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.

Please note: Different regulations apply when a property is purchased for business related purposes.

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