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Cheap Apartments 099, Istanbul
$131500 - Apartment
  2+1, 132m2 Click Details
 
 
Flats in istanbul for sale 098,Istanbul
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Apartments in istanbul 097 ,  Istanbul
$ 101,000 - Apartment
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Cheap Properties in Turkey 096, Istanbul
$ 95,700 - Apartment
  1+1, 87m2 Click Details
 
 
 

The Buying Process

 
Buying a property in Turkey is a relatively simple process but it takes a while due to the military checks.

Most people are surprised at how straightforward the buying procedure is in Turkey. Once everything has been agreed, a property transaction between two Turkish people can be completed in an afternoon. For a foreign buyer is takes slightly longer because of the need for official permission from the military authorities.

AlBarakah Properties will be responsible for all aspects of the buying procedure and all the legal documentation required.

 
 
Below is an outline of the main steps of the buying process.

Property search
Power of attorney
Deposit/reservation Military approval
Sales contract Title deed transfer (Tapu)

Step 1 - Property search
Initially we will talk through your requirements and based on this, gather a number of properties that we feel suit your needs, and arrange a viewing. We want this part of the process to be enjoyable, informative and ultimately satisfying.

Step 2 – Deposit/reservation
Once you have found a suitable property you will need to put down a deposit in order to secure it. This fee is usually 10-20% of the purchase price but the exact figure will be confirmed individually with the house owner or builder at the time of purchase.When the deposit gets paid, a receipt is given and this amount gets written into the sales contract.

Step 3 – Sales contract
At this point a sales contract is drawn up between yourselves and the seller. This will include information such as deposit paid, agreed sale price, date of transfer, and snag list if any. We will require from you two passport size photographs of the person whose name will be on the property deeds plus a full photocopy of your passport.

Step 4 – Power of attorney
Should you not be present in Turkey for the actual purchase of your property, you then need to go to the Notary's office to sign a document giving your agent or solicitor, the power of Attorney for the just property buying, not for selling and not for Money or others. This enables the agent to continue with obtaining the Title Deeds in your absence.
Congratulations! The initial stage has been completed and you do not need to be present for any more of the property purchase transactions. Steps 2 to 4 only takes a few hours to complete.

Step 5 – Military approval 
D etails of the property and you (the purchasers) get forwarded to the Land Registry Office. An official transfer application is made and all documentations get sent to the regional aoutorized Army branch for approval. This is to check that the property is not located in a restricted zone for foreign purchase etc. Approval normally takes 1 -1.5 months.

Step 6 - Title Deed Transfer (Tapu)

Once military approval has been granted, the title deeds are re-issued into the new owners name and forwarded back to the local Land Registration office who, in turn contacts your agent. It is at this point that the last payment gets paid to the vendor/builder and the deeds are collected. Your agent or solicitor can pick up your deeds on your behalf if you have given them power of attorney. Your title deed can then be kept in a safe place pending your next visit.


 
  Buying Costs
 

Main Property Purchasing Costs

1.Purchase tax:

4% on the ‘declared’ value of the property to be paid to the government. As house prices are set by the City Council for taxing purposes, their valuation is much lower than the actual purchase price This is a one off payment and it is due once the TAPU is received (step 6).

2. The solicitor's fee: (should you require one)

Prices start from about 1000 USD and will vary depending on which solicitor you choose to use.

3. Notary charge:

Approximately 200-300 USD notary charge for the power of attorney and the translation of your passport. This needs to be paid at step 4.

Please note, The charges for purchasing can differ from region to region. it is therefore difficult to give a detailed and complete picture of the final cost involved.

 
 

Additional fees

 

* Utility Registrations(Water,Gas and Electricity) to be saving on your name – approx. 1500 – 2500 USD

* Compulsory Government Building Insurance (DASK):
This insurance has been compulsory since 2000 and costs approx. 200 USD a year depending on property size.

*Home and Contents insurance:
This is not mandatory and can be done once the property deeds have been registered in your name.Costs vary depending on cover required and value of property.

*Real estate tax
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. This can be paid annually or in two payments, one in May and the next in November.

 
 

Who Can Buy?

 

Most foreign nationals can purchase property in Turkey providing that:

* There is a reciprocal agreement between the government of Turkey and that of the purchaser. This agreement does exist between Turkey and U.K. and many other countries.

* The intended property lies within the boundaries of a municipal area, i.e. town or village with more than 2,000 registered inhabitants.

The intended property does not lie within the confines of a military zone.

 
 
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