IS IT POSSIBLE FOR FOREIGNERS TO BUY IN TURKEY?
Yes foreigners may buy property in Turkey as long as it is in areas with imar, as explained below:
NEW LAWS and LEGISLATIONS - FEB. 2006
In February of 2006 the Government brought out new laws and legislations regarding foreigners buying land and property in Turkey. The new law now states that foreigners can no longer buy in areas without imar.
WHAT IS İMAR?
İmar, translated into English, is town planning. It doesnt matter which area you buy in, whether it be Belediye areas or rural areas, not everywhere has imar. Before the new laws were passed foreigners could buy land / property in areas without imar.
Some people get confused and just assume that this law only applies to the village and rural areas of Turkey. It does not. In fact some village and rural areas do have imar. The same rules apply to Belediye areas such as Ovacik /Hisaronu and Marmaris as they do to the village and rural areas.
ALL THE PROPERTIES ADVERTIZED ON OUR WEBSITE HAVE İMAR UNLESS IT STATES 'OUTSIDE OF MUNICIPALITY'
DO I NEED AN AGENT TO BUY PROPERTY?
You may purchase property or land by yourself and many people are selling illegally from Hotels, Bars, Restaurants, Travel Agents, Jewellery shops and even the shoeshine boys!! Everybody in Turkey seems to have a 'friend' who's selling a property. We have many 'horror' stories we can tell you! It is not recommended. Whom would you see for advice and if anything should go wrong whom do you turn to? They will tell you 'no commission' but their commission is always added onto the price unbeknown to the non English-speaking seller. Would you buy a property in your own country without the services of an Estate Agent?
As you will not be familiar with the system and procedure in Turkey, you would be better advised to employ a REGISTERED Estate Agent to do all the paper work for you. Anyone telling you there’s no commission be wary of and ask yourself would they really do all that work for nothing?
BUYING PROCEDURE AND PAYMENT
Below is a guide to the buying procedure and payments as every sale is slightly different:
1. If the Buyer sees a property they would like to purchase an offer is put in and if it is accepted a contract will drawn up between the Buyer and the Seller.
2. When all parties have agreed on the terms and conditions the contract is then signed.
3. A small holding deposit of £500 is put down on the signing of the contract as not many people come away with the full deposit.
4. Within a week of going home the Buyer will send the 10% deposit, along with the Map and Deed Application monies. The Map and Deed Application monies will be paid in Turkish Lira, which works out to be approx £550.
5. After this the Buyer will send payments according to what has been agreed on the contract. Most Sellers now prefer installment payments so the payments may be broken down into three or four payments, over the course of three months. European Estate always recommend that you hold back at least 5% for the signing of the deeds.
6. Whilst the Buyer is here, and usually on the same day as the signing of the contract, the Buyer is taken to the Notary to do a power of attorney. This means that European Estate can take the deeds for the Buyer, once they are returned and hold them for the Buyer, until they are next in Turkey (This will be explained in NO.7 and NO.8). We will also open a bank account for the Buyer, which European Estate will have power of attorney on. This bank account will be for payments relating to the sale. The Buyer will send the payments to their bank account and European Estate will forward them on to the Seller. The cost for the Power of Attorney will be paid in Turkish Lira which works out to be approx £250.
The Buyer can have as many bank accounts as they like in Turkey so the Buyer can also open one for their private use if they would like to.
7. Once European Estate receive the 10% deposit, along with the map and deed application money we will apply for the deeds. The deeds will be sent to Izmir Army Headquarters to be checked and this usually takes about three to five months before they are returned.
8. Once the deeds are returned we inform the Buyer, who will then send the final payment, along with the purchase tax. The Deed Office will inform us of the purchase tax cost once the deeds have been returned. The final monies will then be handed over in exchange for the deeds, which European Estate will take on the Buyer's behalf. We will scan the deeds and send them to the Buyer via email so that they can see they have arrived and we will then hold the deeds for the Buyer until they are next in Turkey.
9. EUROPEAN ESTATE takes a 3% fee of the asking price. We deal with all the procedures regarding the sale and the completion. We also continue our work with our after sales service. We provide services for registration of electric and water supplies, telephone connections, payment of annual property taxes, refuse taxes, residents visas and property maintenance.
*PLEASE NOTE: TO OPEN A BANK ACCOUNT IN TURKEY YOU WILL NEED AN OFFICIAL DOCUMENT, FROM YOUR COUNTRY OF RESIDENCE, STATING YOUR ADDRESS.
*A UK PASSPORT IS NOT SUFFICIENT, AS IT DOES NOT OFFICIALLY STATE YOUR ADDRESS. IT MUST BE A DRIVING LICENCE OR AN OFFICIAL GOVERNMENT DOCUMENT.
*It is now possible for foreigners to obtain a mortgage in Turkey. Please ask us if you require information.
Buying Real Estate and building in Turkey involves many regulations, and legal proceedings, we recommend you to buy through a reputable Real Estate Agency. The property market is not regulated so be wary of 'freelancers' touting for business particularly in big tourist centres.