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Listed
below are the main questions
asked
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| Will
the property in Turkey be
freehold? |
| All
the properties on sale by
our agents are freehold,
which will be verified by a
solicitor.
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| What
are the restrictions for
foreigners buying a property
in Turkey? |
| There
are areas in Turkey where a
foreign national cannot buy
a property, especially if it
is near the military zones
or in the rural areas. A
good solicitor would be able
to advise you on this issue.
All our off plan or brand
new developments are
suitable for foreign
purchases, as most of our
buyers are British.
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| What
are the additional costs of
buying a property in Turkey? |
| The
buyer will be paying for
legal fees, including
solicitor's fees which are
variable; wealth tax
(depending upon the area),
stamp duty and purchase tax
of 3%, half of is normally
paid by the Turkish property
developer, but varies. The
latter amount is based on
the title deeds. Furnishing
of the new property up to a
high show room standard
would be in the region of £5,000
to £10,000, but can be done
significantly cheaper if you
buy goods on the market
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| What
are the costs of living in
Turkey? |
| The
cost of living in Turkey is
significantly cheaper
compared to UK and other
Western European countries.
Your bills would be at least
50% cheaper than in UK. The
annual ongoing taxes would
be approximately 0.3% for
land and 0.1% for property,
depending upon the location
of your property in Turkey.
It is significantly higher
in inner city areas. The
solicitor involved in the
purchase process would be
able to verify this for you.
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| What
are the standard of
healthcare and its costs? |
| The
standard is quite high,
although all foreigners have
to pay for their medical
treatment. Reciprocal
private health cover is
available from the UK, which
will be accepted in the
private hospitals. Enquire
about this before you
receive the treatment.
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| Can
a foreign national work in
Turkey? |
| Yes,
providing the relevant
permissions is obtained.
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| What
are the standards of
education in Turkey? |
| The
standards are high as well
as a wide choice of schools
and colleges are on offer -
both private and statutory
free schools. International
schools are private. There
is a wide choice of
universities in Turkey. Our
colleges on the ground would
be able to answer your
questions relating to the
nearest schools during your
viewing trip to Turkey.
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| Are
there any restrictions to
repatriate income or
proceeds out of Turkey? |
| No,
you can take the proceeds of
the property sale or rental
income out of the country
without a problem.
Restrictions apply to the
commercial property.
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| What
are the advantages of buying
an off-plan property in
Turkey? |
| The
off-plan or a newly built
property in Turkey from a
reputable developer comes
with guarantees. In the
recent years the standards
of the construction in
Turkey have improved
dramatically and the
property will be given
quality assurance. You will
not require a surveyor, but
they are a must when you
consider buying a pre-owned
property in Turkey. The
property normally goes up in
value during the period of
construction. You would have
good capital growth by
investing in a newly built
property in Turkey. The
prices in Mediterranean
Turkey have gone up by
nearly 50% in the past two
years.
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| How
long does the whole process
of buying a property in
Turkey take? |
| As
a general rule, the whole
process takes not more than
2-3 months. By Turkish law
you would be required to be
present at the Registry (Tapu)
on exchange of the Title
Deeds. Alternatively, you
can issue your solicitor
with a Power of Attorney and
he will do it on your
behalf.
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| What
is the buying process in
Turkey? |
| Normally
a reservation fee is left
with the estate agent to
take the property in Turkey
off the market, whilst the
solicitor is checking the
Title Deeds. At this stage
the contract is drawn
between he seller and the
purchaser, which determines
the payment terms, the date
of completion and terms and
conditions of sale. When the
solicitor is satisfied with
the documents produced and
is checked, both parties
sign the contract and the
deposit is paid. You would
also need to apply for the
permission to buy from the
government and several
security checks will be
done. This is normally done
by a developer or a
solicitor. It is a pure
formality. The rest is done
a by a solicitor.
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| What
documents are required to
purchase a property Turkey? |
| Passports
of the buyers will be
required, which will be
translated and its
translated copy will be
notarised in the Notary
public. The translated copy
will be checked by the army
to ensure that the buyer has
not got a criminal record or
was not involved in
activities against Turkey.
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| What
are the costs of buying a
property Turkey? |
- The
main costs of buying a
property in Turkey are:
- Estate
agency commission
charged to the buyer is
3%.
- 3%
of the purchase tax
(similar tax to UK stamp
duty)
- Land
registration costs
(approximately £120)
- Annual
property taxes at the
rate of 0.1% and 3% for
land developments.
- New
properties or when
buying a property
off-plan in Turkey are
exempt from annual
property tax for 5 years
following their
construction
- There
are also administrative
costs that depend upon
the complexity of the
buyers requirements.
Solicitor's fees vary in
different parts of
Turkey.
- As
a rule, the costs of
buying a property in
Turkey should amount to
about 10% of the
purchase price; however
they will be lower on
newly built property as
it is exempt from the
Stamp duty.
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| What
are the most popular
locations for buying a
property Turkey? |
- The
most popular locations
to buy a property in
Turkey are concentrated
around the costal areas,
just like in Spain.
Properties for sale in
Cesme, Bodrum and
Kusadasi are very
popular due to their
proximity to Adnan
Menderes and Bodrum
Airports. Mediterranean
areas of Turkey -
Fethiye, Kalkan and Kas
are the most popular on
the West coast. Property
in Fethiye area is less
expensive than Kalkan.
In the south of Turkey
Alanya is another
hotspot for property
buyers.
- What
taxes are payable if you
decide to sell your
property in Turkey at a
later date?
Property sales are not
subject to any VAT. When
it comes to selling your
Turkish property, there
is a transfer tax of 3%.
It is based on the
declared value of the
property in Turkey.
Unusually it is
significantly lower than
the actual sales price.
In practice the sales
tax is shared between
the buyer and seller,
but it is up to both
parties to agree on
that.
- What
is Tapu?
A Tapu is a Title Deed
for a property in
Turkey. It is possible
to apply for the deeds
with the copies of
passports, although
there is now a time
limit concerning
retrieving them. It is
advisable to issue your
solicitor with a power
of attorney, so he can
collect them at any
time. The power of
attorney is easier to
arrange when you are in
Turkey.
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