Buying Property in Turkey Bodrum

Buying Turkey Property:

Even though the process of buying a property in Turkey may take a while it is still a relatively straightforward process. The following information will give you a simplified idea of the various stages that you would need to go through. Obviously if you use an agent to help facilitate your purchase then it is likely that you will be guided more thoroughly through this process by them. If you decide that Turkey isn't for you, why not try property for sale in Ayia Napa from Yannis Mamas Property Developers.

Decide on the location and type of property in Turkey you have in mind that will fit within your budget. Take a short holiday to the area you are interested in, find a cheap car rental company and take a look around at some of the places that are for sale. This ensures you know exactly what you are buying.
Once you have found your perfect property you will need to instruct a solicitor to draw up a sale agreement. Obviously the solicitor will also carry out the necessary legal checks concerning the property you have chosen. The sale agreement will be made available in both Turkish and English and a legal translator can be used.
At this stage initial payments will be made inclusive of the deposit, legal fees and any agency fees. Please be aware that when you buy a property in Turkey deposits are non-refundable.
You may want to open a Turkish bank account in to transfer instalments when necessary to buy your Turkey property. To do this you will need your passport and a tax number - which can be issued at a local tax office
The solicitor will now apply for the title deed. This will involve contacting the Aegean Military Commandership so that they can carry out standard checks. This process can take up to 3-8 weeks and occurs when anyone is buying a property in Turkey. Once these checks have been done the title deeds will be transferred into your name. (Since 2002, the law changed giving British citizens the right to buy property and have the title deeds in their own name).
Once the title deeds have been successfully transferred any final balances need to be paid before you ‘officially’ own your new investment property in Turkey

The Costs to buy a Property in Turkey:

*These fees are estimates and may change depending on the individual agent or solicitor etc.

Deposit                                               £2500
Legal fees (Solicitor and Translator)        £325
Buyers Tax                                          1.5% of the sales price (‘stamp duty’)
Utilities connection fee                          £300
Agent / Property Company fee               Varies from 2-3% of property price
Notary charges                                     £50-£60
Earthquake Insurance (required by law) Depends on location and property price
Property tax                                        Depends on location and property price

The Costs of Living in your Property in Turkey:

The cost of living in Turkey is generally a lot cheaper than in the UK or other developed countries. For example, fresh fruit and vegetables are plentiful and very cheap. There are the usual costs of living involved in everyday life. (again these costs may well vary depending on the location and size of your Turkey property).

Annual maintenance Charges                £300 - £500
TV (no licence needed)                         You will need to buy a satellite box
Buildings and Contents Insurance          £500 per year
Management Fees                               £300 - £500 per year
Gas (no mains supply)                         Approximately £10 for a cylinder
Electricity                                            Dependant on usage
Telephone (landline number)                Only available to residency visa holders
Water                                                 40p per 1000 litres

If you are looking for property for sale in Turkey please remember the following lifestyle tips. The local time in Turkey is 2 hours ahead of GMT. Electricity is 220 volts AC all over Turkey so you may need a European adaptor to use some of your electrical appliances. Tap water is safe to drink as it has been chlorinated but it has quite an unpleasant taste – bottled water is a better alternative and is plentiful and very cheap. The Turkish people are very friendly and respectful of ‘foreigners’ in their country but it is important to understand, respect and try to embrace their culture and traditions. If you do miss home foreign newspapers are widely available and many of the television channels are broadcast in English.

Visa Information for Entering Turkey:

In order to buy property in Turkey you will need to be able to get into the country legally! British and Irish passport holders require a Visa which can be obtained at the port or airport of entry. A 90 day visa costs £10 for UK citizens but does not allow you to engage in any paid or unpaid employment. As with most travel in the modern climate it is advisable to have a minimum of six months validity left on your passport to avoid any unnecessary complications.

You cannot apply for a permanent residency once you purchase a property in Turkey, you must apply for a residential visa before your initial 3 month entry visa expires