In this article you can find the rules for foreigners buying property in Turkey and the answers for “Can foreigners buy property in Turkey?”, “How To Buy a House in Turkey?” questions in your mind.
Turkey is friendly, beautiful and culturally rich country that offers great value for money. It’s modern enough to be comfortable yet traditional enough to be interesting. In recent years Turkey has become one of the favourite tourist destinations in the world with its immense unspoiled coastline and Mediterranean climate that offers all-year round sunshine.
Property in Turkey is seen as a good future investment considering the fact that Turkey is on the verge of becoming a member of the EU and is one of the fastest growing emerging markets in the world.
Am I Eligible To Purchase A Property In Turkey?
Yes, all EU citizens are able to purchase property in Turkey, subject to a military check. This check is mainly a formality to ensure that the property does not lie within a restricted zone.
Is It Easy To Buy Property In Turkey?
Yes. Property may be purchased in your own name provided that the property is situated in an area with an official municipality (council) and is Freehold.
What Does Freehold Mean?
Freehold means that when you purchase a property you hold the title deed in your name. Every property Cumberland advertises is freehold.
If I Purchase A Property, Am I Going To Have To Come Over To Turkey Lots of Times?
If you purchase through Cumberland Properties, we manage the sale for you. You would only need to visit Turkey once. During this time, we will work with the lawyer to draw up your contract, and to arrange Power of Attorney, so that they can sign the Title Deeds on your behalf.
How Do I Buy A Property?
Sales in Turkey are cash sales, where purchasers are requested to pay cash deposit, followed by an interim cash/mortgage payment and a final amount on sales completion. This may vary, according to whether the property is off-plan, newly-built or re-sale.
Can I arrange Finance/Mortgage in Turkey?
Yes, mortgages are now available both from Turkish Banks and UK finance organisations and detailed information can be obtained from us.
Are There Any Extra Costs or Fees That I Should Be Aware of?
Yes, there are extra costs involved; purchase tax, passport translation, notary charges, earthquake insurance, utility connections, title deeds, property tax.
Is It Easy to Sell and Transfer the Proceeds Out of Turkey?
Yes. A property may be resold or let and the proceeds transferred out of Turkey.
What about Capital Gains Tax?
There is nothing to pay if you sell your property after an ownership period of 5 years. If sold prior to this, there is a sliding scale rule on tax which is based on the “declared value” of the property set by the Title Deed Office.