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Turkish Property Law
Country: Turkey
Ten years ago almost no British people bought a house in Turkey and those who did probably made a mistake, thinking they were buying in Torquay. Frankly, in 1997, buying a house in Turkey was probably not a great idea. The Turkish lira stood at 185,000 to the pound in 1997; by 2002 it had fallen to 2,146,000 to the pound. In other words, if you had bought a £100,000 house in 1997 and sold it in 2002 when you converted the money back into sterling you would have lost 90 per cent of the value of your purchase. Of course, the house probably went up in value a bit, but not that much. In 2003, the government started to get a grip on this problem. Since that time the lira has gone up and down but it has been broadly stable to the extent that a couple of years ago the government was able to delete all of the zeros and launch a new currency - the new Turkish lira - which now stands at about 2.70 to the pound. This, coupled with the availability of cheap property in Turkey; a good climate; a low-cost of living; improving infrastructure; improved quality of design and construction; the growing popularity of Turkey as a tourist destination; and the prospect of Turkey joining the EU, has led to an increasing number of Brits purchasing there. However, any Brits opting to purchase in Turkey must ensure they are fully aware of the legal aspects of buying there. Despite recent laws passed in the Turkish parliament to allow foreigners to secure mortgages there, as well as a relaxation of some of the rules governing foreign purchasers, buying in Turkey can still be complicated and laws can be subject to change. If you intend to buy a property in Turkey it is absolutely necessary to know the legalities and the importance of due diligence. Employing the services of an experienced, bilingual, and preferably, local lawyer is a good place to start.
Before you start looking for the property investment that suits you, be aware that non-Turkish residents can only own up to a maximum of 2.5 hectares of land in property in Turkey. In addition to the limit on the size of the land that foreigners can own there are certain bits of land that foreigners cannot own at all. When a foreigner wishes to buy any land in Turkey they must obtain 'military permission' to do so. This will not be granted if the land is classified as militarily sensitive, and you can find that some of the most unlikely land is classified this way. If the property or land is on land that cannot be owned by a foreigner, it doesn't have to be a major problem. There is a system whereby a foreign buyer can set up a Turkish limited company and purchase through it, even if that company is 100 per cent controlled and owned by them. Once you have established whether as a foreigner you are even able to purchase your chosen property, it is important, as always, to complete the usual and necessary checks on the property, ie that it has good legal title, a valid construction license and an official certificate permitting habitation of the property. Once you have sorted the legalities, there is some good news regarding purchasing Turkish property. The property can be paid for in either Turkish lira or a foreign currency and there are also no restrictions about the transfer of foreign currency or Turkish Lira from a Turkish or foreign bank. Tax on the property in Turkey is payable to the Turkish tax authorities as the relevant law requires and Turkey and the UK have a bilateral agreement to avoid double taxation. The author, John Howell, is a senior partner at the International Law Partnership.
First published in June 2007.
Some information contained within this article may have changed since it was first published. Homes Overseas strongly advises you to seek current legal and financial advise from a qualified professional.
There's also a range of articles for you to read about buying property in Turkey:
As well as our overseas news stories affecting the property market in Turkey .
Or view our range of property for sale in Turkey.
See Also: Property law, Turkey
Some information contained within this article may have changed since it was first published. Homes Overseas strongly advises you to seek current legal and financial advise from a qualified professional.
Some properties in Turkey
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Price: £215,000
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Type: Villa
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Bedrooms: 5
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Location: The villa is located in Sile, a quaint Black Sea suburb of Istanbul, on the Asian side of the city.
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Overview
This land has got an amazing bafa lake view .its our own land great investment opportunity or best place to build a villa.Located between Bodrum and Didim only 40 mins from airport and 20 mins from all amenities and town centre.
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Overview
This land located between Bodrum and Didim only 25 mins from airport and 30 mins from all amenities and town centre. Superb area to build your dream villa, you can also use our design and construct services.
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Overview
Great investment opportunity by bafa lake. Superb area for building your dream villa. This land 300 sqm, has got building permission which is ready to build. Stunning views of Bafa Lake,mountain and bodrum sea.220
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Overview
This land has got an amazing bafa lake and bodrum sea view.its our own land great investment opportunity or best place to build a villa.
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Overview
If you are thinking buying land to invest you are on right place. Great investment chance in popular resort yesiltepe (greenhill). squaremeters of lands from 300 to 900 and prices starts from 8.600.
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Price: £16,500
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Type: Apartment
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Bedrooms: 1
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Overview
Bargain properties in didim, This properties situated in didim, its only 50m from marina road where you can get minibus to town centre in couple of mins and to the beach front in 10 min.
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Price: £17,000
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Type: Apartment
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Bedrooms: 1
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Overview
Cheap apartments for sale in didim, This apartment has situated in central of didim, just of the main Ataturk Bouleward. Its walking distance to the didim town centre.
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Price: £18,000
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Type: Land
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Overview
Plot of land in Greenhill (Yesiltepe) very relaxing place. Superb investment chance ready to build for your dream villa. You can also use our design and construct service build your dream home. 300 sqm permissioned land ready to build.
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Price: £19,000
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Type: Apartment
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Bedrooms: 2
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Overview
Green apartment situated by the famous temple of apollon only 100mt from marina road and 30mt from the main road where you can get dolmush to get didim town centre and altinkum.
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