Q. Are the prices same for Turkish people and foreigners?
A. Yes. There is a price list which is same for both Turkish and international buyers. You can be sure that for all the projects we are marketing, conditions are the same for all buyers.
Q. Is the taxation same for Turkish people and foreigners?
A. Yes. The taxation system is exactly same for everybody. Please check the “closing costs” in useful info part in our website. These taxes given should be paid to the government while purchasing a property.
Q. Wouldn’t I get cheaper price when I go to the developer directly?
A. No. Even if you go by yourself or through the consultancy of our company, same prices are offered by the developers. Even, as we are experts in this business, we know how much discount you can get depending on the project. For that reason, in many cases we will help you to get a better price than normal. Sometimes, the developers might also have special promotions for our company as we have numerous sales in some periods.
Q. How can I open bank account?
A. In order to open a bank account, firstly you need to go to a Tax office with your passport and get a Tax number. After that you need to provide: 1– a statement showing your current address (it could be an electricity or gas bill, or a statement from your bank in your country), 2 – your passport and 3 – your tax number to the Turkish bank you want to open an account in.
Q. How can I get residency permit?
A. Foreign visitors can stay in Turkey for maximum 90 days with Tourist visa. After you hold the title deed, this gives you automatically one year residency permit. You can do the application online through Foreigners Police website.
Q. Can my family get residency permit to?
A. Yes. Your wife and your children under 18 years old can also get residence permit after your application.
Q. What are the penalties when I terminate my contract with the developer?
A. Usually in sales contracts, there is an article related to termination penalty. This might change around 10 – 20% of the sales price. If at any stage the buyer decides to terminate the contract, this penalty will be deducted and the remaining amount will be paid to the buyer by the developer.
Q. What are my rights if the developer does not complete the project on time?
A. Given by the law, an extension period of 6 months will be granted to developers for the delivery of the project. After these 6 months, if the developer still does not deliver the apartment, the developer will pay a penalty monthly to the buyer which is stated in the contract.
Q. What is the ROI (return on investment) in average in Turkie market?
A. As the initial investment you have to make is very high in old city centers, the rental returns will be around 4 – 5%. However, in developing new areas this percentage can go up to 7 – 8%. Besides when you buy at earlier stages of a project, better rental return is possible. In addition to this, surely there will be appreciation for the sales price of your property which is around 15 – 20% yearly. When you take into account all these positive factors, you can easily get 100% profit on your investment in some years in Turkey.
Q. What are the benefits of buying at early stages of a construction?
A. If you would like to make the maximum possible profit in a project, you have to buy at the launching phase of it. Almost always, there is regular increase in sales prices from the beginning stages of a project until the completion.
Q. Can I pay in installment payment plan?
A. There is almost always an installment payment plan until the completion of the projects. Down payments will be changing between 20% and 40% depending on the project. In some cases, there might a payment plan ending even after the completion of the projects. Again sometimes, there can be payment plans for completed projects as well.
Q. Do I have chance to sell my property before the completion of the project?
A. Depending on the project you have bought, you can sell your property during the construction stage. There might be 2% or 3% commissions to be paid to the developer if stated in the sales contract in some cases.
Q. Can I apply for mortgage in Turkey?
A. In order to get mortgage through banks for buying property in Turkey, you need to have regular income here. As this is usually not possible, it is not possible to get credits by banks in Turkey. Still we will support you in this issue as there can be privileges for some projects.
Q. What is the maintenance fee that I have to pay for a compound?
A. Depending on the project, the maintenance fees will differ surely. When there is more facilities in a compound, maintenance fees can increase. However, compared to other cities like Dubai, maintenance fees in Istanbul are very reasonable. Usually, monthly it will be around 1 – 1.5 USD/m2. For instance, for a two bedroom apartment which is 100 m2, you will be paying 100 USD per month for the maintenance fee to the management.
Q. What are the yearly costs for owning a property in Turkey?
A. Maintenance fee which is around 1 – 1,5 USD/m2 monthly. Property tax which is 0,2% of the property value yearly. DASK (Compulsory Earthquake insurance) which is around 70-80 USD yearly.
Q. What are the closing costs / taxes for buying a property?
A. Purchasing tax: 4% of the sales price (usually it is being divided between the buyer and the developer which makes it 2% for each party). VAT (Value Added Tax): 1% of the sales price (if the apartment is bigger than 150 m2, VAT to be paid is increased to 1,8% of the sales price). Utilities application (Electricity, water, gas connections): Approximately 100 USD. Stamp duty + notary charges: to be paid only for government supported projects that belongs to Emlak Konut. Usually VAT is not paid for these projects which make the conditions almost equal for the buyer.
