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Buying Guide

FAQ

                When looking to buy property in Turkey, you will surely have a number of questions in mind. We will be more than happy to discuss the purchasing process with you either on the phone or in person but to help you get started we have shown some of the most frequently asked questions below:
               
                Q: Are there any restrictions for foreigners purchasing in Turkey?
                A: Only in rural areas and military zones. In the projectss that we offer there are no restrictions imposed.

                Q: Will the property be freehold? 
                A: Yes – all properties we sell in Turkey are "freehold". Your name will appear in your title deed.

                Q: What is the Real Estate Agent Service fee?
                A: Whenever a property is sold, registered and licensed real estate agents are entitled to receive 3% service fee over the actual sales price of the property from the purchaser and the property owner separately.

                Q: Why should I use a real estate agent?  
                A: Working with an established company like Estateinwest has several advantages: first, you will get to see a wide range of properties that match your criteria instead of stucking with just one option; second: you will have the benefit of our experience, as well as a fully staffed office to support you in any topic. Sometimes the bargainings even earns you more than you pay us which would enhance the financial aspect of your purchase.                         

                Q: Who sets the price of the property?

                A: If you are purchasing a property on a new development, the price will be set by the constructor. If you receive differing numbers from the constructors, the agencies, or from some other 3rd parties, we strongly advise you to stay away from that kind of properties.

                Q:  Who can buy property in Turkey?
                A: Turkey has a reciprocal agreement for the purchase of land and property with many countries. This means that the people of these nations that allow Turks to buy land in their countries, can in return, buy land in Turkey. Foreigners may purchase in their own name if the property is outside the military zones. Based on these agreements foreigners of the following countries are eligible.

List of reciprocal countries:
Andorra, Argentina, Australia, Austria, Bahamas, Bahrein, Bangladesh, Barbados, Belgium, Belize, Benin, Bolivia, Bosnia-Herzogovina, Botswana, Brazil, Cameroon, Canada, Cape-Verde, Central African Republic, Chile, Colombia, Costa Rica, Cote D'ivoire, Croatia, Denmark, Dominic Republic, Ecuador, El Salvador, Estonia, Finland, France, Gabon, Germany, Ghana, Guinea, Grenada, Guetamala, Guyana,Haiti, Honduras, Hungary, Ireland, Israel, Italy, Jamaica, Japan, Korea, Latvia, Liechtenstein,Lithuania, Luxembourg, Malawi, Malaysia, Mali, Malta, Mauritania, Mauritius, Mexico, Monaco, Mozambique, The Netherlands, New Zealand, Nicaragua, Nigeria, Norway, Panama, Paraguay, Peru, Philippines, Poland, Portugal, San Marino, Senegal, Serbia-Montenegro, Singapore, Somalia, South Africa, Spain, Sweden, Switzerland, Tanzania, Turkish Republic of Northern Cyprus,United States of America, United Kingdom, Uruguay and Venezuela.
Some countries do not allow Turkish citizens to purchase a property in their counties. That is why the citizens of these countries are not allowed to buy in Turkey.  There are some exceptions to this rule such as Russia. Citizens of Russia can buy with special permission of the Ministry of Internal Affairs 
               
                Q: How does the general cost of living compare with the UK/Ireland?
                A: Fresh production and food is still really cheap compared to Europe. You’ll find most other items up to 50% cheaper than in Ireland or the UK.  However, electronical items are sometimes more expensive than UK. A normal family with normal standards can live comfortably with 1500 TL per month.

                Q: Can foreigners loan money in Turkey?
                A: With the aid of the banks that work together with the Estateinwest Agency, you can find some credit options to utilize. For last uptades and time periods please contact with us. However, the amount of credit withdrawn cannot be more than the %50 of the total amount.
               
                Q: Do I need to get a residence permit?

                A: With the last update in the property ownership law for foreigners, due to reciprocity agreements between the countries some nationals do need to get a residence permit of a minimum of 6 months in order to own a property. This procedure to get the residence permit takes 2-3 days after the necessary applications are done. The cost for a 6 months application is around 250 € and it provides this assistance service for clients who needs a residence permit to purchase a property.

                Q: On a new development, what is the average deposit required? Can I pay with an installment option?
                A: You will normally pay 3,000 Euro (approx.) reservation fee and then 30% as a deposit within four weeks. Most developers offer stage payments (lump sum to be paid at the completion of each building stage) often with a degree of flexibility towards your personal circumstances. This will be agreed at the time of purchase.

                Q:  What is the general buying process in Turkey?
                A: After you pay the reservation fee, Estateinwest Agency does all your work in the Land Registry Office in your name. Next part is signing the contract. Our agency works out the delivery date, special conditions and the payment schedule. After the contract is signed bythe both parties, the deposit is paid. After this step the buyer makes the applications to the Agean Army with a trust deed. 
               
               
Q: What documents are required?
                A: Your passport, which will be copied and translated into Turkish and passport sized photos. The notary office works together with the title deeds office and the Aegean Military Headquarters. Translated documents will be checked by the Military to ensure there is no record of criminal intent or activity against Turkey and that any property being purchased by a foreigner is not in the proximity to military land or can be intended to be used for any military purposes.

                Q: What will be the next step after the investigation of Agean Military Headquarters?
                A: The transaction process can now be done as Estateinwest calls for the parties to attend the last legal activities in the Land Registry Office.

                Q: What are the costs associated with buying property in Turkey?
                A: All expenses of property purchase are explained here.

                Q: Why is property so cheap in Turkey?
                A: Turkey’s economy is only just starting to mature, and inflation has fallen from 30% to a manageable 7% in the last few years. An impoverished population, which still uses only cash purchases, has kept prices low but they are beginning to rise. This is partly because of the interests of foreign investors and also because more mortgage options are starting to emerge for Turkish nationals. As the mortgage market becomes more competitive, and opens up to foreign buyers as well, prices will continue to rise.

                Q: What will be my monthly expenses and maintenance fees?

                A: These changes from Project to Project. Estateinwest support you during the purchasing process.

                Q: What kind of taxes should I pay?

                A: Property, disposal, waste water and these kinds of taxes should be paid. These amounts are low. Our advisors give you more information in terms of this issue.

                Q: Can I insure my property?
                A: Estateinwest give you support regarding this subject.
               
                Q: Can I rent out my property?

                A: Yes. The main season is from April to October but you should still be able to rent it out over the winter months at lower rates. At the height of the summer you can expect a more reasonable return

                Q:  What about furnishing my property?
                A: Many developers offer furnishing packs. Apart from that, there are many branches of furniture factories in Bodrum. Furniture prices changes from 5000 Euro to 10000 Euro depends your decision.

                Q: Is there property management service?
                A: Yes, Estateinwest care about the properties that depend on your demand. This service covers the properties in Bodrum.
               
                Q: I just liked a couple of places from your portfolio; also would like to get info regarding area. What should I do?
               
A: Inspection trips play an important role in our business. We just prepare these trips up to your preferences, that’s why we should know your expectations. Please contact with us.

 

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