Property Buying Guide
If you want to buy an apartment in Turkey, we recommend that you read this article.
This guide to buying property is a professional article and we make every effort to ensure that our customers provide all the information related to buying property in Turkey. You do not need to tell. Nevertheless, we offer a full range of services: we provide all the services for you, all the formalities and perfect after-sales service.
To learn more about buying property in Turkey, read the following:
Turkey is a country where property prices remain less flexible. Despite the fact that there is still no ready-made mortgage market to finance your property. There are not only banks, but also banks, as well as banks that play a security role and avoid transactions involving higher risks.
This is becoming more and more risky for banks. Typically, property buyers in Turkey are most interested in buying property. In addition, you need to pay in cash if you are a foreigner. Euro and dollars. However, it is recommended that you convert your currency to New Turkish Lira (YTL), because short and excessive fluctuations are not corrected in your image.
Since we recently entered into partnerships with one of the leading banks in Turkey. Therefore, you are free from stress while we arrange a mortgage for you.
This advice is mainly for foreign nationals who are new to Turkey. Given that you can visit Turkey for the first or second time, if you invest in any real estate, be sure to deal with the right people. Given your foreign citizenship, it is likely that scammers might try to take advantage of this.
To do this, always check the license for real estate issued to him in accordance with Turkish law on property. However, when you work with the purchase of real estate in Turkey, you can always be sure of our originality and be absolutely sure that your money is distributed in the best way.
In most areas of Turkey, such as Alanya, Antalya and Istanbul, property prices are relatively higher. This is because these cities are the largest cities in the country. However, there are places where you will find cheaper property prices. This may be due to two reasons: firstly, the real estate sector in this area is facing lows, and secondly, the area is not fully developed. Thus, if you are offered any property at unreasonably low prices, check its full information.
However, there is another important thing that you should check before buying any property in Turkey. It is possible that the offer price is too low for the property because it still has some unpaid fees for it. By this, we mean that if the seller offers a significantly lower price, it is possible that the property is not yet approved or does not await further permission, is sold by an unlicensed dealer or, possibly, has some mortgage or unpaid liability. Therefore, always ask about this before making the final calculation.
Despite the fact that there are not many formalities related to the investment audit, perhaps this may delay your transaction by about 1-3 months. However, in accordance with the new Turkish law, which was recently introduced, if another foreigner owns real estate in the same complex or is building, you can now obtain documents of title on the same day, which makes it a much faster process. According to Turkish law, before the government approves your transaction, it must verify that your property is not within a certain radius of hostilities. This is done to ensure national security and may take some time.
If you cannot wait for so long, you can appoint a lawyer or an independent lawyer. You will have to sign a power of attorney in his name so that he can make decisions in your absence.
In your purchase of real estate in Turkey, we act as your agents and help you in the formation of a power of attorney. If you want to have your own independent lawyer, you can still use our services to draw up an act.
Banks in Turkey operate according to strict standards, and if you open an account with any of the banks in Turkey to complete the transaction, you have to be sure of several things. First, you need to have a tax number from any of the local authorities in Turkey. And secondly, no one except you has access to your bank or can not even view your bank details. A tight banking structure allows a person other than you to view and access your bank account only in two cases: one, if it is a joint account, the joint owner will have full control over the bank account, and two if you have assigned someone to as your agent in the power of attorney.
Since we are not going to hide any hidden costs from our customers, here are the details of the additional costs that you will have to incur when buying property in Turkey.
-Stamp duty is 3%, equally divided between buyer and seller. (i.e. 1.5% each)
-Capital gains tax, if any. However, it is exempted if the property is sold 4 years after its purchase.
-Income tax if property is leased
-Corporate tax. However, a company that has owned this property for at least two years is exempt from this tax.
-Inheritance and inheritance tax, if any
-Earthquake insurance. Thanks to recent amendments to the law, every buyer has become compulsory earthquake —insurance regardless of place of purchase
We hope that we were able to remove all your doubts regarding the purchase of real estate in Turkey. If you still have questions, contact us or write to us. We will be happy to help.