The least complicated way to buy property in Turkey is with cash. This of course is not always possible, so it’s advisable to release equity in your own home in order to raise the necessary finance. Another option is to get a mortgage in Turkey (see following section).

Mortgage Possibilities and Conditions
In order to be able to get a mortgage in Turkey you must be a legal resident there. A 30% deposit is required, since 70% of the value of a home is the maximum amount that a Turkish loan can cover.

The term of a typical mortgage doesn’t exceed 15 years and is usually of a minimum amount of around 30,000€. Mortgages in Turkey are arranged on a repayment basis, and fortunately it’s usually possible to get a fixed-rate deal for the entire repayment of the loan.

The Buying Process
Once you’ve selected a suitable Turkish property, there are a few considerations to keep in mind. First of all, foreigners are usually not allowed to buy property that’s located near Turkish military land.

The purchase of a property begins once a verbal agreement between the buyer and seller is made. The property isn’t taken off the market, however, until a reservation contract is signed and its corresponding fee paid (this is usually around 3,000€). The buyer then provides his/her solicitor with a copy of the title deeds in order to check whether the property has planning permission.

The buyer should then open a Turkish bank account and register with the local tax office in order to be able to sign a preliminary contract that commits him/her to the purchase. At this point a deposit is paid (usually ranging from 10 to 30%).

This amount is refundable if the seller withdraws from the sale or if there’s a problem with the property, but cannot be refunded if the buyer decides not to follow through with the purchase.

Once the buyer and seller are given permission to process the sale, a final contract is signed, the balance of the property is paid and the title is registered. The signing of the final contract must be done at the Land Registry Office in Turkey by either the buyer or the buyer’s lawyer via power of attorney.

Once the title deeds are received by the buyer, all the taxes and charges relating to the sale of the property must be paid. This can amount to 10% of the original purchase price.

Other extra costs that should be factored in the purchase of a property in Turkey include (costs are approximate):
• 250€ to contract a solicitor
• 95€ in public notary fees
• 70€ in translation costs
• 1.5% of the purchase price for the initial purchase tax
• 0.5% of the purchase price for the annual purchase tax
• 155€ in government tax
• 15€ in annual community taxes

Property taxes are paid each year, and there is also a yearly re-assessment of residential properties to determine tax value.

Throughout the buying process, it is very important for a foreign buyer to secure legal representation and contract the services of a solicitor. This is extremely important in order to avoid problems during the purchasing process or with the possible resale of the property.