Office in which the property is situated. After carrying out the necessary searches and checks for the above-mentioned requirements, the transfer of the title is done by the Land Registry Office. The Title Deeds also have to be checked by the military office in Izmir to ensure that the property is not in a Military Zone. The local Land Registry Office checks that there are no outstanding rental agreements, and that the seller has the right to sell the property and owns the Title Deeds (Tapu) to it. Once they have been approved the new Title Deeds will be drawn up in your name. This process takes two to three months. Either you can come to Turkey to sign the Title Deeds or you can give Diamond Homes Turkey or your solicitor power of attorney to sign it on your behalf. What are the purchase costs? • Estate Agency Fee of 3%, which is standard throughout Turkey • Solicitors Fee of approx. 1%-3% of sale price • Translator’s Fee of ¬£50 • Government Tax of 3% of the minimum value of your house (local government decide this) • Building, Contents and Earthquake Insurance ¬£120 • Buyers Tax 1.5% Noraty for legal authorization of paper work ¬£55   What are the Annual Costs? • Community Tax ¬£8 • Property Tax which should be 1% of the Property Price but usually less • Property Insurance • Property purchased in a complex pay monthly maintenance charges from ¬£16-¬£25 • Water 1-2m (0, 32€), 21-40m (0, 48€), above 40m (0, 87€) – very cheap! • Refuse ¬£10 • Electricity – solar heating panels reduce these costs for hot water so the main need is lighting and air-conditioning which depends on level of use • Gas – used only for cooking and is very cheap Importing belongings, furniture and car to Turkey You can but the transportation and duty is very expensive. Also you are only allowed six months in Turkey with your own car. Selling your property later If you sell your property in the future you have the legal right to take the proceeds back to your country. Can I Will my property to my beneficiaries? We recommend that you make a Turkish Will so that you leave the property and any assets to the beneficiaries of your choice. Residency You can obtain a three-month multiple entry sticker type visa at the port of entry in Turkey. A Residence Visa is only required for permanent residence or stays of longer than three months at a time. If you intend to take full-time residency, an application for a 12 month visa should be made to the ‘Consulate General’, Turkish Consulate, Rutland Lodge, Rutland Gardens, London SW7 1BW. Tel: 0207 589 0360. The website address is: www.turkconsulate-london.com. Having arrived in Turkey to take up residency you are required to report to the local authorities within 28 days of arrival and apply for your residency permit. UK Pension United Kingdom retirement pension is payable in Turkey at the rate, which is payable as if you were in the United Kingdom. Medical Insurance There are government run and private hospitals in Turkey. Although you may, under the reciprocal agreement between the UK and Turkey, be entitled to certain medical services it is advisable to take out private medical insurance to ensure you can obtain the level of treatment you require. Costs will vary on the level of services needed by the individual, but it is far cheaper than the UK.