If you are researching how to buy property in Turkey as a foreigner, the good news is that it is straightforward, easy, and quick. Of course, as international property agents, all clients have our expertise, experience, and help at every step of the way, whether looking at apartments or villas for sale.
Experts say buying a home is one of the biggest and most important life decisions to make. Not only does it become a financial asset contributing towards your net worth, but it is also a haven, and a place to rest, relax and recharge your batteries, hence the old-fashioned saying “home, sweet home.”
Below is a brief introduction on how the process works, and what to know when looking at houses for sale. We are always available via phone, email, or in-person to give further detailed information and answer questions. If you are undecided whether to buy a house in Turkey, we can assure all homebuyers of peace of mind.
The Turkish housing-market offers high liquidity, long term capital growth, affordable legal fees, a comfortable home buying process, tranquil destinations to choose from, and a varied portfolio from budget apartments in cities to prestigious villas in the suburbs. Anyone interested in property investing would do well to look at Turkey. So where do you start?
How to Buy Property in Turkey
Your Finances When Buying a House
Before looking at properties for sale, it is essential to do some bookkeeping to get finances in order and be able to manage them. Estimate monthly incomes and expenses when owning and shop around for the best mortgage and interest rates if looking for finance. Being financially savvy is the key to making this property investment work.
Find your Dream Home
Our property listings include off-plan, new build, and resale homes for sale. Ranging from bargain flats to luxury villas, sea-view townhouses, an open-plan duplex, a penthouse with terrace, or a beachfront mansion near the marina. Whether you want furnished, detached, semi-detached or single-family property, we have it. This is also where we should advise caution for renovation properties.
Sometimes property buyers want a property to fix up and put their mark on, but this often turns out to be a cash drain, and the expense never matches the value of the home. Likewise, this is not the time to be flipping houses bought at property auctions, when you don’t know the market. See property for sale in Turkey here.
Property Payment Plans
Property prices are not the only outlay to think about when buying a new home. Once you have found your perfect home, to make an offer on the purchase price, Spot Blue will convey it for you. We also liaise between buyers and sellers to put a payment plan in place that is agreeable for both parties and includes the closing-costs, and when they are due, such as buyer’s tax, notary, lawyers, and translator’s fee.
Currency Exchange Rates When Buying
To pay, transfer money either via a legal representative / your lawyer or pay the seller directly into their bank-account depending on the contract terms. To purchase currency, use a specialist commercial foreign exchange company for the best exchange rates. At the point of signing contracts, you will also need to make a down-payment.
Contracts and Locations
To sign contracts, you will need copies of your passport, passport photos and a Turkish tax number which Spot Blue will help get. It is not compulsory to use a lawyer to buy a Turkish property, but we recommend you do and can give a list of lawyers based in Turkey & the UK. Some areas in Turkey allow foreign owners to sign for their title deeds on the same day as purchase, while others perform a military search first. Once you let us know your area of interest, we will inform you of the exact home-buying process, including valuation reports as required by law.
Signing for your Deed in Turkey
Spot Blue will let you know when the deeds are ready for signing at the local Tapu office of the area where you purchased. Consider whether you will sign for your deeds or set up a POA (power of attorney) for someone to do so on your behalf. If you choose to sign for the deeds, a translator is required by law, along with compulsory insurance, of which we will show you how to get.
Settling into Your New Home
Once the deeds are in your name, the solicitor/ we can help transfer ownership of utilities like water and electric connections and help to set up household bills. Last, buy a bottle of champagne to celebrate owning your holiday or family-home in Turkey! If you have purchased an apartment in a complex, you will need to pay a monthly fee towards communal facilities, and this can be paid directly to the management complex committee.
Best Places to Buy: Buying property in Turkey throws up a multitude of destinations from Istanbul to Antalya to the south and west coast. Whether you want to become a landlord by renting out your home, looking to invest in the real estate market, or aim to live and work here, we look at the favourite places to buy and why they stand out.
About Us: We are Spot Blue, an international real estate agent. Our expertise in the Turkish property market has enabled hundreds of people to buy a property, either for use as a holiday home, permanent living, buy to let or as an Investment opportunity. If you have questions on how to buy property in Turkey, call us now on +44 (0) 20 8339 6036 or use our contact form to email. Also browse our portfolio of houses for sale in many areas like Istanbul, Antalya, Fethiye, Bodrum and Bursa. When working with us, buy a house with peace of mind.