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Submitted by: Billy J. Watson
While Turkish property for sale has become the most sought after investment priorities in the property market, a lot of questions still arise from property buyers particularly those residing outside Turkey. Here are some of the most frequently asked questions relative to buying property in Turkey:
Q1. What has become Turkey attractive in the property investment market?
A1. Based on the current report, Turkey has now become one of the strongest investment markets in the world. It is continuously generating consistent demands and expansion from its one-of-a-kind properties. Remarkable growth of mid-range to long-term investments and the potential earnings from rental attracts more investors to the country s property business.
Moreover, with the help of the country s local market, property demands is presently exceeding supply that result to the increase of property prices. Also, Turkey has young demographic features with skilled professionals who have high preference to work in the real estate market and mortgage financing sector. These are just good indicators of the potential in the property buying market.
Q2. Are there any restrictive conditions to acquire property for foreign buyers?
A2. A foreigner, whose country of origin has a reciprocity law with that of Turkey, can buy property in Turkey. Those foreign national who fall under the restricted category can still have the opportunity to be allowed to buy as long as a Letter of Invitation to Purchase have been legally provided by the embassy or the consulate general.
Another thing is, foreign investors are not allowed to own a property near or in the restricted areas such as military zones and property with total measured areas of more than 30,000 square meters. If so, the buying foreign national will be required to apply for a special permit from the Turkish government.
Q3. Are there any legal fees associated in processing the purchase transaction?
A3. Yes, normally legal fees are collected at 2% based on the purchase price. However, it may vary from different legal firms that will handle the job. During the signing of the purchase contract, half of the legal fees is collected and the remaining to be paid after completion of the job.
Q4. What are those taxes to be paid?
A4. Per Turkish property law, a property that is sold before it reaches 5 years ownership shall be charged a 20% capital gains tax. On the other hand, if it reaches 5 years ownership and once sold it will be free from this kind of taxes. Moreover, a property with a surface area more than 150 square meters shall be charge a 1% VAT (value added tax). A residential real estate tax of 0.1% based on the value of property is also collected. Rental income charges ranges between 15.6%-24.8% which is to be paid by way of a deduction method, deducting some administrative cost, insurance, etc.
Q5. Are there any means to help finance my property purchase?
A5. One of the main reasons for the booming economy of Turkey is its mortgage system offered to its foreign investors. A foreigner can buy a property with a loan financed from the bank or any financial institutions. This gives property buyers more confident to own one of Turkish property for sale with low fixed or variable rates.
Q6. Is there a visa requirement to visit Turkey?
A6. A visa can be required depending on the nationality of the visitor and the duration of stay in Turkey. However, it is best to consult your embassy or consulate before making any travel arrangements to get complete details of requirements. This will assure you for complete and updated information to prevent hassle in the future.
Knowing the above information will help you guide in your investment decisions to buy Turkish property for sale. Make them part of your knowledge for a profitable venture in a promising country of Turkey.
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