Real Estate Bodrum Turkey

real estate bodrum

New laws for the purchasing of land or property in Turkey for foreign nationals was ratified by Turkish parliament on 7th January 2006 and is now in force. The law now effectively means that foreigners can own up to a maximum 2.5 hectares (25,000m2) of land and property. The Council Of Ministers may use its discreation to increase this limit upto 30 hectares (300,000m2) as long as this figure does not exceed 0,5% of the land area of the province in question.

Foreign nationals and foreign commercial companies are NOT allowed to buy property in the strategic military and security zones of turkey. Also the country of the foreign national wishing to purchase land MUST have a reciprocal property or land purchasing agreement with Turkey. A recent change in turkish legistation (i.e. on 19 July 2003) now permits foreigners to buy a property outside the boundaries of a municipality, i.e. council district (Belediye) and within a village or tural arena. However, it isstill necessary to obtain permission from the Military, prior to purchase.

If you are not able to understand turkish to a very high Standard. It is in your best interest to consuit with and hire a solicitor who can speak English ot if possible, your native language. The solicitor will then assist you in all legal aspects of your purchase and will translate for you any of the documents where required. Your solicitor can also act as power of attorney for you. This is very useful if you are not planning tos tay in Turkey while your application is being processed.

The solicilor will then be able to sign all relevant documents on your behalf. When buying your property, the price can be paid for in either Turkish Lira (TL) or in a foreign currency. There are also not restrictions about the transfer of Money from a trukish or foreign bank. Be aware that in addition to the price for your property, you will have to pay some other fees during the property buying process such as: The estate agents fee (3% of the property price), solicitors fee, military check/title deed fees, water/electricity connection fee etc…

These fees will be explanined to you by your appointed solicitor. Once you have decided on the property of your choice, an agreement will be drawn up between the house buyer and seller. The estate agent you are dealing with will discuss this and then both partners will sign and date an agreement. A copy of your passport, 2 photograps and a contact adres will be required from you at this point. The process of buying your house begins now. All the relevant documents will then be sent to District Land Registry Office. (Tapu ve Kadastro Mudurlugu).

The documents will then be sent off to the Military Headquaters in Izmir to carry out character checks on the potential new buyer and to make sure the property isn’t situated in a military designated zone (in the case off-plan purchases this process will be corried out once the property is complete). This process will take approximately 3 months. Once clearance has been received, the papers will be returned to the Land Registry Office. At this point , both parties or the person acting on their behalf (your power of attorney) will goto the land registry Office and will sign in front of the deed officer, the new title deed (tapu). Once signed the house is now yours.

Now that you are a new homeowner, the next step is to have the water and electricty and eventually telephone (this only if you have a residence permit) transferred to your own name and arrange your earthquake insurance which is required by law. L.P: 18.09.2007

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