Introduction - Purchase & Living cost - Buying guide
Letting - Other Information

Introduction

Almost anyone can purchase a property in Turkey and the process is generally very straightforward. Please take time to read through this information and if you have any questions do not hesitate to give us a call

Purchase & Living Cost

Payment Terms

For new property (Generally)

• 10% deposit
• 2nd stage payment - 40% of purchase price. Payable 8 weeks after deposit.
• Balance in stage payments to suit the client's needs, leaving a small balance of approximately L2,000 to be paid on completion.

 

For resale property

• 10% Deposit
• 2nd stage payment - 40% of purchase price. Payable 8 weeks after deposit.
• Balance on completion, depending on Vendor?s requirements.

 

Purchase Tax

There is a 1.5% Purchase Tax. This is calculated on the value of your property. 1.5% is paid by the purchaser and 1.5% by the vendor making a total purchase tax of 3%.  

Other Purchase Cost

Solicitor charges vary in location and work requirement. Costs are typically £500 - £1000

Translator at the notary costs £100 approximately.

A 3% buyers fee is payable. This is standard throughout Turkey.

In some cases there may be a charge of £100 each to connect electricity and water meters. Good quality furnishing can be budgeted at approximately 5% purchase cost.

Other Expenses

0.3% annual property tax £60.00 annual council tax. This is usually paid in two instalments (May and November). £250 property insurance (depending on size and location).

An average sized villa could expect to use per annum:-

• Electricity and Water - £450 approximately
• Gas (bottled) cooking/hot water - £200
• Pool Chemicals - £200.00 depending on size of pool

Communal Charge (if applicable)

These may vary according to the size and value of the property you purchase. A guideline figure for 2/3 bedroom apartment would be between £200 and £400 per annum and would include:

• Pool maintenance (including chemicals)
• Garden maintenance

In some cases this would also include:

• Exterior repair and decoration
• Building insurance

 

All the above amounts can only be used as a guideline as actual costs will vary depending on property size and usage.

 

Please note that some costs may be subject to 18% KD (The Turkish equivalent of VAT).

Buying Guide

Who can buy?

Citizens of countries who have a reciprocity agreement with Turkey can purchase a property, which includes all countries within the EU. The only restriction is that the property cannot be on military designated land.

Tenure of Property

Almost all property in Turkey is "Freehold".

Mortgage / Financial advise

Mortgages are available secured on a Turkish property by a UK overseas mortgage broker. The basic details of the mortgage offered are: 80% of property value with between €40,000 and €200,000 lend for a period up to 20 years. For full details please contact us to discuss with our consultants

There are alternative means of funding a purchase of your property and Aquavista Property Consultants Ltd have an independent financial adviser who can discuss with you the options. Please contact us for further information

Legal Documents

We would always advise that you use a lawyer to complete your purchase and we can provide the names of several Turkish/English lawyers in Turkey/U.K. on request, although each of our Associates has access to lawyers.

 

Our Associates will prepare a Contract that will detail your property, type, etc together with the price agreed, payment method and any extras or alterations you may require. This Contract Agreement is binding in Turkish Law and will be in both English and Turkish.

 

A copy of your passport is then sent to the local military authority that run a background check to verify you are able to purchase your intended property. This process usually takes 8-12 weeks but due to the boom in foreign property ownership in Turkey we are currently seeing a long delay in this process.

 

After clearance by the Turkish military you can proceed to purchase your property. This is conducted in the local Land Registry Office, where both the buyer and seller enter the details into the Registry Book. If you cannot be present for this you are able to sign power of attorney to your solicitor to act on your behalf. The property tapu will then be made out into your name.

Tapu

The tapu is the Turkish property deed.

 

In the case of a new build you will receive two tapu?s. The first is tapu is the ARSA, which means land. This is issued first and will show the new property owners name. According to Turkish law as long as the owners name is on the arsa tapu then they own whatever is on the land.

 

An application must be made to the local council offices for a living license (the second tapu OTURMA IZNI). This is done by the property vendor (i.e. the builder), and is only issued once the building has been inspected to comply with the building application. Once this has been granted the tapu will show the words CINS TASHIHI that confirms the classification on the property.

 

In the case of re-sale property the OTURMA IZNI should have already been granted, but must be checked it is shown.

Maintenance

For your peace of mind, if you are a non-resident, our Associate can offer a full maintenance service via an associated company. Details of services and costs are available on request.

Letting

The letting potential in all the areas sold by Aquavista is very good. Mainly due to the natural beauty of the areas, together with the superb coastline the areas offer and with over 1 million British tourists visiting every year. All associate Companies of Aquavista can offer you a full letting service, which includes marketing, reception services for arrivals and departures, cleaning and linen services. Charges for this service may vary but a guideline figure is 25% of gross rental income and this would be taxable income.

 

Estimated rental income on a three-bedroom villa sleeping 8 persons with private pool would be approximately £500 - £750 per week. Estimated rental income for a two-bedroom apartment with shared pool would be approximately £150 - £400 per week.

 

Aquavista Property Consultants Ltd offers a web based rental board. For just £3 a month you can have a whole page dedicated to your property including photographs and prices. This board is advertised on the Aquavista Property website and has paid listing with all major search engines attracting 300-400 visitors today. The website address is www.property-rental-turkey.com and is ideal for anyone wishing to receive income from the lettings market.

Other Information

Residency

A Residence Visa is only required for permanent residence or stays of longer than three months at a time. If you intend to take up residency, application for a 12 month visa should be made to the ?Consulate General?, Turkish Consulate, Rutland Lodge, Rutland Gardens, London SW7 1BW tel: 0207 591 6900 prior to your arrival in Turkey. Their website address is www.turkishconsulate.org.uk Aquavista are members of the Turkish British Chamber of Commerce and their contact details are available on request.

 

The Consulate can also advise on the current regulations and requirements regarding residency and also importation of household effects, pets, motor vehicles etc. Do not leave these matters or enquiries to the last minute, allow at least three months to find out all you need to know and make the necessary application in good time.

 

Having arrived in Turkey to take up residency you are required to report to the Local Authorities within 28 days of arrival and apply for your residency permit, (this is in addition to obtaining your visa which is placed in your passport issued by the Consulate). All our Associates can arrange assistance in obtaining this permit if required.

Work Permits

It is possible to obtain a work permit and work in Turkey but this is normally arranged prior to arrival in Turkey. If you have been offered work in Turkey you should make enquiries at the Turkish Consulate at the above address to obtain the required permit. Working in Turkey without this permit is forbidden.

Social Security

For general details and information of the social security agreement between the UK and Turkey explaining national insurance contributions and benefits visit www.dwp.gov.uk (Dept. for Work and Pensions) or obtain explanatory leaflet SA22 from the Department of Health and Social Security.

UK Pension

United Kingdom retirement pension is payable in Turkey at the rate which is payable as if you were in the United Kingdom.

Medical Insurance

There are government run and private hospitals in Turkey, although you may, under the reciprocal agreement between the UK and Turkey, be entitled to certain medical services it is advisable (cont?d) to take out private medical insurance cover to ensure you can obtain the level of treatment you require. Costs of course will vary on the level of services required and covered.

Tax Regulations

Any earnings from property lettings in Turkey is subject to tax in Turkey. For international tax issues and double taxation relief and for information on your UK tax liabilities visit www.inlandrevenue.gov.uk