Can British people buy villas/property and are there any restrictions.
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Yes, indeed any foreign person can buy property in Turkey, subject to the following:
You must obtain approval from the relevant dept in the area you wish to purchase in, , it is very easy and takes about 12-20 weeks to come through. This sometimes makes purchasing difficult, but not the case when you buy a property from us once you have signed the 'Sales Agreement' we will apply on your behalf, as yet we have never been refused approval for our buyers. All our developments are in non-sensitve areas. Should we not secure permission then all monies paid will be refunded.
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How do I know I have purchased a property with good title?
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In Turkey you can buy with confidence, there system is very simple and very effective, it is similar to our land registry, and this is the procedure.
Upon agreeing to buy a certain property you or your proxy with your lawyer and the seller go to the deeds office in the relevant town, there you declare you wish to buy and the seller is willing to sell, the deeds officer then checks the records to see who the current registered owner is, providing this is the same as the seller who's ID matches that of the owner on file then the deeds officer will register you as the new owner, you will then be given a document declaring you the owner.
At the same time and before the sale is completed the deeds officer can confirm any mortgages or debts registered against the property, just as in UK if the debt/mortgage is not recorded at the deeds office it is not enforceable in law against the property and its owner.
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Do you have any information regarding the increase in market price of property?
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Yes, prices increased as follows:
Major Tourist Areas up 20% 12 month period from 2002 to 03, up 35% 12 month period from 2003 to 2004 and around 20% recently.
Areas around major tourist areas up 40% 12 month period from 2002-03, up 50% 12 month period from 2003-2004 and around 35% p.a. recently.
Prices in the outlying major tourist areas have increased more than the centre simply because the centre prices are forcing many to realise they can get much better property for their money outside the centre.
As our property development sites are in the outlying areas of major tourist centres we believe you will enjoy very good increases in equity, certainly this in the case for all our owners to date.
It is reasonable to say that the next few years will be very profitable for today's buyers, Turkey offers so much both as a long season destination, and like for like property for money is much, much lower than the rest of Europe, and many buyers are now coming to Turkey to take advantage or today's great value for money property.
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Is there any danger of losing my property as we hear about in Spain?
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NO is the short answer, but let us enlarge.
The laws in Turkey are national laws, there does not exist the ability to have by-laws, or laws which the local Major can choice to enforce, the only circumstances the local council in the name of the Turkish government can seek to acquire your property is if it is required for a social need.
This is just like in the UK, if a new road is agreed and your house is in the way the government will come along and compulsory purchase same, it is the same in Turkey, NO more NO less.
The procedure is this, you will receive a demand to sell your property for TLxx (Turkish Lira), if you are happy with the price and you agree there is a proper social need and benefit then you agree, if however you are not happy with the price offered because you can show it to be below the market value or you can argue that there are better ways to meet the social need you can take your case to a Judge who will decide the case.
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Can I open a bank account in Turkey to pay running costs etc?
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Yes very easy, first you need to obtain a tax number, this is impressively simple, you go without appointment to the local tax office with a notary certified copy of your passport and in minutes they will enter you on there system and issue you with your tax ID card and number.With this you can walk into any bank and open an account there and then, they will issue you with a cash card for withdrawals via any ATM in the world.
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Can I get a mortgage on my property?
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Yes, mortgages are available on completed buildings, normally 70-80% of value rates are around 6.5-7.25%.
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What other costs or taxes will I have to pay when I buy a property in Turkey?
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On purchase there is a purchase tax of 3.4% of the declared purchase price, again this is like in Spain, note the word declared price. So you need to decide if again you wish to integrate into local customs.
There is a local council tax which is very small about £200-300 p.a., but this is not payable for the first 5 years on new built property.
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How much will a good solicitor cost me to handle my property purchase.
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Anywhere from £1000-2000 subject to the purchase price etc. We are able to help you in the selection of a solicitor
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