A guide to buying property in Turkey

Property in Turkey has recently become popular for foreign property investors, particularly in the coastal regions. Turkey has a warm climate with miles of sandy beaches and plenty of history. Popular places for investors include Alanya, Gocek, Antalya, and Belek.

Turkey is already a NATO member and is likely to become a member of the EU in the near future. This means that property prices in Turkey are likely to increase as well. If Turkey becomes a member of the EU in 2015, property prices are likely to increase, making it one of the perfect places for property investment.

The holiday season in Turkey is from April to November. Although the rental market at its infant stages, the potential is massive. Low property prices will probably produce high returns in the long run. However, location is the most important factor - one may have to pay more money for the prime locations. However a well-chosen property will yield a high return on investment. It is also important not to fall for the promise that buying from a developer will be cheaper than buying through an agent as this is often not the case.

Viewing the property in Turkey is strongly recommended. A five-day trip is ideal as one will be able to survey the local area and amenities, as well as the property itself. It will also allow potential buyers to get a feel for the area.

Before purchasing the property, one must be knowlegdeable about Turkish property law details and the buying procedures involved. When acquiring a draft copy of the contract, check if it is for the correct property and corresponds with the owner who is disposing the property and conducting the said transaction. Also check if the building complies with all regulations such as the earthquake-proof standards. In order to save time, it is advisable to open a Turkish bank account and register with the local tax office most especially during the early stage of the transaction.

It is also strongly advised that one signs both Turkish and English versions of the contract. Ensure hiring an independent translator who can check the order and the correctness of the two contract versions.

To have the property formally taken off the market, one must make a deposit. This is normally around 5-10% of the selling price.

Note that foreign nationals and foreign companies are not allowed to buy property in certain areas of Turkey - mainly military, strategic and security zones. Lands that are of particular scientific and preservation purposes are also forbidden properties. The TAPU (deed) office should be able to check whether the property is within one of these zones or not. The officials should advise as to whether the property could be legally purchased.

Foreign nationals and companies are also not permitted to hold more than 2.5 hectares (25,000 square metres) of land unless prior approval has been granted from the Council of Ministers.

Posted on: Turkey

News by country

A guide to buying property in Turkey

Related articles

Recent Posts

News archive