1. Property Buying Process
When the decision to buy your dream property in sunny Turkey is made, Maximos Real Estate will provide you a multipurpose free service from the very beginning, which will be projected specially for you, to give you a full overview of the property buying process.
Buying a property in a foreign country can be a complicated and frightening experience. It is a huge financial undertaking that may only happen a few times in a lifetime but once that is an excellent future investment.
Our property portfolio provides detailed descriptions of all new brand properties. All the properties have been personally inspected by us and we provide a guarantee to take full responsibility for the features described.
Maximos Real Estate offers properties that suit every budget and taste. Our professional team will help you with all the formalities at every stage of the buying process, which has recently become much more simple in Turkey than in most of other countries.
There are no restrictions in transferring your property proceeds from Turkey to your native country. There is a freedom of international capital transfers.
- A deposit of approx. 1000 – 2000 Euros will be required after a sales contract has been agreed and signed. If necessary you can pay the total amount of 10 % of the sale price when you return to your home country.
- You will just have to give a copy of your passport and 2 passport size photographs for us to start the official procedures.
- Copies of your passport
- You are required to get a Tax Number and also open a Bank Account for the Transfer of purchase funds, arranging payment of utility bills, insurance etc.
- You have two choices regards the Power of Attorney if you cannot stay in Turkey to complete all the legal procedures yourself. You can give Power of Attorney to your lawyer to deal with all the legal processes on your behalf, which would cost you 1% of the purchase price or give Power of Attorney to Maximos Real Estate at no additional cost.
- The Title Deed will be handovered to you within 1-2 working days.
2. Expenses beside the price of property
All paid only once
- 4% Purchasing Taxes
- Residence Permit to reside in the property (if its completely new): 500-800 €
- New connection of electricity meter: 100-150 €
- New connection of water meter: 60-100 €
Annual Ongoing Expences
- Energy cost per KWH: ~ 0.10 €
- Water cost per m3: ~ 0.75 €
- Annuallyproperty tax: 0.1 – 0.3 % of the property value is registered on the Title Deed (-see above-) is paid to the municipality each year before the end of May.
- Insurance of the property (voluntary): ~ 150-250 €*
*Earthquake insurance is obligatory. Here it is a part of the property insurance mentioned above. Approximately 10 % of the insurance.
3. Lawyer / Solicitor Service
When a decision to buy a property has been made, an official sales contract is drawn up and signed by an English speaking lawyer. The buyer gives power of Attorney to the Lawyer to let him/her look after all the legal procedures. The lawyer checks that the property is secure and if required can contact and cooperate with the buyer’s foreign lawyer. The lawyer follows all the procedures and secures the rights of the buyer until the Title-Deed is transferred to the buyer’s name. It takes about 6-8 weeks to transfer the Title-Deeds to the buyer’s name. The lawyer’s services will cost about 1 % of the property value.
Acacia International / www.acacia-int.com
- England Address: 94 Bronsart Road London SW6 6AB E
Tel/Fax: + 44 (0) 20 7610 3333
Mobile : + 44 (0) 20 7610 3358
E-mail : [email protected]
- Turkey Address: 1719 Sokak No.18 K:2/3 Karsiyaka, Izmir TR
Tel/Fax: + 90 (0) 232 3645864
Mobile : + 90 (0) 232 3697514
E-mail : [email protected]
We can advise in different countries Lawyer Services. Please dont hesitate to ask if its in your country available.
4. Frequently Asked Questions
Are there any restrictions for foreigners to buy property in Turkey?
Only in military zones and rural areas. There should be no restricted properties on our homepage.
Are the property freehold or leasehold?
Yes, all properties are freehold.
What is the general buying procedure in Turkey?
You will commonly pay 3.000-5000 € reservation fee and 30% as a deposit during 2 weeks. Most developers offer stage payments, often with a degree of flexibility towards your own personal circumstances. This will be agreed at the time of purchase.
After paying the reservation fee, your lawyer should carry out the title deed checks. A contract will be made up between the seller and purchaser. This will give details of the completion date, payment schedule, terms and conditions. After it is signed by all parties, the deposit is paid. Then you apply for security clearance to allow you to own a property in Turkey. This will often be applied for on your behalf by the developer. You can sign a Power of Attorney to conclude the necessary paperwork, if your circumstances require it.
What kind of documents are required?
