Useful Advice & Glossary

Buying a property in Turkey can seem a daunting prospect. There are a couple of main points we recommend to take into account if you are seriously considering a purchase:

Realistic Budgeting. Be realistic with your budget and what you are able to spend on your purchase. This may seem obvious but don’t fall into negative equity by taking out a sizable mortgage or riding all of your savings on a property you can’t afford. Buying a property in Turkey is a great investment if you have considered it properly but please also take into account additional costs like property purchase tax (currently c3.3%), furnishing costs, maintenance fees, lawyer’s fees etc before finalising your budget. Please see our Buying Guide for more details

Use an Independent Lawyer. Target Properties Turkey strongly suggest the use of an independent lawyer to oversee any property purchase you may undertake. Providing the lawyer is completely independent of all parties involved and has no financial interest in your property, they can offer a very valuable service in protecting your interests alongside performing checks on your property, land registry, obtaining military clearance or acting as a trust-able power of attorney on your behalf throughout the sale. Please remember that lawyers are different from legal notaries. A notary works on behalf of the government ensuring the sales goes through according to the country and regions guidelines, an independent lawyer works on the customers behalf and protects their interests. We know of a number of bilingual lawyers should you choose to use their services. This is an additional purchase cost and is not obligatory. On average lawyers charge between £400 and £800 locally per sale.

Glossary

There are many terms floating around the property market these days that may seem unfamiliar. Here is the Target Properties Turkey guide to common property terms:

Capital Growth – The increase on the total value of a property
Currency Brokers – Companies generally offering better exchange than banks who specialise in transferring money overseas or exchanging currencies.
Deposit – A small (normally non-refundable) amount paid to the seller/ developer to secure the purchase before the first payment is made.
Due Diligence – The research done into a property before a sale is made. This normally involves checks on the property itself, land ownership and/or development rights.
Equity – This can be negative or positive and refers to the amount of a property’s value as owned by the buyer/owner.
Escrow Account – A specific bank account opened buy the buyer and controlled by a lawyer, solicitor or 3rd party who releases payment via a power of attorney agreement to the seller.
Flipping – Buying a property off-plan with the intention of selling it at profit before it has been completed.
Hotspot – An area where construction finds it hard to keep up with demand.
Key Ready / Turnkey – A new property that is complete and ready for habitation.
Market Value – What a property is worth considering current market prices in the local area
Notary – A legal clerk working on the local region / countries behalf and required by law to check formalities and legally stamp all transactions
Off-Plan – A property for sale before it is built.