The markets took off in January 2006 when it became legal for foreign nationals to own Turkish property. Property hotspots are already emerging and include the sophisticated resort of Bodrum, the quieter Cesme and the hugely atmospheric Istanbul where Europe meets Asia and city-style apartments have become big business.

Historically, there has been confusion over title in Turkey. PeregrineLaw have sourced the best lawyers, fluent in English and Turkish. It is important that the contracts and documents should be professionally translated into English before you think about signing them.

The Buying Process:

After a property has been chosen, a verbal agreement is made between buyer and seller, at which point a small reservation fee is usually required. The buyer requests a copy of the title deeds (TAPU), and a number of checks are carried out on the property.

A contract is then drawn up, giving details of the completion date, along with other terms and conditions. When this is signed by both parties, a deposit of around 10% is paid.

The buyer then applies for security clearance allowing them to own a property in Turkey. Proof of ID and a copy of the current deed is sent to the TAPU office, which verifies the buyer’s background and makes sure the property is not in a prohibited zone.

When clearance has been given, both parties sign a final contract and the remaining balance is paid along with the fees and taxes. PeregrineLaw will then ensure that title is registered in the name of the buyer.

If buying off-plan, it is normal for a small holding deposit to be paid, followed by a 30% deposit shortly afterwards. For the remaining balance, most developers offer stage payments.

Fees and taxes:

Allow roughly 10% of the value of the property to cover all costs.

Agents’ fees are usually around 3%, and legal fees vary depending on how straightforward the process is but can be up to 5%.

Stamp duty is normally 1.5% and there are also local annual taxes of around 0.6%.

On top of this, there will also be land registration fees, notary fees and translation charges for all official documents.

It is also compulsory to take out earthquake insurance as soon as possible after completion, but in our experience, this is not more than £100 per annum.

Turkey remains a prime spot for the braver investor and the potential for good capital growth and good rental returns is high. However, there are risks. Turkey is not a member of the EU and its legal system is quite different from that of the UK. PeregrineLaw have sourced the best legal team to assist you, made up of expat lawyers living in Turkey. Thus you are assured of the service of a good lawyer fluent in both English and Turkish and special care will be taken in the drawing up of contracts and securing the title deeds.