Property Purchasing Process in Turkey | The Full Guide

Turkey is not only a beautiful country with a rich history, wonderful people, and a warm climate, but is also regarded as a world-leading emerging market. This makes Turkey invincible when it comes to investment offers. Turkey is a country where you can become a real estate owner within a few days.

  • Do your research

The first and most important step is to research the country, city, region, and available real estate. In doing so, you will be able to find the perfect investment and buying destination that fits your personality, needs, and budget.  Most people tend to buy relatively modern property in Turkey and the quality of new-build homes has improved drastically in the past decade.

  • Visit Turkey

To decide whether to buy a home in Turkey, you need to visit Turkey, learn about the local area and try local restaurants and dishes. You need to experience the lifestyle, dreamy places, and its magical culture. Visit as many properties as possible in as many places as possible over a wide price range to ensure that you are getting great value for your money.

  •  Open up a bank account

Open an account with one of the Turkish banks. Opening a bank account is very simple as all you need is your passport and a tax number from your local tax office. Accounts can be opened in Euros, Dollars, and Turkish Lira for as little as $1.

  • Signing the Contract

After finding the perfect property the contract needs to be signed between the real estate buyer and the company. The sale contract consists of several clauses written in English and Turkish, and the contract is signed by both the buyer and the real estate agent. All taxes and fees are payable upon deed transfer. The standard commission rate in Turkey is 4% of the sales price. Depending on the deal, the agent’s service fee payment terms are changing. While some owners require the buyer to pay the whole commission, some of them ask to share it in half.

  • Utilities and insurance

When you receive your new house key, you will have to pay a one-time connection fee to connect to utilities such as electricity, gas, and water. You must also purchase earthquake insurance. Earthquakes happen in Turkey and this insurance is mainly for peace of mind. All new properties come with a developer’s earthquake warranty certificate, but if you’re buying a slightly older property, we recommend requesting one of these certificates.

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