BUYING PROCEDURE IN
TURKEY
Buying a property in Turkey is a
lot easier than in many other
European countries. Foreigners
may purchase land and property
in Turkey in their own names
provided that properties are
located in towns (i.e. there
must be municipality in the area
where the property is located
and the property must be
situated within the boundaries
of that municipality or
borough), not in villages or
rural areas and outside of
military zones. In order to
acquire the title of a property,
an application has to be
submitted to the local Land
Registry Office in which the
property is situated.
After carrying out necessary
searches and checks for the
above mentioned requirements,
the transfer of the title is
done by the Land Registry
Office. In Turkey, it is legally
compulsary for both sides (the
seller and the buyer) to be
present at the entry in the
property register. During the
transaction, the proofs or the
documents concerning the
transfer of the full purchase
price into Turkey must be
presented to the Land Registry
Office. A purchase tax of 3% is
collected from the purchaser
during the transaction.An annual
property tax is collected by the
municipalities (i.e. local
governments) at the rate of 0.3%
for land and 0.1% for a house in
the Fethiye area. In the big
cities these figures are double.
All properties are subject to
revaluation every year for tax
purposes.
On newly built properties,
within 3 months of construction
finishing, the buyer must
complete an affidavit and submit
it to the municipality for these
tax purposes. Foresthillhouses
is happy to guide customers
through this process for the
first time.The acquired property
may be resold or rented out and
the proceeds may be transferred
out of Turkey. Please note:
Different regulations apply when
a property is purchased for
business related purposes. |
