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Buying a Property in Turkey

Why buy property in Turkey?

Updated March 2011

Turkey has a truly stunning coastline, great weather, fabulous food and the high standard of service that British buyers have come to expect from a second home destination. A wide choice of property, both new-build and resale, is available – and at a very affordable price compared to other, more established, European destinations.

The country also has a feel of the exotic, and the reception from the Turks is never anything less than welcoming. Infrastructure is also good, with good quality roads and a wide choice of airports. In addition, the range of facilities and amenities, from water sports to Ikea, is nothing less than phenomenal. Perhaps the only type of buyer that Turkey won’t appeal to is the golfer, as there is a considerable lack of courses in the south – with the exception of Belek which is building golf resorts at an unprecedented rate.

The cost of living in Turkey is also reasonable – a fact that is reiterated by the fact that it isn’t part of the Euro. All in all, Turkey has a great deal to offer the British buyer – be it for investment, retirement or just a holiday home.

Popular buying locations

People looking to buy a property in Turkey tend to look in three main areas: Istanbul, the Aegean coast and the Mediterranean coast. While not the capital, Istanbul is the cultural heart of Turkey and offers a cosmopolitan lifestyle. Having said that, not many foreigners tend to buy here compared to the coastal resorts, but it does offer a better buy-to-let opportunity as the population is huge and the city isn’t suffering from the over-supply that is currently affecting the coast.

The Aegean coast comprises Ceşme, Kuşadasi, Altinkum and Bodrum. The diversity in just this region is overwhelming – no matter what you are after you will find it on the Aegean. From quaint fishing villages to busting towns, this is an area that has something for everyone, with beaches, history and a huge selection of bars and restaurants.

Meanwhile, the Mediterranean coast ranges from Maramis in the east to Alanya in the west. This stretch of coastline, serviced by Antayla airport, boasts long hot summers and the promise of snow in the mountains behind during the winter. Golf courses are starting to appear here, making for a truly modern destination.

The property buying process

When you have chosen the Turkish property you want to buy, a verbal agreement is made. However, the property won’t be taken off the market until you have signed a reservation contract and paid a reservation fee (this is usually around £2,000). Your solicitor will then request a copy of the title deeds (TAPU), and check that the house/apartment has planning permission.

Providing the title and the other searches are successful, you should then open a local bank account and register with the local tax office. A preliminary contract is then drawn up, committing you to the purchase, and you will be required to pay a deposit, which could range from ten to 30 per cent.

The TAPU office will need to see proof of identification and a copy of the deeds. They will then make an application on your behalf, which includes a check of your suitability and ensures that the property is not in a military sensitive zone or prohibited area.

Once clearance has been given both buyer and seller sign a final contract, the balance is paid and your title is registered.

Legal issues

The biggest issues facing the Turkish property market are problems securing title and undervaluing (see new-build versus resale), so it’s essential that you get a good, independent solicitor. It is also a requirement that military checks are undertaken in order to ensure that the property isn’t located within a military zone where foreign ownership is not allowed. This process adds around three months to the purchase process.

There is light at the end of the tunnel however, as experts believe that the need for military approval will be removed sooner rather than later – as that will be a clause for successful EU entry. This would simplify, not to mention speed up, the entire buying process.

As well as getting your lawyer to check the title thoroughly, also ensure that they examine the location of your property. Land surrounding your home could be subject to a change of use, or even have planning permission, which may alter your views and the general outlook of the property altogether.

More pages

Page 1: Why buy property in Turkey?
Page 2: Financing property purchases
Page 3: Property in Turkey: Investment potential

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• Guide to Antalya
• Guide to Bodrum and Izmir
• Guide to Dalaman and Fethiye
• Your questions answered
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