| Q1. Are properties freehold or leasehold? |
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A1.They are 100% freehold. top |
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| Q2. Why are property prices still very reasonable? |
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A2. Many analysts compare Turkey today with Spain as it was 20 years ago, and therein lies the answer. It is easy to see the gains that investors made buying in the early years in Spain, which is one of the reasons that already over 50,000 Britons, have bought property here in Turkey. Turkey also has one of the fastest growing economies and inflation is at its lowest since the 70's. With the advent of new legislation in January 2007, allowing The Turkish people to take out mortgages for the first time, this will kick start property buying further and hike up the prices. So now is the best time to buy. Ensure you don't miss out on the early stages for investment, as many have done before, by waiting too long to make the right decision. top |
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| Q3. Can I buy a property anywhere in Turkey? |
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A3.Buying property in Turkey is a lot easier than in many other European countries. Foreigners may purchase land and property in their own name provided that it is not located in specific government areas. top |
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| Q4. How long do the procedures take for the title deed? |
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A4.To acquire the title to a property, an application must be made to the local Land Registry Office, which will take up to approximately twelve weeks to carry out all the necessary searches and checks. You will need to supply them with your passport, and 2 recent passport sized photographs of yourself. We at vision will ease you through this process. top |
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| Q5. What extra charges can I expect? |
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A5.Purchase tax of 3% is paid by both the buyer and the seller ( 1.5% each) once the transfer deed has been signed. In addition, there will be stamp duty and legal fees top |
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| Q6. What kind of taxes will I need to pay? |
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A6. There is a municipality (council) tax, which is similar to the council tax in the UK, but at a much lower level, this tax is based on the declared value of the property and is payable every six months. In general this is between £20-£60 per year. top |
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| Q7. Can I open a bank account in Turkey? |
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A7.Yes. Vision Turkish Properties can assist clients with this. Clients will need to take their passports with them for the accounts to be opened. Setting up a bank account is useful for paying utility bills via direct debit. top |
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| Q8. I plan to live in Turkey. Can I open an interest account? How much interest will I get? |
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A8.It is possible to open an interest account. Vision Turkish Properties can assist with this. Interest rates are currently between 14-18%. top |
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| Q9. How much tax do I pay when I sell my property? |
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A9. If you decide to sell your property at any time within the first four years, you will be liable for Capital Gains Tax in Turkey. The amount of tax payable is decided as a percentage of the profit you make, between the declared cost when you first bought your property, and the declared sale price. You are exempt from this tax if you have held your property for more than four years. However you may be liable for tax on any profits of your property, in your home country. top |
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