It has become very easy to buy and sell real estate in Turkey. However consulting a licensed real estate office is still the best way to go.
The information you gained from people during vacation may lead you to pay higher taxes, unlicensed property and even property titles that have been registered incorrectly.
For this reason Istanbul Royal Estate’s goal is to provide the best service with our professional and competent staff.
Purchasing property with Istanbul Royal Estate as an intermediary provides the customer with a multitude of advantages:
- We provide a wide portfolio of the places of interest.
- Opportunity to tour projects of not just one construction company but a multitude of companies.
- An experienced professional staff that provides the most excellent service.
Frequently Asked Questions (FAQ)
Question: During the purchase of real estate are there any restrictions on foreigners?
Answer: Aside from property owned by the military, there are no restrictions on foreigners who are purchasing land and/or property.
Q: I am not a Turkish citizen. Whose name will the property title be under?
A: By giving a deed of trust to us, or an attorney you will be able to put your own name under the property title.
Q: How much commission does the realtor take?
A: By law the amount of commission the realtor can take is standardized. This amount would be in accordance to the purchasing price 3% from the customer and 3% from the seller, totaling 6%.
Q: Who determines the price of the real estate?
A: Assuming the real estate is brand new, the construction company determines the pricing. For real estate that is not new, the prices will vary depending on location and project details.
Q: Citizens of which country are able to purchase real estate in Turkey?
A: being that Turkey is in agreement with many countries, any citizen of a country that allows for Turkish citizens to purchase real estate is in return allowed to purchase real estate in Turkey. This is a Main Principle Reciprocity law. For example; Germany, United States of America, Bahrain, Bangladesh, United Arab Emirates, Bosnia and Herzegovina, Dubai, Iraq, England, Iran, Qatar, Kuwait, Lebanon, Egypt, Mauritania, Syria, Saudi Arabia and Yemen.
Q: What is the average monthly expenditure in Turkey?
A: The price of fruits and vegetables is still much lower than Europe. The price of gasoline/petrol is expensive compared to the Arab countries. For a middle class citizen staying in rent with a family of four, an average of 1,500 Turkish lira is sufficient.
Q: Can citizens of foreign countries take out mortgage loans from Turkey?
A: Through many types of banks, licensed companies such as ourselves are able to provide these types of loans. The amount of the mortgage loan cannot surpass 50% of the value of the real estate being purchased.
Q: Is a residency permit required?
A: After the latest agreements some citizens of certain countries require residency permits. This process takes 2-3 days after a request has been made and costs about €250. The price may vary from country to country.
Q: What is the down payment amount needed for a new project? Can I pay through instalments?
A: Generally, in order to reserve a residence in a project a set down payment is collected. Immediately after %30 of the total payment is to be deposited within the next 4 weeks. Most construction companies offer an installment payment method, when construction reaches a certain point a report is given and the payment is collected.
Q: How does the purchasing period work?
A: After the reservation fee is deposited Istanbul Royal Estate does the real estate controls for you from the General Directorate of Land Registry and Cadaster. After this is the contract, the date of delivery, special terms and payment methods are finalized. After both sides sign the contract the down payment is deposited. The purchaser then requests a warrant of attorney after these steps.
Q: Which documents do I need?
A: All you need is your passport and a couple passport photos.
Q: During the purchase of real estate what expenses occur?
A: Unlike most European countries, in Turkey the General Directorate of Land Registry and Cadaster is responsible for real estate transfer and not the notary. During the transfer of real estate, it is legally required that both the seller and buyer be present at the General Directorate of Land Registry and Cadaster. If wanted, this requirement can be transferred to a 3rd person with a warrant of attorney. After the transfer process the land title can be received.
Q: Why are real estate prices so cheap?
A: The Turkish economy is still very young. Thanks to the politics of the current government administration the prices are very low. Along with low inflation, credit loan rates are also falling. When credit loan rates fall, subsequently this is reflected in the housing markets.
Q: How much will my total monthly expenses along with my apartment maintenance fees be?
A: This changes for each project, however it would start from around 100 TL.
Q: What type of taxes will I pay?
A: Property tax, environmental tax, sewage and similar taxes. However these are very low taxes, your advisors will provide you with further details.
Q: How can I insure my property?
A: Istanbul Royal Estate will assist you through companies that we are in agreement with in order for you to easily insure your property.
Q: Can I give my property for rent?
Q: Does Istanbul Royal Estate do property management?
Q: I found some places that I am interested in your portfolio. I would like to be acquainted with the area. What should I do?
A: Survey tours are a large part of what our company does. We will assist you step by step with our informative tours.
Title Transfer Tax
4% of the declared value will be paid to the General Directorate of Land Registry and Cadaster as tax.
If an agreement is not reached after negotiations, according to law the distribution of the tax is as following: %1.65 is paid by the buyer and %1.65 + 145 TL (working capital fee) is paid by the seller.
Title Process Expense 2011
A working capital fee of 145 TL will be paid to the General Directorate of Land Registry and Cadaster.
Letter of Attorney Fee
Around 45 TL
Property Tax: %0.1 of the value determined by the municipality must be paid every year. The latest date for the payment is until the end of March.
Home Insurance: This is somewhere between 150 TL and 250 TL. The size and quality of the property are important. You can visit our Insurances page for further information.
The electric meter is around 200 TL (one time deposit).
To change the subscription tied to the electric meter is around 80 TL.
Electric consumption is 0.20 TL per KW/h
The water meter is around 280 TL (one time deposit).
To change the subscription tied to the water meter is around 80 TL.
The water consumption cost is 0.15 TL per 1 m3
A telephone subscription is around 15 TL a month and around 0.60 TL per minute after that.
For further information please feel free to contact us…