Home Property in Turkey
How to buy a house in Turkey?
Here you will find the detailed information about real estate purchasing in Turkey:
- the right way to choose the property and to effect the deal;
- property taxes and duties that should be paid;
- everything about home loans in Turkey;
- home property management and renting;
- rental, commercial properties and related investment properties.
Real estate for sale
Most recent offers from house owners in Turkey and from real estate agencies. Advertisements with the fixed price and auctions are listed here.
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Since Turkish market has opened for foreigners in 2002, the country has immediately become popular among buyers and investors. Coastal regions close to Aegean and Mediterranean seas are the most attractive in terms of real estate. Also, it is necessary to pay particular attention to property, located in western Turkey.
Prices for real estate in Turkey mostly depend on a region and remoteness from the coastline. Such famous resorts as Bodrum, Marmaris and Antalya remain highly popular, and so property in these regions costs more than elsewhere. Real estate prices in some Turkish provinces are remarkably lower than in Europe. For example, low-end property in Turkey can be purchased for €1000 per sq. m.
However, there are also a lot of available options even for €300 per sq. m. The cheapest apartments in resort cities start at €25 000, while houses start at €65 000. Premium property in such prestigious resorts as Bodrum, Marmaris and Antalya cost around €2500 per sq. m. The average price per square meter for houses, located in private townships, is near €2000. Such houses may cost from €400 000 up to €1 000 000, depending on their area.
Investors should also consider real estate, located to the south. Since Turkey is a country with well-developed travel industry, one may always find a proper object for investment among a wide range of tourist infrastructure options.
For instance, a small 55 sq. m. shop in Antalya can be purchased for €150 000. An average 1000 sq. m. hotel costs approximately €850 000. A large 800 sq. m. commercial center is worth €900 000. Prices for hotels in resort regions may reach several million dollars. For example, a prestigious 6000 sq. m. hotel costs €6 500 000, and a luxury 38 000 sq. m. hotel goes for €21 500 000.
Let’s figure out, what steps should be taken, in order to purchase real estate in Turkey.
1. Signing an agreement
Foreigners may purchase property in Turkey based on a sale and purchase agreement. It should be drafted in two languages: Turkish and buyer’s native language. This agreement should include personal information of both buyer and seller, property information, terms of payment, legal obligations of both parties, as well as legal and legislative procedures. Having signed the agreement, buyer has to pay a deposit, which usually amounts to 1–3 % of the object value. This deposit guarantees that property will be removed from the market.
2. Getting a personal tax reference number
This document is a mandatory requirement for real estate acquisition in Turkey. It is issued by tax authorities and takes no more than half an hour to be done. Personal tax reference number is required in order to register property, open a bank account, provide phone services in the buyer’s name, etc.
3. Opening a bank account
The next step in real estate acquisition in Turkey involves opening a bank account. It is required for any transactions related to property purchase. In order to open an account, it will be enough to provide international passport and tax reference number. The account can be opened in several currencie: Euros, US dollars or Turkish liras. The procedure takes several minutes, after which a buyer can make a deposit right away. On top of that, there is no minimum amount for such deposit.
4. Getting a property acquisition license in Turkey
In order to start property registration in Turkey, it is necessary to get a property acquisition license from the Turkish Ministry of Defense. This license confirms that the object is not located in secret or secure areas. Applications are to be sent to the military department in Izmir. Getting such permit usually takes 1.5–2 months.
5. Assignment of property rights (TAPU)
Having obtained property acquisition license and paid the remaining amount according to the agreement, buyer should register transfer of ownership in the local cadastral office. He or she has to pay governmental charges and a non-recurrent property purchase tax, which is 4 % of property value. Then, the object should be registered to a new owner in a local municipal body. As soon as it’s done, buyer becomes a new rightful owner of property.
Let’s consider the taxes and duties that must be paid upon real estate acquisition in Turkey, as of 2015:
- property purchase tax – 4 % of the object value;
- notary fee – around €220;
- property acquisition license from the Turkish Ministry of Defense – around €430;
- registration of water and electricity meters to a new owner – €200–€300.
Real property tax is equal for both foreigners and residents of the country. archived version