The buying process in Turkey
There are very few restrictions on UK nationals buying in Turkey. There are no restrictions if you wish to buy in the coastal resorts in major cities. If you wish to buy in country areas you will be limited to 2.5 hectares in size.
Having decided on an apartment to purchase with Silverhouse Property the following steps are taken:
- Choose and reserve the property of your choice.
- You will visit the solicitor, along with the translator and the contracts will be drawn up, whie you wait in both Turkish and English.
- The translator will go through the Turkish contract with you. If you are then satisfied, the solicitor, translator, developer and yourself will sign the contract.
- The solicitor will then start the process of applying for Aegean Army clearance.
- You will then go before the notary, together with the legal translator.
- To save you having to travel back to forth to Turkey to sign legal documents, a "Power of Attorney" will be appointed.
- You will need to allow for the following fees: Solicitors fees - approximately £250, Aegean Army Clearance - £150, Translators fees - £80, Notary fees - £70, Power of Attorney - approximately £120, Electricity connection - £125, Water connection - £190, Buyers tax - 1.5% of the purchase price.
- There will also be an annual maintenance fee on most developments. Normally this is between £350 and £450.
From signing the contract you will normally be expected to pay the first payment within 30 days.
You will be expected to pay 20% tax on rental income.
If you hold the property for more then four years there will be no capital gaims tax payable in Turkey. Should you decide to sell before four years you will pay 20% capital gaims tax.