Thinking of buying a property in Alanya? This detailed guide will walk you through everything you need to know before, during, and after your purchase. From understanding the buying process to navigating legal requirements, we’ve got you covered.
Can I buy property in Alanya?
Recent changes in property ownership rules mean that most foreign buyers can now own property in Turkey. According to the ‘reciprocity principle,’ foreigners can purchase freehold land and property in Turkey if Turkish citizens are allowed to buy freehold land and property in the purchaser’s country of origin or residence. This includes most of Europe and the Middle East.
Is property in Alanya a good investment?
Alanya is renowned for its stunning coastlines, pleasant climate, and affordable property prices. With a robust economy and a growing demand from foreign buyers, especially from the Middle East, Alanya is an attractive investment destination. The expanding infrastructure and numerous innovative projects have drawn attention from acclaimed architects and designers, further enhancing Alanya’s appeal.
Costs to buy a property in Turkey
Alanya offers a diverse range of properties, from budget-friendly apartments to luxurious villas. Property prices are competitive compared to other popular tourist destinations. Typical costs include stamp duty (3% of the assessed value of the property), legal fees (approximately £1,000), agency fees (3%), and miscellaneous paperwork costs (around €500). The ongoing costs of property ownership in Turkey are relatively low compared to countries like Spain or France.
Documentation needed
To purchase property in Alanya, you will need your passport and a local tax number, which is also necessary for opening a bank account in Turkey. Additionally, you will need a couple of sets of passport photos for identification purposes.
Do I need a lawyer?
While not a legal requirement, it is highly recommended to use a lawyer when buying property in Alanya. We can refer you to trusted, experienced solicitors. Legal fees typically amount to around £1,000, but this investment ensures that the transaction proceeds smoothly and legally.
The buying process
Once you find your dream property, appoint a lawyer to handle the legal paperwork, including the TAPU (title deeds) and Iskan (habitation license). A holding deposit (usually £1,000 to £2,000) will be required, followed by a 10% to 30% deposit at a set date. You will need to obtain a tax number and open a bank account. When the title deeds are ready, the balance of the payment is due, and taxes are payable at this time. Your lawyer will draw up a contract to complete the transaction. Military clearance is required before the deeds can be issued in your name, but you do not need to stay in Turkey for this; a UK-based notary can appoint your lawyer to sign on your behalf.
How long does the buying process take?
The process usually takes 8 to 12 weeks. However, recent legal changes have streamlined the procedure, allowing foreign buyers to obtain the TAPU faster.
How can I finance my property?
Mortgages in Turkey are available to EU residents, but the simplest way to finance your Turkish property is by raising funds against your home. It’s important to have your finances in place before making an offer on a property.
Can I rent out my Turkish home?
There are numerous high street and web-based letting agencies available. Rental yields in Turkey are good, with many properties achieving between 6% to 10% per annum. Factors such as location, proximity to the beach, property size, and accommodation standards influence rental income.
Residence and work permits
Tourists can stay in Turkey for up to 90 days with a multi-entry visa. Property buyers can obtain a year-long residency permit, which must be applied for within one month of entry. To work in Turkey, a work permit is required, which can only be applied for after obtaining a residency permit.
Capital gains tax
If you keep your Turkish property for more than five years, it is exempt from capital gains tax. If you sell within five years, a 15% sliding scale capital gains tax is applied. The tax is calculated based on the profit made from the sale.
Healthcare
Turkey offers high-standard private healthcare, often at a lower cost than in Europe. Most European health insurances are accepted in Turkey, and several new hospitals provide top-notch medical services.
Can I bring my pets with me?
Foreigners can bring one pet (cat, dog, or bird) to Turkey, provided all necessary vaccinations, including rabies, are up to date, and proper paperwork is completed. An International Health Certificate and a Pet Passport are also required.
Flights
Turkey is well-connected with numerous budget airlines, making it easily accessible. Turkish Airlines, Pegasus Airlines, and Atlas Jet offer both domestic and international flights, with many budget airlines providing direct flights from the UK and GCC countries.
Weather
Alanya enjoys a hot, dry summer and mild winters, making it a desirable destination year-round. The coastal areas have pleasant weather, while inland regions may experience more extreme conditions.
The do’s and don’ts of buying in Turkey
Research the company you are dealing with and ensure they have customer testimonials and a good track record. Verify that the seller’s name is on the title deeds before making any payments. Apply the same caution you would when buying property in your home country.
