Buying Property In Turkey
Keyholders International Property Group is established as a LTD company in the UK to provide the highest customer security for what may be your single biggest investment.
Our base is in Edinburgh, UK and we are established in the real estate business and specialise in the sale of Turkish property to non – Turkish nationals. We pride ourselves in our transparent practices and always put the needs of the customer first. The advice that we give you will never be driven by profit.
We only sell properties that have all the required legal paperwork in place and we ensure the security of our client’s transactions, completing purchases safely and with the minimum of stress. Our recommended professionals (builders, Lawyers, etc) are all of the highest calibre with qualifications, experience and reputation that stands up to scrutiny.
Buying Costs related to Property Purchase in Turkey
There are various properties with various terms and conditions:
Brand new or off-plan property – If you choose to purchase a brand new property via Keyholders International Property Group there may not be any agency fee for the buyer as this may be paid by the contractor, however, if this is not confirmed then 3% commission is payable. You would expect to pay the purchase tax (4%) to the government, however, this is 4% of the council tax value, not necessarily the purchase price. i.e. property agreed price: of the council tax value, not necessarily the purchase price. i.e. property agreed price: £100,000 purchase tax £4,000 however, it is quite common that council tax valuation is much lower and we expect you to pay £2,500 – 3000 on a sale of £100,000 but this is set by the government and not in our control.
Resale Property – If it is a resale property buyers pay 3% commission to the agent, Keyholders International Property Group. As above – purchase tax would be payable to the government.
Land – Land is as resale properties with 3% commission payable to the agent, Keyholders International Property Group. All non-Turkish buyers will also need to pay their legal fees, notary with translator and also any Power Of Attorney they require. This cost would be approximately £1,200 in total plus the *Military Clearance application if it is required, the cost of which is 320TL.
*Military Clearance is a formality, investors are unable to purchase property without this – they may need to apply for this for the property they would like to purchase and it takes minimum 4 weeks – maximum 13 weeks – average return is in 5 weeks.
*If the property is in a complex or on a parcel that already has some foreign investors who bought their properties since May 2011 then they do not need to apply for military clearance.
Financing the Property in Turkey
All of our properties are eligible for mortgage applications. Therefore we can apply for the mortgages if you are able to provide the relevant paperwork that is required by the banks : –
- Passport photocopies
- 6 months (recent) bank statements from your home address
- 6 months credit card statements
- Regular income details, i.e. payslips, proof of income etc.
- Where possible, a credit report from your own country i.e. Equifax UK credit checking service.
If you can provide this information, you may get a mortgage of up to 70%. You are also able to get mortgages from the UK or EU Countries for the Turkish Properties in our portfolio. Please contact us for further advice.