Real Estate - How can I purchase property in Turkey?
Foreigners may purchase land and property in Turkey on their own names providing they are not in restricted areas eg, military areas. Rules are changing all the time as Turkey aligns itself to Europe.
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 abovementioned requirements, the transfer of the title is done by the Land Registry Office. During the transaction, the proofs of the documents concerning the transfer of the full purchase price into Turkey must be presented to the Land Registry Office. Also a one and a half per cent duty (i.e. tax) both for the purchaser and seller is due and collected during the transaction.
There exists an annual property tax, collected by the municipalities (i.e. local governments) at the rate of 0.3 per cent for private buildings. The newly built properties are exempt from the annual property tax for 5 years. All properties are subject to revaluation for every five years for tax purposes. The acquired property may be resold or rented out and the proceeds may be transferred out of Turkey. Different regulations apply when a property is purchased for business related purposes.
For further enquiries please go to our sister website Cartier real estate agency, contact our real estate specialists who will be able to provide any advice needed.
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