Property Turkey buyer guide, how to buy Turkish real estate
At Property Turkey, we get a lot of questions. In our buyer guide, we hope to provide you with the answers to your most common queries. We’ve compiled all the necessary information and guidance to help you make an informed decision about life in Turkey, purchasing real estate, legal matters, Turkey’s investment climate and many other relevant subjects.
Should you feel we have left any subject uncovered, please get in touch so we can provide you with the required details and update the information provided on our website.
Why invest in property in Turkey
Turkey’s economy has gone from strength to strength and the country is now one of the world’s top emerging economies. Thanks to stable inflation rates, favourable lending rates, a high GDP and a young, property-hungry population, investor confidence is at an all time high. Istanbul real estate and Mediterranean property in Turkey is now some of the most sought-after in the northern hemisphere. Read more.
How to buy property in Turkey
Faced with growing numbers of overseas buyers, the Turkish government has recently taken steps to make the Turkish property buying process faster and easier. Although it’s easier than ever before to buy a home in Turkey, it’s best to be armed with the latest up-to-date information to guide you through the steps you’ll need to take to buy property in an unfamiliar country. Our step-by-step guide to buying real estate in Turkey lays out exactly what you’ll need to do to ensure your purchase goes without a hitch. Read more.
Who Can Buy Property in Turkey
Turkish real estate is now available to the citizens of more countries than ever before. Thanks to a game-changing amendment to legislation which lifted restrictions and increased the number of nationalities who can now buy homes in Turkey to 129. The relaxed laws have prompted an increase in overseas buyers of property. Read more.
Costs of buying property in Turkey
Stamp duty, solicitor fees, the agency fee and other miscellaneous costs can add up. We recommend you allow for an extra 8% on top of your property value. Please read the link for a breakdown of costs associated with purchasing Turkish real estate. Read more.
Citizenship by investment in Turkey
With every purchase of a $250,000 property, foreign buyers are now eligible for Turkish citizenship. There are other options, too, for business owners and investors. Read more.
Turkish Title Deeds (TAPU) – essential reading
A Turkish title deed, known in Turkey as a TAPU, is an important document denoting ownership of the property. Turkish title deeds include information about both the property itself and the owner. They are supplied, registered, and archived by the Tapu and Cadastre General Directorate. Find out all you need to know about Turkish title deeds here.
Managing & maintaining your new home in Turkey and associated fees
Now that you have happily bought your new home overseas, you need to know how to go about managing and maintaining it. A well managed property appreciates in value, whereas a poorly maintained property, like any other asset, will lose its value faster than you can imagine. Good news is that management & maintenance of holiday homes in Turkey is not expensive. You can appoint professional management companies that will provide necessary services from as low as Euro 600 per annum for apartments, Read more
Buying property in Turkey through a company
A number of people choose to buy a Turkish property through a foreign company due to certain advantages, while others take this route if they’re not from one of Turkey’s recognised reciprocal countries. Either way, if you choose to take this option you’ll need to carefully consider the steps you’ll need to take and the implications of operating a limited liability company in Turkey. Read our guide for more information. Read more.
Should I use a solicitor to buy property in Turkey
Most people who find themselves victims of property scams in Turkey could’ve avoided financial stress and ruin by simply hiring a solicitor. Employing a reputable solicitor not only saves you time and eases the way towards completing your property purchase, it helps you avoid the pitfalls many buyers fall into. Read our guide and discover the full advantages of hiring a solicitor in Turkey and how to find a reputable professional. Read more.
Power of Attorney in Turkey
To complete the property buying process from your home country, it will be necessary to grant your solicitor power of attorney. Your solicitor will act on your behalf, completing the necessary steps to complete your property purchase. Check our guide to find out exactly what your solicitor needs to gain power of attorney and what they can do for you. Read more.
Finance for property in Turkey
As long as you have a good credit history and a proof of income, financial help to buy property in Turkey is available for home buyers. With a minimum 30% deposit and meet the minimum criteria you’ll be eligible for finance provided by major European financial institutions. Read our guide to financing property in Turkey and then contact us to discover whether you’re eligible for finance. Read more.
Residency permits in Turkey
As part of the government’s bid to ease the buying process for overseas property buyers, Turkish home buyers are now granted an automatic year-long residence permit in Turkey. After your initial year is completed you can renew your permit and obtain a permit lasting as long as five years. The process to obtain a residency permit is relatively straightforward. Read our guide which lays out the process and requirements in terms of the necessary documentation you’ll need. Read more.
Work permits in Turkey
All foreigners must obtain a work permit if they wish to work in Turkey. Your company will need to sponsor your work permit, and it’s possible to get the ball rolling while you’re still at home. Read more to discover the process by which a work permit is obtained – as well as which jobs and professions are restricted for overseas workers. Read more.
How to set up a business in Turkey
Turkey is attracting large amounts of foreign investment and growing numbers of entrepreneurs are combining their Turkish home purchase with new business ventures. Setting up a business in a new country can be tricky and you’ll need to do your homework with respect to discovering how Turkish law, taxes and culture differ from your own. Read our guide to setting up a limited liability company and our tips for easing your transition to working in a new country. Read more.
Bringing your pets into Turkey
Bringing your beloved pet to Turkey is easier than you think. Providing Rex or Fluffy have had up-to-date vaccinations and a pet passport or identification card, you’ll find importing your cat or dog to Turkey a simple and painless process. Read our guide to find out more about the process of importing animals to Turkey, as well as a few handy tips on dealing with airlines and what equipment you’ll need. Read more.
Bringing your car into Turkey
Cars are considered a luxury item in Turkey and costs of vehicles, fuel and road tax can reach eye-watering proportions, costing around three times the amount you’re paying back home. Many overseas property buyers think they can drive their cars to Turkey from their home country for use in Turkey. However, this is generally not the case. Read our guide and weigh up the pros and cons of buying a car in Turkey or importing one from home. Read more.
Income tax on Turkish property
If you’re buying Turkish real estate you’ll need at least a working knowledge on Turkish income tax laws, and how they apply to you as a foreign buyer. If you’re setting up a business in Turkey or planning to earn rental income from your property it’s essential you have some understanding of tax law. Our guide explains the different categories of tax in Turkey and breaks down the laws pertaining to property income tax in easily digestible pieces. Read more.
Capital gains tax on sale of Turkish home
The capital gains tax is a tax you’ll incur if you sell your property within five years of the purchase date. You will be taxed on any profit you make after the sales value is declared. Read our guide to find out the ins and outs of this tax and whether there are any exemptions or clauses you need to be aware of before you sell your home. Read more.
A Turkish property inspection trip is a chance for you to not only find your dream home, but to discover if Turkey’s culture and way of life is suitable for you and your family. We’ll help you to explore the local area and introduce you to the best possible properties for your budget. Our insider knowledge and experience will assist us to give you up-to-date and accurate information on not only the area’s real estate, but the ins and outs of the local economy and lifestyle. Find out more about inspection trips here. Read more.