Taking ownership of Turkish real estate isn’t the challenge that many prospective buyers fear, with the exception of a tedious military clearance required for most foreign purchases. The buying process is straightforward, taxes are reasonable, and language is not typically a barrier. See the following article from Property Wire for more on this.
Buying property in Turkey is not as difficult as some might think and can be simpler than in the UK, according to some of those who have taken the plunge in Bodrum.
In a similar vein to many popular holiday home destinations, Turkey requires that buyers register with the local tax office and obtain an official tax identification number. This enables the buyer to pay the taxes associated with the property plus ongoing annual taxes such as council and refuse collection.
Buyers in Bodrum report that the tax office procedure is relatively simple. ‘No appointment was needed and although they didn’t speak English they know why you are there,’ said one buyer who bought through Horizon Sky.
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If you have forgotten to take along copies of passports and other paperwork then the florist across the road has a photo copier. The tax number, also needed to open a bank account, is issued immediately. Garanti Bank is next door to the tax office and as such is an obvious choice for the foreign buyer.
‘I opened a Garanti Bank account in lira, euros and sterling all within 30 minutes. They speak excellent English and couldn’t be more helpful. I have never done anything so quick like that before in a bank in the UK. I even got on the phone to internet banking, which is all in English if you prefer, and got my access PIN numbers,’ another buyer said.
Another Horizon Sky buyer opted for a household name bank, HSBC, also in Bodrum. ‘This takes a little longer as the Account Manager seems to want to chat forever. If you ask, they will open the account in multiple currencies for free and if you’re opening a joint account, you will need all the information for both of you.’
One bugbear with buying property in Turkey is the necessity for foreign nationals to get military clearance although UK passport holders meet Turkish approval. Applications for freehold title deeds have to go to the military, via the Land Title Registry Office (TAPU), where they check that your chosen property is not within a restricted or military zone.
According to Horizon Sky it can take weeks or maybe months depending on the Turkish authorities. But a buyer can take possession of their Horizon Sky property while military clearance and subsequent TAPU (Title Deed) are in progress.
Council tax is usually paid in two installments in May and November. ‘We have paid our first property taxes in Güllük today. The assistant to the Mayor helped me as he speaks English. They did not charge us for last year, even though we owned it then, and suggested we pay both lots of property tax for this year in one hit in case we don’t get back in six months. The total for the next 12 months was only 59 lira (£25). Good news indeed. They also accept credit cards or a money transfer. A very cheap and easy experience,’ said another property owner.
This article has been republished from Property Wire. You can also view this article at Property Wire, an international real estate news site.