Buying a Property in Kalkan

To some just one trip to Kalkan is enough to get bitten by the bug and purchase a holiday home, or in some cases a full time relocation.

The Background of Property Purchase in Turkey

In real terms foreigners can only own up to a maximum of 2.5 hectares (25,000 m2) of land and property. Upon application the Council of Ministers may use its discretion to increase this threshold to a maximum of 30 hectares (300,000m2) providing this figure does not exceed a total of 0.5% of the land area of the province in question.

Foreign nationals and foreign commercial companies are not allowed to buy property in strategic military and security zones in Turkey.

Please note that to purchase real estate/land in Turkey, conditions of reciprocity, complying with legal restrictions apply. In implementation of the reciprocity principles, it is essential that real estate acquisition rights given by a foreign country to its own citizens and to commercial companies established in foreign countries, according to the laws of these countries are also given to the citizens and commercial companies of the Republic of Turkey. As detailed in the Turkish Embassy website, the United Kingdom and the Republic of Turkey have full reciprocity regarding real estate acquisition.

The Buying Process

Once you have seen a property in Turkey that you would like to purchase you will need to find the deposit. This is payable by cash or credit card as personal cheques will not be accepted by Turkish banks. An initial payment of 10-20% of the property price is usually required. The exact figure will be confirmed individually with the owner at the time of purchase. When this is paid a receipt will be given and the amound received is written into the final contract.

When you decide to reserve a property you will need to have your passport with you and additional photographs are also required for the purpose of your Tapu.

The next stage is to visit and instruct a Solicitor who will prepare the purchase contact. Remember they are there there to help you and you are paying for their services so please ensure you use their time to ask any questions you may have. Should you not be present in Turkey for the actual purchase of your property, you then need to go (your agent will accompany you) to the Notary’s office to sign a document giving your agent power of Attorney for the property, not for your money. This enables the agent to continue with obtaining the Title Deeds in your absence. Usually then you will return to the solicitors office, where the sale contract showing the property address and payment details will have been drawn up and be signed by both you the purchaser(s) and your agent.

Now the initial stage has been completed, you do not need to be present for any more of the property purchase transaction, a process that only takes a few hours. You will be given the original contract and copy of the power of Attorney to take back home with you.

On the same day or the next day your papers are forwarded to the Land Registry office for all documentation relating to the purchase is then forwarded to the Land Registration office. It is here everything is checked and then the title deeds ( TAPU ) are re-issued in the new owners name and forwarded back to the local Land Registration office who, in turn contact your agent. This process usually takes 6-8 weeks to complete.

Your agent will advise you of this when this process is complete at which time your will need to pay the final balance plus the 3% property tax. Upon receipt of this your agent will then sign for and collect your TAPU from the Land Registration office on your behalf and this will then be held in the office pending your next visit and collection.

Funding your Turkish Property Purchase

WebLink: DenizBank Turkish Mortgages

Renting Your Property

Whilst EnjoyKalkan is not able to offer full guidance on the Turkish taxation system or the full legalities involved in renting your property and declaring the income we hope the guides below are of use.

Rental Income Declaration Guide Including Deductable Expenses