Q and A
If I purchase property in Turkey do I completely own the property?
Yes you do! All property in Turkey is Freehold, so you will own your property 100%
Can I re-sell my property without incurring penalties?
Yes you can re-sell your property without incurring financial penalties if you have owned it five years or more. Within five years you could be liable to pay the equivalent of capital gains tax. the UK has a reciprocal tax agreement with Turkey which means you can choose to pay the tax in England where it may work out cheaper.
How much will a house or apartment cost me in Turkey?
A two bedroom apartment would cost as little as £20,000 while a semi-detached two bedroom duplex in a scenic area will cost as little as £30,000. A three bedroom detached villa will cost you an unbelievable £50,000 starting price.When purchasing property in Turkey expect your total expenditure on fees and taxes to come to no more than 7% of the purchase price of your property.
There is also an annual sitting fee, somewhat similar to our ‘council tax’. This costs just 0.1% of the declared value of your property (as stated on your Tapu, normally around 70% of the market value). However if you buy a new build you may be entitled to a 1/4 discount for the first 5 years!
Why so cheap, is there a catch?
There is no catch! Property prices are so inexpensive because material and labour costs in Turkey are inexpensive. Nonetheless building standards are equal to those in any part of Europe and all properties built after 2000 comply with stringent anti-earthquake measures.
If I purchase a house or land in Turkey will I get the Deeds ?
Yes you do. You will be taken to the relevant Government department where a translator who speaks English will explain the documents to you. You will sign the relevant documents at the Government office and your deeds will be handed to you. It is a simple as that. Proposed legislation will, in the near future allow you to complete the contract in ONE DAY.
Do I need a Solicitor?
While in some cases it is advisable to engage a solicitor, it is not necessary. We have been involved in the Real Estate business for many years and have a reputation for honesty. As we are fully government bonded Kale Turkish Properties are legally entitled to handle the conveyance. Purchasing property with the agent is far less drawn out than through a solicitor, the process can take just a few days and is far less expensive. Talk to people who have purchased property from your Estate Agent and make your decision based on that information. Remember if you engage a solicitor there are additional legal costs which can be anything from 1% to 3% of the purchase price.
If my husband dies what happens to the property? Do I inherit it?
Yes you do! Under Turkish law, if a husband dies the property becomes the property of the wife and the children but it is advisable to have a will drawn up in Turkey as it makes the probate process much more simple.
If I buy property in Turkey and wish to have renovations done, can you help?
Yes, we have been in this business a while and can refer you to the best contractors in the area to give quotes and expertly carry out any renovations or alterations to meet your specific requirements.