Buying Property in Turkey: What You Need to Know
Buying property in Turkey has enjoyed a boost in recent months as more foreign investors are attracted to pretty fishing villages, beautiful secluded bays, incredible historical architecture and practically all year-round sun.
To retirees and those looking for a second holiday home, the price of property in Turkey is often much more attainable than comparable properties in the UK and Europe. For instance, it’s possible to buy a lovely one bedroom apartment in upmarket Kalkan with shared pool for approximately £150,000 or even a two bedroom in Fethiye, near the beach, for under £150,000.
Unlike in Britain, military permission is sometimes necessary on some properties before you’ll be allowed to go ahead and purchase. Expect this to take anything up to 12 weeks.
Deeds for properties are lodged with the District Land Registry Office and officials here must be notified of any property transactions. Indeed the sale isn’t achieved in total until both yourself and the seller (or representative) signs the relevant papers here and at which point you will be handed the title deeds.
Because of the differences in buying property in Turkey compared to the UK and other countries, we’d advise at Oceanwide Properties Turkey that you hire a locally spoken lawyer who is familiar with property law.
It’s also a good idea to undertake some research of your own and try to ascertain such matters as whether there are any outstanding bills on the property that you may have to settle, if there has been any trouble with maintenance and general upkeep on the development and even whether the title deeds are tied up with any loans (ie as collateral). It’s also worth going along to some other properties the developer has built to take a look at them and see how they’re faring up. And, of course, with the internet these days, it should be easy enough to do some research on the developers themselves.
What’s the best type of property to buy in Turkey
Many properties have the potential to be rented it out as a holiday let over the summer months or the periods when you yourself don’t intend to be there. That way you’ll have income to pay for its maintenance all year round. This is an especially useful form of income for those who’ve recently retired and want to live part of the year abroad but not move away from friends and family permanently.
Couples and young families often go for two/three bedroom apartments whereas larger families are generally more interested in a villa.
If you’re interested in buying property for sale in Turkey then it’s always a good idea to check out one or two local estate agents, wherever you plan on moving to as they’ll have more idea of the history of certain properties and may be able to put you in touch with a good local lawyer.
For more information on moving abroad to Turkey and purchasing property see our website Oceanwide Properties or take a look at our new Guide which covers renting and buying in Turkey.