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Information
BUYING A PROPERTY 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. Lutes Estate 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.
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