Process of Purchasing Properties in Altinkum or Kalkan.
Step 1:
An authorized real estate agent or independent legal professional should prepare a contract for the prospective buyer(s), outlining the agreed terms and conditions of the deal. Their familiarity with sophisticated property development software can ensure you get optimal options.
Step 2:
Mavi Real Estate and Property Services, or an independent attorney, will require a copy of the buyers passport and the properties title deed to submit to the relevant governmental offices (like the Land Registry Office, Ministry of Public Works, Ministry of Reconstruction and Settlement etc.) for military clearance or adherence to the recent real estate legislation. To facilitate a seamless transaction, buyers may opt to provide the agent or solicitor with Power of Attorney (POA) during the deed transfer process.
Step 3:
Mavi Real Estate and Property Services will procure documents verifying the property is free of financial liabilities, and construction complied with building regulations enforced by the local government for legal registration. These documents must be sent to the Land Registry Office before transferring the title deed.
Step 4:
Once the Land Registry Office approves the submitted documents, a process that may take two to three months due to security and location checks, the deed transfer may occur. This will take place after payment of the real estate purchase and sale tax (stamp duty), for which the buyer contributes half of the 3% computed from the declared property value.
Step 5:
The individual granted POA obtains a copy of the new title deed enabling them to handle utility registrations on the property owner’s behalf. If a POA wasn’t assigned, the owners must directly handle these utility services.
It’s important to note that these stages may vary somewhat, based on the category of property being transacted. They ordinarily apply to completed residential structures and not necessarily for commercial property or land plots.
After Completion
Despite the compulsory earthquake insurance paid yearly, and a one-time construction insurance cost levied on builders, it is advisable for new property owners to secure private building and liability insurance. Costs typically range between £250-500 per annum for a regular 2-3 bedroom villa. Ownership and utility registrations must be transferred to the new owner along with local council and trash tax fees.
The local government levies a 0.3% annual property tax which may total about £20-30. However, newly acquired properties enjoy a five-year tax exemption. Regardless, every property must undergo a revaluation every five years for tax purposes.
Finally, the owner can sell the property at their discretion, and send the sale proceeds out of Turkey with no limitations.
If you need help with letting or management, please contact us. Our services are currently available exclusively for our customers. For overseas clients, we recommend obtaining a Turkish e-Visa before purchasing a flight to Turkey.
Please be informed that rental income is subject to tax evaluation in Turkey as enforced by the Ministry of Finance and Revenue Administration since 2006 and since.