Your passport which will be copied and translated into Turkish and passport sized photographs. The notary public office works in conjunction with the title deeds office and the Military. All the translated documents will be checked by the army to ensure there is no record of criminal intent or activity against Turkey and that any property being purchased by a foreigner is not within the proximity to be intended or to be used for military purposes.
What happens after I have received the necessary permission to purchase?
Your lawyer should carry out the pre-completion checks. According to this, you (or your Power of Attorney) will sign a deed of transfer in front of an officer at the Land Registry Office, who then records you as the official property owner. At this stage the property tax is paid.
What additional costs are in relation to my purchase?
You will have to pay purchase tax, stamp duty, legal fees, wealth tax.
Is in Turkey a wide range of banks and are they English-speaking?
There are a lot of banks where English is spoken. It,s not difficult to open a bank account, moreover you can open either Turkish and other currency accounts.
Is it necessary to pay tax both in Turkey and my native country?
No, Turkey is a signatory country to a treaty for the prevention of double taxation with a lot of countries in the world.
What is the climate?
Turkey has seasons with nearly 300 sunny days on the Mediterranean Coast. In winter, there are the temperatures by the south coast ranging from 5-15 degrees C, in spring it warms up to 25 C. The summer is usually dry and hot from May till September peaking up to 37 degrees, cooling again towards Autumn back down to 25-15 degrees.
What kind of facilities are there on a typical development?
Due to the pleasurable weather in summer, a swimming pool is the main pre-requisite. There are also properties that offer tennis courts, fitness centers, Turkish baths, saunas, and easy access to golf courses.
What should I pay as community fees?
It depends on property. Consult the lawyer about it.
Are there any ongoing taxes?
State property tax, environmental tax and weatlh tax. However, these are relatively low and your lawyer should be able to advise it you as well.
What about paying for energy and water supplies if my main home is not in Turkey?
Paying through a bank ist he easiest way to do it. We will help you in advance by obtaining a tax number and setting up a bank account on your name. All water bills however, are paid directly to the Town Hall.
Can I rent out my property?
Sure. The main season is from April to October but you can also rent it out in winter time at lower rates. In the high summer season you can expect a very reasonable return.
Is it necessary to speak Turkish language?
No, but if you do it, that brings only advantages.
How do the locals treat foreigners who buy property?
Turkish people are very friendly and hospitable.
Are families with children welcome?
Of course. Turkey is a family orientated country, so that children are welcome almost everywhere.
Is it safe to stay in Turkey?
Turkey is a very safe country with a relatively low crime.
What about the healthcare in terms of the standards and costs?
The standards are generally very good. All foreigners have to pay for medical treatment and there are reciprocal private health plans available and acceptable in the private hospitals. You can purchase a health insurance plan in Turkey up to the age of 55.
How does the general cost of living compare to Europe?
Fresh produce is great value for money. You will find most items up to 50 % cheaper than in Europe with electrical items being the most expensive.
What about eating out?
You will benefit from the relatively low prices. Being a Muslim country, very rare you can find pork, but there is a wide choice of other meat, seafood and vegetables. As well as Turkish cuisine, you will find European cuisine as well.
If I move to Turkey, can I take my petwith me?
Yes, if you have a pet passport and vets document.
Can I work there?
Yes, but you must get a workıng permission first.
What is the governmental system of Turkey?
It is democratically elected as in Europe. Turkey is also one of the 5 permanent members of NATO.
What is the Legal Process?
With the right people assisting you, purchasing an overseas property can be an enjoyable experience, as we at Maximos Real Estate Services with our professional team and experience.
What are the reasons to buy property in Turkey?
– A valuable investment as the price is increasing every year. Turkey is like Spain was 20 years ago, and if entry into the E.U. is gained we are set to see prices rise even more.
– As a European you can purchase with complete safety, as the conveyance process is easy and uncomplicated.
– Aircraft service with many countries of the world and cities of Turkey.
– Highly developed system of telecommunications and modern network of roads served by taxis and buses.
– Satellite TV broadcasting European and other foreign channels.
Do I need a resident’s visa to buy a property?
No. This is only required if you want to stay longer than three months, or wish to buy a car.
Only for Danish people 6 months permit is obligatory.
Is it possible to make an inspection trip?
Yes it is. Just let us know your flight details and we can arrange your transfers and hotel accommodation and show you all the prospective properties which fit your tastes and budget.
How will you understand that the agent has an official certificate?
Any person who wants to run a real estate agency business must attend courses to receive an official certificate and have their office registered with local authorities such as the tax office and municipality.