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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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