Buying property in Turkey is not as complicated as you might imagine. The procedure is often far simpler than in most other European countries.

Foreigners may purchase land and property in Turkey under their own names provided that properties are not located close to a military airport, station etc. After an agreed sale, both purchaser and seller (or their representatives) must visit the local Land Registry Office together in order to acquire the title of a property. The title may be transferred once checks have been made to ensure the property meets all necessary requirements. A lawyer/solicitor is not needed in Turkey although it is sensible to consult one for your own peace of mind. Costs are around 1% of the purchase price of the property. During the transaction, the seller declares that he has received the full purchase price from the buyer. This process can take a few weeks, as the Land Registry office needs the official permit papers from the military administration.

A 1.5% duty both for the purchaser and seller must be paid. In addition, there is an annual property tax, collected by the local government at the rate of 0.15% for houses and 0.3% for developed lands. New properties are exempt from 25% of the annual property tax for 5 years. All properties are subject to revaluation every year for tax purposes.

The acquired property may be resold and the proceeds of the sale may be transferred out of Turkey. There is no time restriction for reselling property. You can get it registered in your name and resell it the next day however, if you keep the property for four years before selling, it is tax exempt.

The buyer maybe required to pay a 3% agent's commission. These are standard terms offered by all Turkish estate agents. To reserve a property you will normally need a 10% deposit. Cash is the easiest way to pay the deposit but understandably most people do not want to carry large amounts of cash in a foreign country. The easiest thing to do, is open a bank account in the resort area of your choice (preferably on the day of your arrival) and then if you have taken cash, deposit it in the account. Alternatively, arrangements can be made with your bank before your departure to advise them that you will be opening a bank account in Turkey and requesting by fax a money transfer to this account. Transfers normally take 3-5 working days, which is why it makes sense to open an account as you arrive. Traveller’s cheques or credit cards can be used but can take time to process and you may end up paying a hefty commission.

It is very easy to open a bank account in Turkey and if you need any help please don't hesitate to call our agents.