Buying a property is surely the most awaited and important part of a person life. Especially when you want to buy your holiday home, you want everything to be perfect since people work all their lives to finally save enough to buy a property. This is why this act holds great significance.
One of the most important things to know is;
All Turkish properties is sold freehold,which means you will own a proportional part of the freehold for the new build complex.
Here are some tips that people buying a holiday home in Turkey should know about!
You can always get in touch with us to get information and notifications concerning the desirable locations, new properties, their size sell and price. It is always a great idea to be well aware of everything. Moreover, it is also good to stay in touch with Bodrum Prospects and we will be happy to keep you up to date with the properties and their respective tax and price.
Bodrum prospects buying guide will helps you through each step involved in buying property in Turkey. You will find answers for all your questions regarding buying property in Turkey and guide will help you to avoid loosing money&time and legal pitfalls.
Furthermore, if you are still not sure about what you want, you can always sit down and ask yourself several things that can assist you in making your decision.
These simple and easy questions will be enough to help you decide what you want and how you want it.
Turkey is a beautiful place and a lot of people prefer to purchase a holiday home here. Before the recent years, Turkey had several laws that prohibited nationals from respective countries to purchase land here. However, after 2012 the Turkish government had lifted a lot of these laws and made it easier for people to buy property. The country is ideal as it is a peaceful country which is relatively cheaper when compared to other European countries.
It's important that one is aware of all the challenges and process of work that is mandatory to carry out in order to purchase a beautiful house to spend the holidays in. We are here to assist you and make sure you don’t make a wrong decision or pay more than what the property is worth for.
After 2012, the Turkish government had lifted several restrictions that made it possible for more than 129 countries to buy property in Turkey. However, if you are looking forward to buy property in Turkey, you are first required to take approval from the ministry of interior first. A foreign national can also not purchase more than 300,000sqm of land in Turkey.
Saudi Arabia, USA, Canada, Islamic Rebulic of Iran, The United Arab Emirates, Kuwait, United Kingdom, Ireland, Italy, Lebanon, Libya, Germany, Belgium, Azerbaijan, Kazakhstan, France, Italy, Norway, Holland, Switzerland, Northern Cyprus, Portugal, Russia, Romania, Niger, Bulgaria, South Africa, Argentina, Georgia, Moldova, Slovakia, Burundi, Brazil, South Korea, Spain, Dominican Republic, Luxembourg, Kenya, Poland, Finland, Kosovo, Kyrgyzstan, Burkina Faso, Belize, Estonia, Serbia, Sweden, Croatia, Gambia, Peru, Uzbekistan, Bosnia and Herzegovina, Colombia, Mali, Benin, Guinea, Monaco, Republic of Cote D’Ivoire, Namibia, Chad, Gabon
This is the 3.3% amount that is added to the property's purchased price. This amount is payed to carry out the legal registration on your name. If your property is under developed, you would not have to pay this amount until the project is complete.
To compile several documentations, and start approvals on the property also costs money which amounts to about Euro 500 in total.
Value Added Tax is also applicable on the property that you buy in Turkey. It is a consumption tax that is added on every stage.
The most important things that you need to know about buying a property in turkey, apart from the basics, is about Tapu and ISKAN. They are formal deeds which truly symbolise the fact that you house has become truly your own. Without these two documents, you cannot claim ownership of the house, even if you have paid for it. This is where a vast number of foreign nationals get cheated on, especially if they have not done their research. An underhanded company will only care about commissions, and not about where you have all the necessary documents to shift into your new house.
Tapu (Title Deed; Certificate of Ownership): Simply put, a TAPU is a piece of paper stating that you legally own the property you live in. If you do not have the TAPU, the property will not be considered as yours, regardless of whether you have paid for it. Before making a final deal on the property that you are planning to buy, ask the seller to show you the TAPU. Use the below form if you want to verify the authenticity of the TAPU.
ISKAN (Certificate of Habitation): ISKAN is a certificate which is provided by local authorities, certifying that the property is ready for you to live in. If your property is still under construction, or there are some issues still to be taken for of, such as a water supply, then your certificate will not be ready.
For a more comprehensive buying guide for properties in Turkey, use the form below.