SALES PROCESS: 

  The purchaser pays a deposit of 10% and a formal sales contract is drawn up.

  Permission to buy will be sought from the Turkish Military Authorities at lzmir (6-12 weeks)

  When permission to buy is received the balance of money is paid, along wýth sales commission.

  Purchase tax of 4% is also paid at the time of completion.

  COSTS
A 1.5% duty both for the purchaser and seller must be paid.
In addition, there is an annual property tax, collected by the local government at the rate of 0.1% for houses and 0.3% for developed lands. New properties are exempt from 25% of the annual property tax for 5 years. All properties are subject to revaluation every year for tax purposes.
The acquired property may be resold and the proceeds of the sale may be transferred out of Turkey.
There is no time restriction for reselling property after having bought, you can have it registered in your name and resell it the next day.
The estate agents commission is 3%.

THE NEW LAW RELATING TO FOREIGN NATIONALS PURCHASING PROPERTY IN TURKEY

The new law was published in the Official Gazette on January 7, 2006 and it maintains the main principle that foreign individuals and commercial companies can purchase properties in Turkey.

  MAIN POINTS

 There must be a legal and de facto reciprocity between Turkey and the buyer’s country.

Foreign companies wishing to purchase land must be commercial companies whose activities supported by the special laws such as the Tourism Encouragement Law, the Oil/Petroleum Law, the Industrial Zones Law, and the FDI Law.

There are additions to the forbidden areas. Foreigners whether company or not are not allowed to buy properties in the military, strategic and security zones of Turkey and also outside the municipality borders. There are also further restrictions on the total area that can be purchased. For single purchases, the property cannot be more than 25,000m2. However, The Council of Ministers is authorised to increase this threshold to 300,000 m2 per person. The maximum size of (cumulative) areas that can be purchased by foreign real persons in any given province is capped by the Council of Ministers and this cap cannot be more than 0.5% of the total area of the whole province.