Quick Guide to Buying Houses in Turkey
Are you thinking of buying real-estate in Turkey? Then there are many things which you should know about the buying process. Now let’s get into some details:
First You Should Find Out Whether You Can Buy In Turkey?
With recent changes in the rules, now the foreigners can buy houses in Turkey. The foreigners can purchase freehold land and property in their names in Turkey as long as the country that they belong to allows Turkish people to buy a property in the purchaser’s state of residence.
Is property investment in Turkey worth it?
The country is very friendly to foreigners settling here. With its long coastlines, glorious weather and affordable prices make the country an excellent destination for investment. The state has a young and cosmopolitan population, and it leads to growing demand by foreign buyers. The infrastructure of the country is expanding at a breathtaking pace, and the reputed architects are choosing Turkey to build the structures that are unseen anywhere.
Can you buy one within budget?
The country is vast, and you can find many choices of properties available here. The property prices that are available here are very favorable when you compare it with other popular destinations. If you want a property to get a foothold, then you can start with a studio apartment which will be very much within the budget. And if you want to buy a large apartment, you can get that as well, but then you should be ready to shell out more. Then at the other end of the scale, you have homes that are built by the world-famous designers and architects in the most luxurious surroundings. Irrespective of the budget you have, there is always a cost of buying the property. You will have to pay the stamp duties at a certain percentage of the assessed value of the property. Then you will have to pay the legal fees, the fees of the agency as well. Then there is miscellaneous paperwork which will have to be completed, and they will add to the cost as well. The recurring costs associated with the property in Turkey are on the lower side when you compare it to other countries in the world.
What All Do You Need For Documentation?
If you are willing to buy a property in Turkey, you will have to complete all the formalities. Along with your passport, you will need the local tax number. It will be required to open the bank account in Turkey. Then you will need photographs for identity.
Whether Services Of Lawyer Will Be Needed?
It is not a legal requirement although but when you consult a lawyer, it will help you in deciding. If you are the second or the third owner of the property, then the services of a lawyer will assist in making sure that there are no legal issues and the title of the property is clean. Although you may have to pay a little fee for the services it is worth the money spent.
Financing the Property
For foreigners buying the property here, Turkish banks provide loans at reasonable interest rates. You can apply for the loan, and it is usually disbursed within a few days of making the application. In this way, you can finance your home easily.
There are many houses in Turkey for sale, and you should get the one that you want. And even if you sell it after some time, you will surely get good returns.