The Turkish real estate market is experiencing a bit of a slowdown as a result of political instability and a building boom, so for some, now may be the time to purchase a property there.
"It is a buyer’s market," said Darren Edwards, of Luxury Property Turkey.
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Here’s a guide to navigate the purchasing process.
Find the right broker
The first step, as with buying property anywhere, especially internationally, is finding a broker you trust.
"Any potential buyer of Turkish real estate can either consult the standard and internationally known real estate consultancy firms such as JLL, Cushman Wakefield, or search online for real estate agents specialized in selling properties to foreigners," said Kerim Bertrand, country manager for Reidin, a real estate research firm.
The city of Antalya, Turkey.
Getty ImagesMr. Bertrand encourages buyers to use trusted resources to get help on the ground.
"Obviously nothing replaces local searches and parent companies of reputable franchises, such as Keller Williams, [who] may direct the buyer to English speaking agents, depending on where the buyer wants to buy," Mr. Bertrand said.
Figure out where you can and can’t buy property
When searching for property in Turkey, the most important thing is to make sure it is a property you can actually buy, as Turkey has specific title deeds that are open to foreign buyers, and others that are not for strategic and military reasons.
"The system of buying property as a foreign national is very transparent," said Mr. Edwards. "There are title deeds you can buy and areas where foreigners can’t buy."
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This may be another reason to stick with a good real estate agent, who has already done research and due diligence on the property’s title deed. It can "save the buyer any disappointment that he would have if he gets too far down the line," said Mr. Edwards.
The property should also have no debt on it and should have a habitation license in place. The license allows the buyer to get the mortgage on the property.
Buyers need to make an application to the authorities to make sure the property is not in a restricted area If applying, buyers need to allow four of five weeks for the authorities to approve the deal.
Hire a lawyer
In order to negotiate all of these factors, buyers should also work with a lawyer they trust. Mr. Edwards said that with his clients, "either they select them or we give them a list from the consulate of their home nation."
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Do the math
Expect to pay a commission to your estate agent of 3% of your purchase price, a lawyer’s fee of 1%, a deed transfer tax of 2% , and a registration fee for the transaction at the land register office of €50 (US$54) .
Other charges include passport translation, earthquake insurance, a value-added tax of 18% if the structure is over 150 square meters and being sold by a construction company, as well as a government tax that covers the military title deed check.
Despite all these fees and regulations, it is very important for the buyer not to part with their money too quickly and not pay for unneeded agency fees. "We negotiate on behalf of buyers and sellers for a simultaneous transaction," said Mr. Edwards.
"The basic simple message to any interested new buyer [is to] slow down and work at their own pace and to ask lots of questions,." Mr. Edwards said.