A guide to buying property in Turkey

Property in Turkey has recently become a popular place to buy 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 increasing. If Turkey does become a member of the EU, predicted for around 2015, property prices are likely to increase even further making it the perfect place for an investment property.

The holiday season in Turkey is from April to November, making it a long season. Although the rental market is in it’s 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 – you 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 – this is often not the case. 

The actual buying process

Viewing
Viewing the property in Turkey is strongly recommended. A 5 day trip is ideal as you will be able to check out the local area and amenities as well as the property itself. It will also allow you to get a feel for the area.

Preparation
Before you buy your property, ensure you know all the Turkish property law details and their buying procedures. When you get a draft copy of the contract, check that it is for the correct property and that the owner of the property is the same person that you are dealing with. Also check that the building complies with all regulations such as the earthquake-proof standards. In order to save time, it is also advisable to open a Turkish bank account and register with the local tax office at an early stage in the proceedings.

You are strongly advised to sign both Turkish and English versions of the contract. Ensure that you have an independent translator with you to check that the two versions are correct.

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

Forbidden Areas
Note that foreign nationals and foreign companies are not allowed to buy property in certain areas of Turkey – mainly military, strategic and security zones. Some land which is of particular scientific or preservation interest is also forbidden. Your TAPU (deed) office should be able to check whether your property is within one of these zones or not and they should be able to advise you as to whether you can legally buy the property.

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.

If you like to see a list of properties for sale in Turkey, please click here
If you are looking to buy a book on buying property in Turkey, we suggest one of the following two books:

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