Process

When buying in Turkey, every prospective owner has to go through the following steps:

* Choose a suitable property;

* Negotiate a price and reserve the property;

* Draw up / consider a contract acceptable to both parties;

* Arrange for a convenient method of payment and pay the deposit;

* Sign and exchange contracts in the presence of a notary public;

* Submit relevant documents to the local Land Registry Office;

* Obtain the Military Zone clearance;

* Pay the insurance of the property depending on the location;

* Register the sale with the tax authorities;

* Pay the tax bill.

Duration

A typical Turkish property transaction takes between 2 days and 1 week to complete, although most have been completed in only 2 working days. After the contracts are exchanged, the buyer and now the owner can move in, enjoy the property, refurbish it or rent it. The absence of Military Zone clearance from the Local Army Headquarters is not prohibitive and typically takes between 2 and 3 months to obtain.

Cost

Notary Public fees are determined by law and generally range from £100 to £200. Land Registry Fees are usually 50% of the notary public fee. Furthermore, the buyer needs to purchase compulsory earthquake insurance. This amount is determined on the basis of the land registry valuation. Finally, the agency commission for the buyer is typically 3%.

Both the vendor and the purchaser pay 1.5% each in Sales Tax, in addition to 0.3% Purchase Tax. As almost all property in Turkey is freehold, the buyer will be required to pay an annual Property Tax of 0.1%. If the property is going to be used as business premises, the property tax is 0.2%. New properties are exempt from Property Tax for the five years following their construction.