Buying Property Guide in Turkey
How does it work to buy apartment or house in Turkey?
Below is a summary of the buying process for property in Turkey. One of the most important factors for a successful purchase is to buy from a company that has the right connections and has good knowledge and experience of buying and selling real estate. It is also important to use an estate agent who knows which developers are serious and who will still be there after the purchase.
For Europeans, it may be useful to choose Alanya Eiendom since it is the only company that has staff that with Swedish, Norwegian or Turkish as their mother tongue. The staff also have formal Swedish, Norwegian or Turkish estate agent licenses and many years of experience. Our Turkish owners have many contacts with real estate companies in Scandinavia. If you are interested in an evaluation of your apartment or house, we'll help you with it. We guide our buyers through the entire purchase process and, of course, we make sure that everything is done according to Turkish law.
Many people buy property in Turkey for investment, and some simply to have a nice holiday home in the sun that they can rent out when they are not there themselves. There are many possibilities and the prices are currently very low. There is a really good chance to find something which fits your needs and we will certainly make every effort to get you what you want.
Buying property in a booming market like the one in Turkey is a little different than buying in a more traditional market such as that of Spain. In Spain, there are millions of people from all around the world who have already found their property. In Spain, all the buying processes are developed and tested, and all the authorities have a lot of experience working with real estate. Thus, there are long-standing well-functioning procedures of buying property. This is not the case in Turkey. Here, the lack of experience and established procedures frequently results in delays and confused situations. We in Alanya Eiendom promise to guide you through the whole buying process in a safe and smooth manner.
Buy through a serious business
As we already mentioned, it is very important to buy the property through a serious company. In the Turkish property market, there are some potential pitfalls. One example is that the developer does not have title deeds to the property or has not followed the Building Act. In 2004, the Turkish Daily News reported that in Istanbul alone there are 600 000 illegal dwellings.
As in Sweden, there may be various rights/easements agreements/mortgages which may follow a property. We know the circumstances so you can feel completely confident that something unexpected does not pop up that affects the property and thus the value of the property.
The buying process
When you've found what you want to buy in Turkey, the purchase process will proceed as follows:
If you wish to reserve a residence it will be removed from the market, usually for 2-4 weeks. This is to give you time to perform the necessary checks and authorization for registration of title, loan on the property and so on. Generally you have to pay a fee of 3,000 € to 6,000 € for the reservation. If you do not want to make the purchase because factors affecting the value of the property have arisen, you have the contractual right to receive your money back. Unfortunately there are examples where this has not occurred. However, we in Alanya Eiendom will make sure that you get your money back. However, if you change your mind without a valid reason, you will not normally get your money back. If you choose to complete the purchase, the reservation fee will be deducted from the purchase price.
After the reservation agreement is signed and the required amount has been paid, a survey of all necessary legal documents will be carried out to ensure that they are present and correct. You can choose to use the legal expertise that is linked to our company or you can use your own expertise. If this investigation shows that all necessary documents are available, you sign the sales contract and pay a deposit which is usually 10% of the purchase price. In the case of an apartment in a house under construction, down payment is normally 30% of the purchase price.
After you have paid the down payment, the developer is contacted to apply for the necessary state and local permits to enable the ownership of the property to be transferred to you. When you buy property that is not yet complete (off plan) a special payment plan will be established that follows the progress of the construction process. In this case, the payment will be divided up and the final payment takes place when you have access to your apartment/house
Once all applications are approved and the property is finished the purchase is closed. The buyer pays the taxes and fees that are required to transfer the ownership. After the seller and the buyer have signed the title deeds (Tapu ) at the registration authority, the ownership is transferred from the seller to the buyer.
Financing the purchase
Please contact us if you wish to explore various financing options. We have good contacts with banks in Turkey.