Q. Is owning a property in Turkey freehold?
A. Yes. Whoever buys a property in Turkey from any nationality will own the property freehold in other words with all its rights.
Q. What is the inheritance law in Turkey?
A. The reserved portion and legal inheritance right of children is 75% for the property and money left by the deceased. It will be equally divided depending on the number of children in the family. Remaining 25% go to the wife/husband.
Q. Are there English teaching schools/collages?
A. There are many English/Arabic teaching schools in Turkey in different locations where mainly foreigners are studying in. Besides, Turkey is becoming an important country for students who would like to continue their studies abroad for university. Many universities have their courses both in Turkish and English.
Q. Can we use credit card in Turkey or is it better to have cash with me?
A. You can almost use your credit card everywhere which is maybe the safest way to do shopping. Still, we advise you to have some cash with you to use for taxis or other needs.
Q. Can I buy a car in Turkey?
A. You can buy a car with the same conditions as a Turkish citizen is buying a car. However, due to high taxes for cars in Turkey, we do not recommend you to do so. Instead, there are numerous rental car companies offering good prices. You can rent a car daily/weekly/monthly depending on your interest.
Q. Why my phone doesn’t work with the Turkish SIM card?
A. As Turkish government wants to charge those who buy mobile phones outside Turkey, your phone will be blocked within two month after you start using a Turkish SIM card in Turkey. To activate it, you need to first deposit 120 TL to a tax office and then take this receipt to the Turkish GSM operator you buy your SIM card from.
Q. Are there any restrictions for foreigners purchasing in Turkey?
A. Only in rural areas and military zones. In the developments on this website, there should not be any restrictions imposed.
Q. What documents are required?
A. Your passport(s) which will be copied and translated into Turkish and passport sized photographs. The notary’s office works in conjunction with the title deeds office and the Security service. The translated documents will be checked by the army to ensure there is no record of criminal intent or activity against Turkey and that any property being purchased by a foreigner is not in the proximity to or intended to be used for any military purposes.
Q. Are there many English, Russian speaking lawyers in Turkey? Is it possible to find an interpreter for a meeting who speaks my native language?
A. There are some English and Russian speaking lawyers that we can arrange if required. Also we can provide an interpreter for a meeting and at the time of signing the contract.
Q. Are double taxation treaties in place?
A. Turkey is a signatory to a treaty for the prevention of double taxation with many countries of the world (useful links).
Q. What is the weather like?
A. Turkey has all 4 seasons, but with a much warmer climate than, for example, in Europe. In winter, the temperature on the south coast is from +5 ̊С to +15 ̊С, in spring it heats up to +25 ̊С. Summer is usually dry and hot, from May to September reaching a maximum of +45 ̊С, and it cools again when the weather turns into the autumn phase – from +25 ̊С to +15 ̊С.
Q. How about the payment of utilities, if most of the time I live outside of Turkey?
A. The easiest way to pay for your electricity is by direct debit via a bank. Usually all bills are paid direct to the local Town Hall, however, arrangements can often be made with the larger developers regarding payment of utility bills and also, our company can offer this service.
Q. Can I rent out my property?
A. Yes. The main season is from April to October but you will still be able to rent it out over the winter at lower rates.
Q. What about furnishing my property?
A. Many developers offer furniture packs. Alternatively, there is a wide range of furniture shops for you to explore.
Q. Is it necessary to learn the language?
A. No but as with anywhere in the world, it always brings advantages.
Q. How do the locals treat foreigners who purchase there?
A. You will find Turkish people extremely hospitable and friendly.
Q. Are families/children welcome?
A. Most definitely. There is a family oriented culture in Turkey and children are welcome almost everywhere.
Q. How safe is the country?
A. Turkey is a very safe country with a relatively low crime rate.
Q. What about the healthcare in terms of the standard and costs?
A. The standard is generally very good. Turkey occupies a wired place in the world in the development of medicine. All foreigners can receive medical care in both urban and private centers. Type – insurance medicine.
Q. How does the general cost of living?
A. Fresh produce is great value for money. You’ll find most items up to 50% cheaper than in the Europe.
Q. What about eating out?
A. Again, you will benefit from the relatively low prices. Being a Muslim country, you will often find Pork and its associated products excluded from the menu, however, there is a wide choice of other meats, seafood and vegetables. As well as Turkish cuisine, you will find English, Italian and Indian restaurants quite commonplace.
Q. If I move to Turkey, can I take my dog/cat with me?
A. Yes. You must first obtain a ‘pet passport’ and pets documents.
Q. Can I work there?
A. Yes you can but you must obtain a work permit first.
Q. What is the government system in the country?
A. It is democratically elected. Turkey is also one of the five permanent members of NATO.