Purchase Process

So, having established that Turkey is a great place for property investment, how do you go about securing your slice of Turkish real estate?
The first thing you need to know about investing in Turkish property is that all property is freehold. Buying is also a fairly routine procedure. The laws in Turkey are based on the Swiss legal system and, under an agreement with the UK, Britons can buy property without too much trouble.

Documentation-wise, you'll need your passport and a tax number, which you can obtain, with our help, from a local tax office. You'll also need the tax number when opening a bank account. It's also wise to stock up on passport-style photos.

Using a lawyer to buy Turkish property isn't mandatory, but is advisable. Ask us about this, as we have a number of lawyers we'd recommend. Legal fees will usually come in at around £1000, which you should factor in, along with 3.3% purchase tax, accommodation and notary tax, utility connection charges, and translation fees (if applicable). That might all come to around £1500.

So, what else will you have to pay?

Pantheon Realty charges a small sales commission on the purchase price.

Is it a quick process?

Getting the Freehold Title Deeds (tapu) to your Turkish property can take up to half a year. Your application has to go to a regional tapu office. Checks are then run to ensure the building is not in a military zone. After all that, your transfer should go through within 24 hours, and you sign your freehold ownership documents at the tapu office.

What about the bills?

Now that you're the proud owner of Turkish property, you'll need to pay your household bills. You can do this by standing order. The only difference from the UK is that they're considerably cheaper - how does £75 for a year's council tax sound?

Do you need a will?

You should bring your UK will up to date to include your new home and lodge it with a Turkish lawyer.

What about selling tax?

You'll pay 15% capital gains tax on profits if you sell up within five years. This tax will be offset in the UK.

What about insurance?

We'll be happy to help you arrange household insurance for your new property.

Can you get a Turkish mortgage?

Yes. Speak to us for details.

What about UK mortgages?

The best way to finance your property in Turkey is by remortgaging against your UK property. It is, however, vital to have your finances ready and waiting before you dive into the Turkish property market and take a buying trip.

Speak to Pantheon Realty if you have any more questions.