Purchasing a property in Turkey is a relatively simple process and at Our Home Abroad we are here to help you every step of the way. From opening a bank account to translating your contract, we will make sure that you know exactly what you are doing throughout the buying process and beyond.
Without a doubt the single most informative and effective way of buying property in Turkey is by taking advantage of our inspection visits. These four day informal business trips are designed to give you access to the widest possible selection of freehold properties available – and the best assistance in viewing the properties before choosing the right one for you. Our inspection visits are conducted on a one-to-one basis and are for prospective buyers with a guarantee of no pressure. We only ask that you are in a position to buy should you find the right property.
Alternatively, if you are planning on going to Turkey on holiday and would like to spend a day or two viewing property with us please let us know your travel arrangements in advance and we can arrange for one of our team to show you the area, lifestyle and properties available to you. This service is offered to you totally free of charge and again, you are under no obligation whatsoever to buy.
When you have chosen your Turkish property you will be required to pay the developer a deposit of £2,000. You will then agree on the payment structure and sign a private purchase contract between yourself and the builder. At this stage your solicitor will apply for purchase approval from the local land registry. This usually takes between two and three months for the land registry to carry out the necessary checks and issue their approval. Once the property is completed, the official Title Deeds will be prepared by a Turkish Public Notary and signed by you and the developer. One of our representatives will attend the notary appointment with you, along with your Turkish solicitor.
On choosing your Turkish property we will introduce you to an independent English speaking Turkish solicitor who will ensure that the contract is legal and fair. He/she will act on your behalf throughout the transaction and will attend the notary with you on completion. They will also be able to assist you with the preparation of your Turkish will and advise you on how to apply for your tax number.
Financing your property
The majority of our clients finance the payments on their property in Turkey by releasing equity from their UK property. At present Turkish interest rates are exceptionally high so it makes borrowing very unattractive. However, new UK based Turkish mortgages are becoming available with lower interest rates so please contact our office for further information.
When buying in Turkey you are required to pay a 3% property purchase tax on the value of the property. However, several of the developers we collaborate with will in fact contribute towards the payment of this purchase tax. Other costs to consider include notary fees, solicitors fees and land registry fees. We recommend that clients calculate an additional cost of 5% of the property price to over all costs including purchase tax.
We will assist you with every aspect of your property purchase through to completion and beyond. Please do remember that our award winning after-sales service, unlike some of our competitors, is completely free of charge. Our fees are paid directly by the builder/vendor and not by you.
It is important to note that many of our new properties come with a guarantee of up to 10 years. Furthermore, we only deal with established, reputable builders and use our years of experience and local knowledge to bring you only the best developments.