The Fethiye real estate market has always been in the spotlight among foreign investors and expats. They come to the area because of high standards of life, comfortable atmosphere, beneficial conditions for investments, and opportunity to obtain Turkish citizenship. Located on the Mediterranean coast, as part of the Turkish Riviera, it is known for its package tourism, which is an important source of income growth. Looking for a villa for sale in Fethiye, foreign buyers have to face various issues and tackle serious questions. To facilitate the process of selecting and purchasing exceptional property in Turkey, we are going to give answers to 5 most popular questions.
Are foreigners allowed to acquire real estate property in Turkey?
Due to the beneficial politics of the Turkish government provided to attract more foreign capital to the country, title to real estate in Turkey can be acquired by both foreign nationals and foreign companies. Purchase of real estate is allowed everywhere on the territory of Turkey, except the military zones, which is obvious.
Moreover, buying villas in resort locations of Turkey is a quite simple process. The crucial condition is to select reliable specialists with relevant experience.
What factors influence the price of real estate?
The price of the real estate is not invested on the spot. It depends on several important factors. The main factors that make up the cost of villas in Fethiye are the following:
- location – whether it is the city center, the coastline, or the outskirts;
- proximity to the sea;
- premium quality of the residence;
- surrounding infrastructure;
- the year of house delivery;
- the overall quality and conditions of the development.
These and many other minor factors are the powerful determinants of the total value of the housing.
What is the official document of property ownership in Turkey?
When buying an apartment or a villa in Fethiye, it is obligatory to find out all information concerning the process of registration of real estate ownership and title documents.
All transactions of sale and purchase are registered by the Office of the Land Registry and Cadastre in Turkey. No other offices and institutions have the right to prove the ownership.
The only document that confirms your ownership of the property is the TAPU or certificate of ownership. Another important document for any property owner is the ISKAN or technical passport for the object. Without this document, the property cannot be delivered and sold as it guarantees the correspondence of the building to all rules and regulations.
Is there any real estate purchase tax and annual tax in Turkey?
Knowing about the tax before the deal is important. It provides a buyer with some time to calculate the total value of property and its correlation to the available budget. The villa itself, tax on purchase, maintenance costs, and other additional expenses are to be estimated and taken into consideration.
When buying a Turkish property investor pays a one-time tax of 4% of the cadastral value of the object. As a rule, the cadastral value is always lower than the market value and is determined in Turkish lira by a special state-authorized commission.
Annual property tax in Turkey compared to other European countries is small and depends on the type of object and its location. For residential buildings and apartments, the annual tax is usually 0.2% of the cadastral value.
Is it possible to apply for Turkish passport via real estate purchase?
The country also has a program for obtaining citizenship by purchasing real estate from a Turkish individual or legal person. The procedure takes an average of three to five months. The minimum value of real estate must be $400,000.
For this amount you can buy the following objects:
- an apartment or private house in a new or secondary fund, there can be several of them;
- commercial real estate – it could be a warehouse, store or office, including objects under construction;
- land for residential or commercial development of no more than 30 hectares, which occupies no more than 10% of the total area of the district in which it is located.
The purchase of real estate abroad always starts with monitoring relevant information and selecting a suitable housing unit. Turk.Estate is a major aggregator of Turkish housing of various footages, designs, and prices. The catalog of exclusive villas in Fethiye is available for browsing through on the website.