FAQ's

What nationalities are permitted to purchase a property?

Some of the countries Turkey has a reciprocal agreement for the purchase of land and properties: England, Ireland, Germany, Holland, Norway, Sweden, Denmark, Austria, Switzerland, Belgium, USA, Spain, Italy, Canada, Luxembourg, Australia, France, Greece, Portugal, Poland, Croatia, Israel, Finland, Estonia, Hungary, some African and South American states.

 Is property I purchase likely to increase in value?  

 Yes, Seventy one percent of IFA's believe their clients could benefit from investing abroad and one in five believe Turkey is the place to make the most money.
As Turkey is still an unfairly unknown market where information on potential opportunities is not so readily available it creates space for extra profit for investors.
Turkey is knocking on the door of full entry to the EU and in the meantime it is offering exceptional value to potential investors.

Tax Rates

Annual Property Tax

An Annual Property  Tax is payable by the owner of the property to the Local Council in May and November each year. This  tax is determined on the declared value of the property under the rate of a threshold determined by the Government. The new owner must declare the price paid for the property to the Council by the end of the year the property was aquired.

Capital Gains

Capital gains made from the sale of a property are taxable. However, individuals do not have to pay Capital Gains Tax provided they have owned said property for more than 5 years.

Should the property be sold within this time period the rates for Capital Gains Tax are detailed below:

If the profit is equal or less than 6,000 TL there is no tax, however above this ceiling the following percentages apply:

Between 6,000 TL 7,000 TL 15% of income is due
Between 7,000 TL 18,000 TL 25% of income is due
Between 18,000 TL 40,000 TL 27% of income is due
Above 40,000 TL 35% of income is due

Taxes due on Rental Income

If the rental income is less than 2,200 TL per annum no tax is due, above that income the following percentages apply:
Between 2,200 TL 7,000 TL 15% of the income is due
Between 7,000 TL 18,000 TL 25% of the income is due
Between 18,000 TL 40,000 TL 27% of the income is due
Above 40,000 TL 35% of the income is due

Can I get a mortgage in Turkey?

Yes, Turkish Mortgages are available to non-nationals :-
Contact us  OEC Developments for details.

Cash Machines:

Cash machines (ATMs) are available throughout Turkey, accepting major European credit and bank cards and instructions are often available in English. It is advisable to inform your bank in advance that you are travelling to Turkey as some will automatically put a stop on cards after the first use in an attempt to combat fraud.

Credit Cards:

International credit and debit cards are widely accepted in shops and restaurants throughout Turkey. However it is advisable also to carry cash for the smaller shops and cafes, particularly in more rural areas.

Currency:

What is the local currency

The local currency in Turkey is the Turkish Lira (TL) Cash can usually be exchanged without commission at bureau de changes, banks and hotels. Exchange rates are published daily in Turkish newspapers.

Driving:

Driving in Turkey is on the right-hand side as in continental Europe and visitors may drive with an international driving licence. You should have your driving licence, your passport and insurance documents of the vehicle with you. All of the major international car rental companies, as well as a number of local ones, have offices at airports and all major centres.

Safety:

Turkey is one of the safest countries in the world with Interpol ranking it as one of the safest holiday destination in Europe. As is the case when travelling in any country though, do be careful with your personal possessions when out and about and never leave items unattended. You will find the police helpful and friendly and in many of the tourist resorts there are special tourism police who speak different languages.