Buying Turkish property explained: The buying process

Turkey’s beautiful coastlines are now becoming hotspots in the property market. Real estate buyers are not only those looking for a better lifestyle or holiday home but also serious property investors. According to Robert Nixon of Nirvana International, as Turkey has yet to join the European Union, many investors have seen a great opportunity to buy property now and wait as the property boom moves from other popular European countries.

Fortunately, the actual process of purchasing property in Turkey is a lot easier than in many other European countries. “Foreigners can purchase property and land in their own names without any difficulty,” says Nixon. However, investors should be aware that there are some restrictions on where to buy. According to Nixon, areas which are located in the countryside which are not under the control of a town or borough, known as municipality areas are off limits to buyers. Military zones are also prohibited.

The buying process starts with a signed reservation contract. The reservation takes the property off the market for only a short period of time, in most cases, 30 days. A holding deposit will also be required from the buyer. During this time, the investor can decide to have a survey done on the property.

The lawyer will handle the title search to make sure that the owner actually owns the property because often, in Turkey, the so called owner quite often does not legally own the property. The lawyer will also take care of planning search to ensure that the property has a planning permission. Nixon also suggests to ask the following questions: “Is the land/property clear of outstanding debts? Has the building been constructed legally? Is the contract of sale in clear English so I can understand it?”

After everything has been ensured, a preliminary contract of purchase is signed. This commits the buyer to the purchase and is required to pay a deposit. Nirvana International takes a three per cent cut for reservation. Seven per cent is taken after the contracts are signed, making a total of ten per cent. After construction of the purchaser’s real estate is started, they take an extra 30 per cent.

For building work, stage payments are required. The investor will receive a habitation certificate after the work is completed to show that the property is fit to be lived in and complies with the terms of the building license. Finally, the investor must sign a final purchase contract at the land registry office and the title will be registered. On some cases, a buyer may need military permission before buying Turkish property. Nixon also adds that investors can’t purchase land in excess of 300,000 square meters as a foreigner. To do this, the investor must set up a company.

Posted on: Turkey

News by country

Buying Turkish property explained: The buying process

Related articles

Recent Posts

News archive