Buying a home in Turkey is an exciting adventure. Whether the purchase is to be used as a vacation retreat, a retirement home or an investment property, Turkey is a nice choice of location. Surrounded by the Black Sea in the north and the Mediterranean Sea in the south, the Aegean Sea in the north-west and Bulgaria in the west, many parts of Turkey are beautiful.
When choosing to buy a home in a foreign country, the first thing to review is the political stability of the country. While Turkey does border Iraq and there have been a few recent incidences of violence, Turkey is nonetheless a peaceful and safe country in which to live. The people of Turkey are extremely welcoming and the cuisine is excellent.
In starting a home search in Turkey, one must decide whether a seaside property or inland location would be suited to one’s lifestyle. The only caution would be to avoid areas near the Syrian and Iraqian borders. Once the general location is chosen, it would be a good idea to get a general feel for pricing through real estate sites online.
After writing down all the necessary requirements for the property, make contact with some of the real estate agents on the websites. If you are visiting Turkey, set up appointments to meet with the agents who seem qualified after having made your initial contact. If you are already in Turkey and have been approached by someone, be wary of scams perpetrated on foreigners. It is best to find an agent through traditional means by going direct to the real estate agencies and not by taking the word of someone whom approaches out of nowhere. Real estate agents work for legitimately registered companies.
Try to match up the right agent to your needs. For example, if you are looking for property on the coast, hire an agent who works primarily in the area. Likewise, if you have a specific dollar budget, working with an agent in another bracket will only hamper your search. Once you find an agent with whom you can work, then he/she will send you photos if you are out of the country or he will set up appointments to view the property if you are still in Turkey. Many real estate agencies and developers offer inspection trips.
You will most likely need a lawyer to help with the contract, preferably someone who is familiar with the laws of Turkey to protect your interests. One of the first items that must be checked is the TAPU. This is the title deed to the property. Whoever is working on your behalf will also have to research many other issues such as:
- whether building may take place on a particular piece of undeveloped land,
- whether the existing building complies with all codes and has all the necessary permits and licenses,
- whether there are outstanding property taxes,
- whether there are outstanding utilities bills,
- etc.
Footnotes to buying property in Turkey:
- For individuals seeking to relocate to Turkey for work purposes, obtaining a work permit may take years.
- While the economy is growing and foreign investment is welcome, there is still some resistance to foreigners. Tax laws that have exempted foreigners from paying taxes have angered the people and the government is considering scrapping the laws.
- The war in neighboring Iraq is unsettling to some investors.
- Foreigners are not permitted to buy property in areas deemed to be of military or strategic importance.
- Foreigners are not permitted to buy in areas designated as preserved lands.
- The maximum size of property owned by foreigners may be capped.