About Buying Property In Turkey
Foreigners buying property in Turkey are assured of a quick and easy process that gains title deeds in next to no time. Additionally, homeownership in Turkey offers many benefits like a welcoming culture, weather, food, beaches, and a low cost of living. However, if foreigners are knowledgeable about buying and owning property, they have peace of mind and confidence in their real estate investment. So, we have put together common questions clients often ask and any other topics to ensure your real estate purchase goes smoothly. Of course, to speak directly with an agent, call us today; otherwise, let’s delve in and see what foreign property buyers should know.
About Buying Property In Turkey
1: Is It Safe to Buy Property?
Buying property in Turkey is safe. To prove it, last year, 49.213 people purchased apartments and villas. Nationalities varied from Russians and Germans to Brits and Iraqis. Turkey’s government has set guidelines and advice to follow to safeguard your investment. These include only sending money online to generate cash trails, using a lawyer, getting contracts notarised. In some cases, like the significant Istanbul off-plan developments, they come with government guarantees.
2: But is Buying Property a Good Idea?
We think so. Look at prices compared to other countries like Spain, Portugal, and France, for starters. In addition, Turkey offers a Mediterranean climate of hot summers and cool winters should you choose to live here all year round. If not, you can use your property for holidays and a wise mid to long term investment.
3: Do you get Residency if you Buy Property in Turkey?
There is a common myth in some circles that you must buy property to become a resident of Turkey. Firstly, you don’t. You can rent a home and still get residency. Secondly, the home buying process is separate from residency applications. Even if you buy a property, you still need to apply for residency. At first, this lasts for one year, then two years after that.
4: How Long Does Buying Real Estate Take?
This depends on what you buy and whether finances and paperwork are in place. Sometimes buying property in Turkey can take as little as 24 hours to get title deeds if a valuation report and energy certificate are present. At the same time, off-plan constructions are not allowed to issue deeds until they are complete and have all relevant licenses. Therefore, when you inquire about a property through us, we give rough estimations of how long the process will take to receive your title deeds.
5: How to Know if a Property is Legal?
At Turkey Homes, we only advertise legal properties since we do our due diligence; however, to check for yourself, look for the following. First, off-plan constructions must have a building permit. New homes and resale property must have an Iskan. Since the lack drastically reduces value, do not buy any property without one. Additionally, title deeds for any property for sale cannot have an “ipotek” attached. If they do, this indicates the property has debts, and if not paid, faces repossession. Generally, title deeds for land in Turkey have blue borders with detached homes on them, while complex apartments have red.
6: Do I Need to Buy Home Insurance?
To sign for your title deeds, you must buy DASK insurance which is compulsory annually. This covers you for minor and major structural damage in earthquakes. Fire and theft insurance is optional.
7: Do I pay Capital Gains when Selling?
If you sell your property within five years, you will be liable for capital gains tax. For this reason, most people keep their properties longer than this.
8: Can I Get Citizenship When Buying?
If you buy specific government-approved properties worth $250,000 or more and pledge to keep it for at least three years, you can apply for citizenship for you, your spouse, and dependents. Since Turkey introduced the scheme to encourage investment, most properties are in Istanbul, Turkey’s prime city.
9: Is There Annual Property Tax?
Yes, there is. Instalments are normally due in May and November and payable to local councils. You can register your telephone number with them for alerts when they are due. How much you pay depends on the property, value, and location. Taxes range from 0.1% to 0.6%.
10: What is Turkey’s Condominiums law?
Applying to any building or complex with eight or more apartments/villas, the condominium law regulates communal areas like swimming pools, hallway electricity, on-site security, and gardens. Management plans must be lodged with land registry offices, and annual general meetings are held to vote in management committees. Under this law, all owners pay a monthly fee for upkeeping and maintenance of communal areas. When you purchase property with us, we will outline all rules, ensure you meet the management committee, and be aware of current discussions. In addition, owners can see financial books from the accountant at any time.
11: Where is the Best Place to Buy property?
According to previous nationwide sales, the most popular places are Istanbul, Antalya, Mugla, Aydin and Bursa.
Istanbul: This vibrant city, the hub of Turkey, boasts of ancient history and new, modern business districts. Istanbul offers Turkey’s best nightlife and shopping scenes, as well as global gastronomy and cuisines. International real estate investors often choose Istanbul since large lifestyle residences in construction on the city’s outskirts offer long term payment plans with 0% interest and discounted prices. (More about Istanbul.)
Antalya: The Antalya region offers various lifestyle preferences and excels in diversity. Perhaps you would like golfing in Belek or exploring historical sites of Side, or beaches in the central city centre. Antalya, the number one destination for holiday home buyers, boasts of hot summers and mild winters, and many expats live here all year round. (More about Antalya.)
Mugla: This region covering southwest Turkey includes many towns, villages, and cities, each of which offers something unique. Out of all of them, the Fethiye district often comes out on top simply because it sits further west, offers affordable prices per square meter, and is home to some stunning natural landscapes and beaches. Dalyan and Dalaman are two other destinations rising in popularity as buyers want to be more with Mother Nature than urban landscapes. The Bodrum peninsula also ranks highly.
Aydin: Swinging around to the Aegean western coast, Aydin includes popular destinations like Kusadasi and Didim. Kusadasi is most notably known for large waterparks, all-inclusive hotels, and proximity to Ephesus ancient ruins, making the town a cruise ship hub. Didim, nicknamed little Britain, earns popularity with British buyers, although, in recent years, more nationalities flock thanks to affordable prices.
Bursa: Sitting in Northwest Turkey, the area includes the city part and larger province. The city earns fame because of the many Ottoman landmarks on the UNESCO World Heritage site list. At the same time, the area attracts skiers to places like Mount Uludag, one of Turkey’s top skiing destinations. However, westerners like the places mentioned above, but Bursa mainly attracts Middle-Eastern buyers because of similar cultures.
Also About Turkish Property
To start your property search, browse our apartments and villas for sale in many areas, including the five mentioned above. Each listing contains all information, including price, location, home features, and arranging viewings. Alternatively, if you have any other questions about what foreigners should know about buying property in Turkey, call us today. We are Turkey Homes, and we have helped many foreign buyers purchase their dream homes with confidence.