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What
nationalities are permitted to purchase a property?
Some of the countries Turkey has a reciprocal agreement for
the purchase of land and properties;
England, 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.
How long does it all take and how does it work?
It takes between 1 to 2 months to receive the final Tapu (
Title Deeds),
After signing the reservation contract, the copies of the
buyers passport will be handovered to the local land
registry office, the copies and the official papers showing
the location of the property will be sent to a Military Head
office in Izmir to be checked that the mentioned property is
not in a Military Zone. After the approval of the permission
our company pays the necessary fees and taxes to the
authorised bank (T.C. Ziraat Bankasi) and to the tax office
in Manavgat. The official receipts of these taxes and fees
will be declared during the transaction in the Land registry
office. Finally the buyer and seller signs the land registry
book under the supervision of an official interpreter.
Do I have to be a resident or have a resident’s 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 have a phone or buy a
car. Then the three months tourist visa is not enough.
What do I have to check before purchasing?
Check that there are no outstanding rental agreements or
mortgages.
That the seller has the legal right to sell the property and
that they have a Tapu ( Title Deeds) for it.
If there is an agent how much commission is payable,
commissions rates are usually very high in sales where
European clients are involved.
Do I have any Taxes and fees to pay for the purchasing?
A. 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 £15 approx.
If I sell my property can I take the proceeds back to the
U.K. or other countries?
You have the legal right to take the proceeds back to the
U.K.
Can I will my property to my beneficiaries?
You can make a Turkish Will and leave your property to your
beneficiaries, however if you hadn’t made a will, the
property goes to your next of kin.
What would be the running costs?
Tax yearly: 0.1% of the declared cost of your property
Refuse: Every year approx. £10
Electricity:
Time share : 17/22 22/06 06/17
. 0,11 €/kWh , 0,03 €/kWh . 0,06 €/kWh
Water: 1 - 20 m³ 0,32 €
21- 40 m³ 0,48 €
above 40 m³ 0,87 €
Can I import my belongings/furniture and car into Turkey?
You can, but it is expensive for transportation and Duty, so
it may be advisable to purchase your furniture here.
Useful Information
Real estate acquisition of foreign and legal persons has
been regulated in the article'35 of the Land Registry Law
has been modified on July 3rd, 2003. By this amendment new
regulations have been introduced concerning of real estate
acquisition, in our country, of real persons of foreign
nationality and trade companies having legal personality.
With the facilities brought by the new law on ownership of
property for foreign nationality personalities, until today
the following number of properties have been sold to
foreigners:
Table showing number of real estate (19.07.2003 -
19.04.2005) bought by foreigners buying property in Turkey
England 5329
Germany 2967
Netherlands 794
Greece 372
Ireland 918
Norway 331
Belgium 311
Austria 279
Denmark 469
Sweden 104
Finland 35
Investment
The country is strategically situated close to the Middle
East and the European markets.
Agreements between Turkey and 39 other countries to promote
and protect mutual investments as well as an agreement to
preclude double taxation.
Customs union with E.U. since 1996
A candidate member of the European Union.
A very liberal investment climate, including free
(international) movement of capital, profits, dividends and
salaries, free-trade zones and subsidies.
A large labor force at relatively low costs.
A modern infrastructure.
A well preserved European holiday destination.
The World Trade Organization considers Turkey to be one of
the most dynamic countries.
Newly administered investment regulations for the foreigners
Living
Properties at still very low prices
Beautiful Climate
Beautiful blue flag beaches
Well preserved environment
Low living costs
Very hospital people
Environment full of history and culture
Tax facilities for foreigners
Other Information
Property Investment in Turkey is becoming the best
destination in the world for property value growth. The
Property Boom along the Turkish Riviera is just about to
start and we urge you to consider it seriously.
Demand for Property in Turkey is on the increase as well.
Turkey attracts approximately 15 million visitors a year and
the tourism infrastructure is very well established. Turkey
is the 3rd most popular holiday destination in Europe. In
2005 Turkish tourism is set to increase by 25%, making
Turkey a great place for rental income.
With many excellent facilities and English being widely
spoken and the relaxation of the rules allowing foreigners
to own Turkish real estate, this boom is likely to run for
many more years.
TURKPROP knows how important property investment is becoming
and how serious investing in the Turkish Riviera will
become. This is the new hot spot that all the large property
investment companies are taking seriously. Just look at
these statistics
· Land prices have doubled in the last 2 years in the most
popular areas and property prices have risen by 25% to 40%
in the last year alone.
· Currently prices are running at 1998 equivalent Spanish
prices for a similar build quality.
·Currently property along the Turkish Riviera is increasing
at 2% per month.
· Turkey was voted as the 3rd best destination in the world
to buy a property. (A Place in the Sun - Channel 4
television)
· Turkey was voted the best destination in the world for
affordable, high earning growth. (A Place in the Sun -
Channel 4 television)
· Turkey was voted the number one place to invest by
International Property. (Inside Track the magazine for the
professional property investor) |
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