Buying a House in Turkey

by admin (4/8/2010)

10 Fast Facts About Buying a House in Turkey

1. Most property sold in Turkey is freehold.

 

2. There are a wide range of property types available in Turkey, from detached, semi-detached and terraced houses, purpose-built flats, cottages and luxury villas. Property prices have been steadily increasing in Turkey but you can still buy an apartment for under $50,000.

 

3. Foreign nationals and Turkish citizens have equal property-ownership rights under the law.

 

4. You can buy your property in Turkish Lira, £, $, Euro or any other currencies sold/ purchased by the Central Bank of Turkey. Some people prefer to set all price terms in Lira to avoid any discrepancies with exchange rate conversions (and potential tax evasion problems as a result!).

 

5. It is advisable to open a local bank account when you wish to buy a property in Turkey. You can do this in your own name and all you need is a tax number from your local tax office (which takes only a few minutes). You submit this alongside a copy of your passport to the bank branch you wish to use.

 

6. If you have a pension and wish to relocate to Turkey, you pension, in most cases, will not be taxed. As this money is not gained via commercial activity, you are free to transfer to this Turkey. 

 

7. Seventy countries have an agreement with Turkey to avoid double taxation. This means you will only be taxed by one country and not both. Therefore any income gained from your property in Turkey (from letting, for instance) will be taxed in Turkey alone.

 

8. If you plan to rent out your property, it is advisable to note that in tourist locations or districts close to main business centres or areas preferred by foreigners, most tenants prefer furnished property. In other locations preferred by Turkish families, unfurnished houses are generally preferred. You do not need to bring furniture to Turkey if you do not want to; there are a great many stores selling all sorts of furniture, consumer goods and white goods in all towns.

 

9. If you wish to stay in Turkey for longer than your tourist visa allows, you will need a residence visa. Find out more about residence visas here

 

10. If you want to bring goods, pets, furniture or your car into Turkey, you need to know the rules. What can I bring into Turkey?