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FAQ1. Why buy property in the Antalya Region?2. Why is the cost of property in Turkey so cheap?3. What nationalities are permitted to purchase a property?4. What can I buy?5. What is the buying procedure and how long does it all take?6. How do I pay for it?7. Do I have to have a residents visa to purchase?8. What do I need to check before purchasing?9. What about ongoing costs?10. Will I have any taxes and/or fees to pay for the purchasing?11. What about earthquakes?12. Can I import my belongings/furniture and car into Turkey?13. If I sell my property can I take the proceeds back to the U.K.?14. Can I leave my property to my beneficiaries?15. What about my Tax situation?16. How do we start the buying procedure?Why buy property in the Antalya Region?Antalya airport is the only International Airport that is open all year round making the area reachable within 2 hours. The beautiful landscape of the Turkish Riviera and the mild climate with almost 300 days of sunshine make it a fantastic holiday destination with plenty of rental opportunities. A valuable investment as the prices are increasing every year. Turkey is like Spain was 20 years ago, and if entry into the E.U. is gained we are set to see prices rise even more. The Antalya region is not in the major earthquake danger zone. The low cost of living, which is much lower than most other European Countries and the low crime rate. As a European you can purchase with complete safety, as the conveyance is easy and uncomplicated. There are historic sites of interest dating back thousands of years to visit Aircraft service with many countries of the world cities and cities of Turkey. Inexpensive and high-quality health services. It is safe to buy because buying property in Turkey is more straight forward than in many other European countries. The law in Turkey permits foreign nationals to purchase land and property within municipal (town council) areas. We will only sell a property in conjunction with an English speaking lawyer who will represent your interests throughout the entire purchase of your property and ensure a contract is drawn up in English between the seller and the purchaser. Why is the cost of property in Turkey so cheap?The cost of property is still relatively low on The Turkish Riviera due to a number of reasons. 1. Relatively speaking, the cost of land, building materials and labour has been much cheaper in Turkey in recent years. The decent building worker might earn between 200 - 300 pounds a month (that's considered a good wage). 2. There have been a couple of major economic crisis in Turkey in the past decade or so, The most recent in 1999/2000 when the value of the lira lost 40% of its value. 3. The property market for foreigners, in particular the British Market, is relatively new as the laws have recently been relaxed to allow the Brits to buy here. Hence, the property market for foreigners is at a very early stage in its development- though is changing at a rapid speed as The Brits and other European nations discover the beauty and great value of this coast. What nationalities are permitted to purchase a property?Countries with which Turkey has a reciprocal agreement for the purchase of land and properties including United Kingdom, Ireland, Germany, Holland, Norway, Sweden, Denmark, Austria, Switzerland, Belgium, USA, Spain, Italy, Canada, Luxembourg, Australia, France, Greece, Portugal, Poland, Croatia, Israel, Finland, Estonia, Hungary and some African and South American states. What can I buy?Freehold property or land may be purchased provided the property is in the local district "Belediye" (Municipality area). We can show you the exact locations of these municipality areas. You are able to buy both new-build villas or resale villa that may be co-operatives or Sites. Both are fairly straight forward to buy though you should make sure that The Tapu (title deed) is registered with the current seller. We will obviously do that for you. What is the buying procedure and how long does it all take?The following information is intended to help you understand the process of buying a property in Turkey and to give you an indication of the obligations of overseas home ownership. Once you have decided on which property to purchase, we will take you to the solicitors' office where the sale agreement will be drawn up. The solicitor will make sure that the title of the property is checked; that the person who is selling the property actually owns it; whether there are any charges on the property; where applicable that building licence's and permissions are in order; and that the terms and conditions stipulated by the seller are checked for fairness. The sale agreement will be translated from Turkish into English by the legal translator. The solicitor, legal translator, buyer and seller will sign the sale agreements, and each party will get the sale agreement in Turkish and in English, and this will also be given to us for our records. The deposit, legal fees and the agency fees will need to be paid at this stage. Please note: (All deposits are non refundable.) The solicitor will then arrange for the paper work to be sent to the title deeds office for the transfer of the title deeds into your name. The title deeds office will send the passports and title details to Izmir for the military check. This military check is only to determine that the property is not within a certain radius of a Turkish military base (this could take approximately 3 months). If you would like to give our solicitor in Turkey Power of Attorney to sign for the release of your title deeds from the title deeds office once the title deeds have been authorized, we can take you to the notary office to have this done (only during week days). Please note that giving our solicitor Power of Attorney does not give us or our solicitor any claim over your property, it will be your name and picture on the title deeds. A payment plan will be drawn up and will be given to the client along with receipts for monies paid. Once the title deeds have been authorized, we will inform you. This is the time when you need to usually pay the balance due of your property, the buyers tax, earthquake insurance and the water and electricity connection fee. We will inform you of all payments that need to be made at this time (as reflected on your payment plan). The release of the title deeds from the title deeds office is signed in the presence of the notary by the buyer and the seller. You can either attend the signing in person or appoint someone as power of attorney to attend on your behalf (which our solicitor can do for you – if so, we will email / post a copy of the title deeds to you for your records, and the original will be kept at our office and you can collect them when you next come to Turkey). The solicitor will then arrange for the new title of the property to be registered with the local council office (for property tax purposes). A guide to the legal costs involved The solicitor's fees roughly £250. The legal translator's costs £80. Notary charges approximately £60 for power of attorney and translator. The buying procedure in Turkey is easier than in many European countries The procedure for purchasing property in Turkey is also easier than in many other foreign countries since the passing of the new Foreign Property Law, the procedure now takes approximately 3 months although sometimes this can take a bit longer. The reason it takes this timescale is for appropriate security and military checks to be made to ensure there are no restrictions on the land or property of your choice a solicitor should make a legal agreement between buyer and seller. This agreement includes issues such as deposit required, payment plan times and any terms and conditions agreed. A legal translator should be present at all stages to represent the buyer. Once agreed both parties will sign the contract. If you wish,you can appoint the solicitor to be a Power of Attorney to act on your behalf in signing for the title deed in your absence. When all appropriate checks are completed you can then receive our Title Deed (Tapu). How do I pay for it?On new buildings we ask for a 10% deposit with the remainder split into 5 payments, 1st payment on completion of the foundations, 2nd payment on completion of ground floor, 3rd payment on completion of 1st floor, 4th payment on handover of keys and final payment when totally satisfied. With older buildings that need some renovation we ask for a 5000 euro deposit with most of the remainder following 1 to 4 weeks later to enable us to buy the property for you. There is usually 5000 euros left to pay at the end of the renovations. You pay this final installment once you have snagged the renovations and are completely happy with the work. It is advised that funds for the purchase should be transferred into the country through a Turkish bank and specifically identified for that purpose, i.e. (transfer purpose for the purchase of Villa [name]). The foreign currency should be sufficient to cover both the purchase cost plus other costs incidental to the purchase. You should keep all receipts to prove the original purchase to enable easy repatriation. A recent decree aimed at aligning Turkey's currency laws with the EU states that importation of foreign currency is free, it cannot be subject to any legislation and it's origins cannot be questioned. Decree 32 August 1989 Article 4.0. Do I have to be a resident or have a residents visa to purchase?No. To buy a property you do not have to have a Residents visa. This is only required if you want to stay longer than three consecutive months or wish to buy a car. Then the three month tourist visa is not enough. What do I need to check before purchasing?We check that there are no outstanding rental agreements or debts- such as electricity or water- on the property and that the seller has the legal right to sell the property - the Tapu (Title Deeds) for it should be in the sellers name. What about ongoing costs?We have provided you with just a small selection of the properties that are available for you to get an idea of what is available although we can show you many more if you are interested. We also have access to properties in the surrounding areas of Antalya and can arrange for you to see photos of them. If you require a particular town. Just let us know. Conveyance tax 3% of purchase price Yearly tax 0.3% Land registry fee 45 Euro's Interpreter 100 Euro's (Required by law at land registry office) Tapu approval (permission for you to buy from Army) 80 Euro's (150 Lira) Electricity new connection 96 Euro's - Transfer of existing connection 19 Euro's Water new connection 62 Euro's transfer of existing connection 15 Euro's Telephone connection 8 Euro's Earthquake Insurance : Depends on property price and location. (required by law) If property is bought in a complex: There is usually a maintenance charge which is dependant on complex size and facilities on the complex. Broadband connection 30 Euros's plus monthly charges which differ depending on what type of package. Asking questions - NO CHARGE. Please remember if you don't know the answer then the question is not silly. Will I have any taxes and/or fees to pay for the purchasing?There are some taxes payable, however some are a once only tax i.e. 3% of the declared value of the property, Education and earthquake tax approx. 30 All formal documentation and copies approx. 180 Interpreter fees approx. 50 Water: Connection fee for new homes, approx. 55 Electric: Connection fee for new homes, approx. 80 Telephone: Connection fee approx 15(residents visa required) What about earthquakes?The Antalya region is in a relatively safe zone. Can I import my belongings/furniture and car into Turkey?Yes, but it is expensive for transportation and duty, particularly on electrical items, so it may be advisable to purchase your furniture here. If I sell my property can I take the proceeds back to the U.K.?Yes. You have the legal right to take the proceeds back to the U.K. Can I leave my property to my beneficiaries?You can make a Turkish Will and leave your property to your beneficiaries, however if you didn't make a will, the property goes to your next of kin. What about my Tax situation?Capital gains made from the sale of a property will be taxable in Turkey if the owner is a Company. Individuals do not have to pay capital gains, provided they have owned the property for one year. In the UK capital gains may be taxable depending on the individuals situation. Current tax conditions were originally agreed in a double taxation treaty signed in 1986. These were amended in October 1988 and cover the reciprocal agreement relation to income tax and corporation tax in Turkey and income, corporation and capital gains taxes in the UK. This also includes a non discrimination clause "Nationals of a contracting state shall not be subjected in the other contracting state to any taxation or requirement connected therewith which is other or more burdensome than the taxation and connected requirements to which nationals of that other state in the same circumstances are or maybe subjected". (Article 24). However, we would always recommend you consult an accountant because each individual's circumstances are different. How do we start the buying procedure?We realise that buying in a foreign country is a big step and one not to be taken lightly. We want to make sure that you are 100% comfortable in your purchase and will not rush or force you in anyway. Obviously these are a limited number of examples on this website but bear in mind we have access to literally hundreds more and we are sure we can help you find exactly what you are looking for at an investment you will be very happy with. Please fill in the form on the contact page for any queries you may have and what type of property you are after and we'll get straight back to you. Obviously the more information you can provide the better it would be for us to help you find your dream Turkish Property. We look forward to hearing from you. |
