Turkey has always been a popular tourist destination due to its natural beauty and archaeological treasures. Due to its excellent climate, low cost of living, and diversified environment, the country has been a popular area to buy property in recent years. Buyers are now flocking from across Europe, Asia, The USA and the Middle east we can help market you into over 70 countries investing in Turkey.
Why Invest in Turkish Real Estate?
Turkey is one of the world’s most popular tourist destinations, and it’s also becoming a popular spot to invest in real estate. There are several reasons why property in Turkey should be considered by investors.
Investing in houses for sale in Turkey has a number of advantages, including:
- The Turkish real estate market is flourishing, and prices are likely to continue to climb. The significant depreciation of the Turkish Lira made real estate considerably more affordable in hard currencies, resulting in a 113.7 percent increase in property sales in December 2021.
- Turkey is a stable country with a solid economy that has been growing steadily.
- Turkey’s real estate is suitable for both residential and business needs.
- A broad range of homes are available to suit all budgets.
- The Turkish government aggressively encourages international property investment, even offering a fast-track second passport scheme for real estate acquisitions of $250,000 USD or more.
The Procedure for Selling Real Estate in Turkey
The procedure for selling a house in Turkey is rather straightforward:
- Find a trustworthy real estate firm with a proven track record of on-time delivery and a strong marketing network for both local and foreign buyers.
- Talk to the agent about your requirements and preferences. Negotiate commission rates and the services you’ll require to sell your house.
- Sign an agreement with the real estate firm.
- Your home will be advertised and shown to potential purchasers by the firm.
The real estate agent will assist you in finalising the sale by submitting the necessary paperwork to the land register office:
What is the best way to sell a home in Turkey?
- a copy of your title deed to your home (TAPU)
- ID that has been notarized (translated passport copy)
- Your Turkish tax identification number
- 2 images of passport size
- Earthquake insurance is required by law (known as DASK insurance)
- Document demonstrating the importance of the municipality
Before you make the formal sale application at the land register office, you must have a property appraisal report (which is required).
Note: The land registry will verify that you are current on all municipal property taxes, which must be paid (if any are owed) in order to complete the sale of your home.
Once you’ve finalised the transaction, remember to disconnect your property’s power, water, gas, and internet connections (and receive your initial deposit back you paid when first connecting services).
If you’re in a development, paying your community rates up to the day you quit and receiving a proof to confirm you’ve paid your share is critical to avoid any unpaid costs after the sale.
How Much Does It Cost to Sell a House in Turkey?
The prices of selling a home in Turkey, as well as taxes, might vary based on your location and real estate agent (for their fees). When you sell your home, however, you may expect to pay the following:
- Fee for a real estate agent – or no commission if you advertise through us
- The expense of notarization
- Sale tax of 2% (2%) based on the agreed-upon selling price
- Insurance against earthquakes (which you should already have, but if not, will need to buy before you can sell)
- Costs of a property appraisal and a property survey report
If you sell your home for more than you paid for it, you may be subject to capital gains tax (see next paragraph to see if capital gains apply to you)
Renovation and/or home improvement fees that may be necessary before selling your property are optional.
Is it necessary for me to pay capital gains taxes if I sell my apartment in Turkey?
The answer is contingent on the length of time you’ve had the property and the sort of property. Here are three situations in which you won’t have to pay capital gains on the sale of your home:
If your property’s title deed was registered before March 2007, and you owned it for four years previous to the transfer/sale to the new owner, you DON’T PAY CAPITAL GAINS.
If your property’s title deed was registered after March 2007, and you owned it for 5 years previous to the transfer/sale to the new owner, you DON’T PAY CAPITAL GAINS.
If you bought a brand new property and owned it for less than 1 year previous to the date of transfer/sale to the new owner, you DON’T PAY CAPITAL GAINS (after 1 year, you’ll have to wait the regular 5 year term to avoid paying capital gains).
Do you want to sell your property in Turkey quickly to international buyers and investors? If the answer is yes then contact us today to see how our team can help.