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Buying property in TurkeyThe process of buying a property in Turkey is not as complicated as you might first imagine. The procedure is often far simpler than in most other European countries such as France, Germany or Spain. Foreigners may purchase land and property in Turkey under their own names provided that the properties are located in towns and not in villages or rural areas - and that the properties are outside of restricted military areas.
Where the owner of the property is already a foreigner, however, the checks and searches have previously been carried out and the whole procedure can literally take five minutes. A 1½ per cent duty both for the purchaser and seller must be paid. In addition, there is an annual property tax, collected by the local government at the rate of 0.1 per cent for houses and 0.3 per cent for developed lands. New properties are exempt from the annual property tax for five years. All properties are subject to revaluation every five years for tax purposes. The acquired property may be resold and the proceeds of the sale may be transferred out of Turkey. The buyer pays a 3½ per cent agent's commission. These are standard terms offered by all Turkish estate agents.
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After the sale has been agreed , in order to acquire the title of a property, an application has to be made to the local Land Registry Office.
This title may be transferred once checks have been made to ensure the property meets all necessary requirements.
During the transaction, the proofs or documents concerning the transfer of the full purchase price into Turkey must be presented to the
Land Registry Office. Sometimes this process can take a few weeks.