Faqs

Why should I invest in Turkey?

Over the past few years Turkey has become a hotspot destination for property investors, particularly amongst buyers in the UK. It is an emerging market, particularly as it offers value for money in relation to other European markets such as France and Spain. The cost of living in Turkey is low and travelling to Turkey is becoming cheaper.

Where do I start?

Once you have chosen a number of properties you would like to view from our website (www.myhomeinthesun-turkey.com), please complete the enquiry form on the website giving your email address, contact telephone number and convenient time to call you. We will then call you to discuss your requirements further and answer any questions you may have.

We will arrange your personalised viewing trip to allow you to view your chosen properties and other properties in your price range. These trips last between 3 - 4 days. However, if you prefer to make your own travel arrangements or even book a package holiday, please let us have your travel details and we will arrange everything from there.

Prior to your trip you will be provided with your personalised itinery. On arrival in Turkey you will arrange your transfer from the airport and will take care of you during your stay.

Is the buying process in Turkey complicated?

No, buying property in Turkey is pretty straightforward, but is different to the buying process in the UK. Foreigners can own up to 2.5 hectares or 25,000 metres square of land and property. Once an application is received by the Council of Ministers, they may increase this to 30 hectares or 300,000 metres squared. However, this must not excess 0.5 per cent of the land area in the district in question.

What costs will I incur?

When purchasing a property in Turkey, you will incur the following transaction cost in relation to your purchase:

Legal Fees: These are usually between £150 to £500. Allow an extra £100 for translation costs;

Land Registration Fees: Approximately £450;

Public Notary Fees: Approximately £90;

Utility Connection Fee: Approximately £200 to £350. This is dependent on the type of property and its location.

Estate Agents Fees: This is a fixed fee of three per cent of the purchase price. This is split between the buyer and the seller.

Initial Purchase Tax: one and a half per cent of the declared purchase price.

Will I need the services of a legal representative?

It is very important that you instruct an independent local English speaking lawyer to deal with the legal and financial elements of buying a property in Turkey. There are many checks and searches which need to be conducted on your chosen property and these have to be done by a qualified lawyer.

Are there any restrictions for foreigners purchasing in Turkey?

Foreign nationals are not permitted to by property in the military and security zones in Turkey.

After I receive the necessary permission to purchase a property, what is the next stage?

After your offer has been confirmed, your lawyer will draft a preliminary contract. This has to be signed in the notary office. The buyer will then have to pay a deposit of ten per cent of the purchase price. Both the buyer and seller will then need to apply to the TAPU office in order to proceed with the transfer of the tapu.

A number of searches will be made on the Title Deeds to ensure the property is not in a military or security zone, , there are no outstanding debts on the property, and there are no outstanding utility bills.

When all the searches have been completed and are satisfactory, the buyer and the seller sign the final contract in the Land Registry Office. The buyer pays the remaining balance to the seller. The buyer or his/her lawyer attends the public notary office in order to confirm the transfer of title deeds.

How can I finance my purchase?

The most popular way of financing your purchase would be equity release or sale of an existing property. However, HSBC Bank offer mortgages in Lira or linked to a foreign currency index for up to a thirty year term.

We advise you to have your finances in place prior to going to Turkey to view properties. It can be extremely disappointing to find your dream property and not being able to proceed with the purchase as you have not arranged your finance prior.

The developers we work with also offer payment plans and we can discuss this further with you.

What is off plan and what are its advantages?

Buying 'off plan' means you are buying a property that has yet to be built/completed. With the market as it is, developers have plans in place to build in Turkey for the next few years. Properties bought off plan work well for the builder, as his capital is invested, and for the buyer, because the price is so much cheaper. When properties approach completion, the price can go up dramatically.

Who will look after my property when I am not in Turkey?

My Home in the Sun-Turkey offers a Property Managements Service for an annual fee. The price is usually dependent on whether your property is a villa or apartment and the level of service you require. We will ensure your property is checked on a regular basis, during your absence to make sure the property is secure. They will ensure the payment of utility bills on your behalf; renewal of insurance and residency permits. If you are renting your property, they can keep the keys and pass on to your guests. The property will be secured once they have left and that all amenities are turned off and your property is as you left it. Please contact us to discuss this in detail.

What does the viewing trip involve?

Your personalised viewing trip will include: your flight and transfer, accommodation, personalised itinerary, property viewing and legal consultation if you wish to proceed.

We will arrange your personalised viewing trip to allow you to view your chosen properties and any other properties within your price range. These trips last between 3 - 4 days. However, if you prefer to make your own travel arrangements or even book a package holiday, please let us have your travel details and we will arrange everything from there.

During your stay you will be well taken care of. We will be able to answer your questions in more detail and assist you with the buying process if you wish to proceed. We employ both English and Turkish speaking staff.

Transferring Money

When purchasing a property overseas you will need to transfer money. Whilst the natural inclination is to go to your local High Street bank to transfer funds abroad, this is usually a fairly expensive way of doing it. Exchange rates and commissions provided by high street banks are significantly less favourable than those typically offered by specialist foreign exchange brokers.

We therefore recommend the services of Foreign Currency Direct. Transactions arranged through FCD are always at the most competitive rates, and the service is fast and efficient. An estimate of the typical savings using FCD over high street bank transactions are in the region of 1 to 2%, or £1,000 to £2,000 saved for every £100,000 transferred.

To transfer money via FCD contact: Steve Eakins, Tel UK: 0800 328 5884 Tel abroad Tel: +44 1494 725 353 or create an account via the FCD website by visiting Foreign Currency Direct