Turkey will be the next generation of profitable opportunities for investments in real estate and industrial. Turkey is at the brink of joining Europe the European Community. Current pricing of real estate in Turkey is at level that is comparable to Spain's Real Estate pricing levels about 25 years ago. Ask us for FREE assistance with your plans in Turkey before you do anything else!.

    There is therefore plenty opportunity for growth in earnings made in real estate for the years ahead. Turkey is a stable country giving ample protection to the foreign buyer, again with a view that Turkey will want to meet European Community standards. Cost of living in Turkey is one of the lowest in the European Community with an extremely friendly population and a natural and historic beauty that no other country can offer. Turkey is your opportunity for the coming decades. One very important factor in owning real estate in Turkey is that there are no capital gain taxes payable on real estate sold. This unlike many other countries. Gains made on real estate are tax free.

     For a foreign citizen to buy property in Turkey is no longer the complex procedure it once was. However there are inevitably certain restrictions and regulations and we aim here to explain these so that any potential buyer is aware of what is involved.

     Firstly a non-Turkish citizen is permitted to own property inside belediye (municipality) boundaries and with new rules village areas too. Still the restriction does not apply to as many areas as might be imagined and even many rural areas are officially under a council management and so accessible to non-Turkish buyers.

     When a suitable property has been found, the first step is to go to the land registration bureau to apply for permission to purchase. The buyer must be here, but will be assisted by his solicitor or agent. Following this, the file is sent to Izmir where a search is done. In the case of foreign buyers, this search includes making sure the property is not close to any sensitive sites in terms of national defense etc. As a result it can take up to 3 months, but is usually completed in 4 to 8 weeks.

     Once a positive reply is received - which is a certainty as we would not proceed with a sale that may not be permitted - the final stage of the sale can take place. This involves another visit to the land registration bureau to sign the final papers showing the property in the purchasers name. However, it is not essential that the purchaser is present as his solicitor can sign the papers in his place.

     The purchase price is payable at the first stage of the process. As a guarantee against any problem, a restriction will be placed on the property immediately so that nothing can be done without the purchasers consent. In addition, the purchaser is liable for solicitors fees, agents fees and purchase tax which will be incurred during the procedure....

     Hundreds of foreign citizens have completed this process - which is really quite straight-forward - and are now the owners of property in this beautiful part of the world. Some live here permanently, while others visit for a month or two a year.

    The guidelines are  explained in more detail in our legal advice pages.