Additional Information

Exclusive Payment options for Property Sun Turkey Clients

The Akins Construction has various options open to clients.

1: A 30% deposit and the balance by way of a mortgage through Garanti Bank at highly competitive rates.

2: 25% down payment and 75% not payable until completion (18 Months but envisaged end of 2011)

3: 50% deposit followed by 50% paid on completion. This option includes a free comprehensive Furniture Package or Golf Membership.

4. Full payment which will give a 10% discount and a free comprehensive Furniture Package or Golf Membership.

Buying costs in Turkey are approximately 7% of the purchase price which compared to other overseas property markets is low as an example the likes of Spain, Greece, Portugal and Cyprus can be between 13-18%

Main Property Purchasing Costs

1. Purchase tax: 3% on the ‘declared’ value of the property to be paid to the government. As house prices are set by the City Council for taxing purposes, their valuation is much lower than the actual purchase price This is a one off payment and it is due once the TAPU is received (step 6).

2. The solicitor's fee:(should you require one, but Property Sun Turkey strongly advises) Prices start from about £400.00 pounds and will vary depending on which solicitor you choose to use.

3. Agency commission: All Estate Agents in Turkey charge 3% commission to the buyer based on the Purchase price.

4. Notary charge: Approximately £100-150 notary charge for the power of attorney and the translation of your passport. This needs to be paid at step 4.

5. Map search: 2 maps are needed. The first is a map of where the property is located and is sent to the Izmir Aegean Army. This costs approx. £35. The second is a 1/5000 map used in the title deed process. This costs approx. £400 but price varies for different Municipality areas. (Step 5)

6. Title deed registration: £ 30 registration of title deed in your name. This is paid in step 6 and is paid only once.

The charges for purchasing can differ from region to region.

Additional fees

Utility Registrations Water and Electricity to be transferred into your name – approx. £150

Compulsory Government Building Insurance (DASK): his insurance has been compulsory since 2000 and costs approx. £35 a year depending on property size.

Home and Contents insurance: This is not mandatory and can be done once the property deeds have been registered in your name. Approximately £150 but costs vary depending on cover required and value of property.

Property tax an annual property tax is collected by the municipalities (i.e. local governments) at the rate of 0.3% for land and 0.1% for a house. This can be paid annually or in two payments, one in May and the next in November.