Turkey is becoming popular by the day among the British as a destination for a second home. With its extensive coastline and low costs owing to it being outside the Eurozone, the place brims with potential. The country is beautiful and emanates an exotic aura at affordable rates. The south-west coast reverberates with ruins from ancient civilizations like the Greek, Roman, Ottoman and Byzantine. Add to this, the exquisite hospitality of Turkish nationals. However, a couple of tips for buying property in Turkey have to be kept in mind before actually making the purchase.
Hotspots in Turkey
There are three primary areas which people focus on when buying property in Turkey – Istanbul, the Mediterranean Coast and Aegean coast. Istanbul is the cultural center of the country offering a cosmopolitan lifestyle and better buy-to-let opportunities.
The Mediterranean Coast starts from Maramis in east and extends till Alanya in the west. The coast has long and hot summers and promises snow in the mountains behind during the winters. The Aegean coast consists of Altinkum, Ceşme, Bodrum and Kuşadasi.
This region offers huge diversity with fishing villages, bustling towns, rich history, beaches and a whole lot of bars and restaurants to choose from.
How to buy property in Turkey?
After deciding on a suitable property, you should hire an independent lawyer who can conduct proper checks. The lawyer should in no way be beholden to the developer of your property. The relevant paperwork like legal documents, TAPU (title deeds) as well as Iskan (habitation license) will have to be checked by the lawyer. A holding deposit will have to be paid for which you will need a tax number and also a bank account.
The buying process takes eight weeks typically though ordinances are under way to speed this up. Taxes, buyer’s tax and connection fees should be paid when the deed is issued. The lawyer then draws up a contract containing all payment details and other legal sections relevant to the purchase.
Once the parties sign the contract in Turkish (translated by a licensed translator into English) and deposit given, the application is send for clearance by the military. The deeds are then issued in the buyer’s name.
If the property is still under construction take care to fix the payment date for only after the completion of the work and never an arbitrary date. Also check who is responsible for the maintenance of the property.
Useful tips for buying property in Turkey
You can double-check these things from the TAPU (title deed) yourself in order to avoid any kind of fraud.
- Check if the TAPU belongs to the property you are interested to purchase.
- You can buy a property only if it is present in a Local Development Plan or Implemetary Development Plan. Make sure the property belongs to either of these plans
- Check the identity of the person selling the property by asking for the person’s ID and then comparing with the TAPU.
- Check for joint ownership of property since the sale requires the agreement of all owners.
- Check for conditions in TAPU that can deter the sale.
- If you intend to buy land check whether development plan will allow you to build property there.
- Ensure the property complies with standards like earthquake-proof standards and whether it has all the licenses.
- Check if owner has overdue taxes because if there are any you will be required to pay them once you sign the contract.
- Check if your agent is a registered one and your lawyer is authorized. If a tenant is there in the property ask for a copy of his contract and check his notice date with the dates specified in the sales contract.
If proper attention is given to all these tips for buying property in Turkey, the entire process should go very smoothly. Very soon you can be the owner of an exquisite Turkish home.