About Us Contact Us Site Map

Property Purchase

Foreign ownership

Foreign ownership of property has become common in many areas of Turkey and, provided the buyer is a citizen of one of the countries that do not prevent Turkish nationals from buying property, it is possible to purchase property in Turkey. The introduction of Turkish mortgages for up to 80% loan to value was confirmed towards the end of 2006. The introduction of new legislation now allows free ownership of land by foreigners who are now permitted to buy any property, provided it is less than 2.5 hectares in size, for personal use. However, this fact has not affected many British buyers who tend to buy on the coast on smaller plot sizes.

Buying steps: reservation

The first step of purchasing Turkish property is to sign the reservation contract to take the property off the market, usually for between 2 - 4 weeks, allowing time for your lawyer to carry out the required searches on the property and draw up the preliminary contract. A reservation fee of between €3,000 and €6,000 is paid and treated as part of the payment towards your property.

Buying steps: preliminary contract

After the reservation contract is signed and the required fee is paid, you are presented with a report containing the findings of all the legal checks. Subject to this report, you then sign the preliminary contract and at this stage you will be expected to pay your deposit of approximately 10% of the purchase price. With off plan property purchases in Turkey, as for other countries, the buyer may be expected to pay a number of stage payments throughout the construction process.

Buying steps: completion

Once all parties are ready to proceed, the property sale is completed at the Land Registry office. If the buyer is unable to be present, a solicitor can have power of attorney to sign the deed of sale (‘Tapu’). Solicitors’ fees vary, however buyers should budget around 4-5% of the purchase price of their Turkish property to cover all fees, insurances and registration charges.

Related items

Documents and Reports

	Turkey property investment report (551Kb)
	Turkey country guide (999Kb)
	Turkey property buying guide (871Kb)
Documents and Reports

Other related pages

Bookmark with:	What are these?
DeliciousDiggredditFacebookStumbleUpon