Turkey has been highly sought after as a holiday destination for a long time with around 25 million tourists flocking to the stunning beaches along the Turkish coast each year. A vibrant, modern country of great diversity, not only rich in natural beauty with breathtaking waterfalls and mountains, pristine beaches and lagoons, it is also steeped in historical and archaeological treasures dating back to the Roman, Byzantine and Ottoman empire.

Turkish property still offers enormous potential for returns on investment. Last year alone, property prices rose by around 50% with more people looking to purchase homes in Turkey . This extra demand is set to push prices up drastically. Taking into consideration the country's many attributes, Turkey can hardly be rivalled in any other investment location with similar assets.

Reasons why property in Turkey is a good investment

•  Turkey is just entering the EU process which means there remains another 5-10 years of European investor interest in property

•  Turkey is just at the beginning of a property boom

•  Turkish economy is very strong with 5.5% GDP growth in 2005

•  Stunning beaches and climate make it a very popular holiday destination

•  You can still find excellent front-line properties for excellent value for money with high capital growth potential

•  Turkish summers are a lot longer than in many other EU destinations, offering more hours of sunshine per annum

•  Turkey has a huge population of 70+ million. This creates a strong internal property market meaning investors are not reliant on international investors for re-sales

•  Turkish population growth is around 2% per annum with 70% of the population younger than 30, this creates a strong local market

•  Over 25 million tourists visit Turkey each year boosting the property market and creating strong "buy to let" possibilities

•  Low cost of living and long summers make it a favorite retirement spot for the European

•  Huge golf tourism evolving in Antalya which will increase the value of any investment Turkey offers a modern infrastructure

•  Turkey is considered to be a highly dynamic country by the World Trade Organisation

•  Land prices are on the increase while the property market evolves

•  No capital gains tax after 4 years

Parties make an application to the notary public for the issuance of the signature circular. The necessary documents are the signature declarations and notarized ID copies and the registry letter.

If the sale transaction will be made in person by the company signatories, the managers should obtain a separate document from the trade registry, showing that they have the authority to conduct transactions before land registry on companies’ behalf. If the sale transaction will be made in proxy given by the company signatories, the representatives should be given special proxies, which will be issued before the notary and inclusive of the authorized managers’ statement as well as the photographs. The notary might ask the manager to show the above mentioned authorization document or a signature circular of the company.

If a “compulsory earthquake insurance policy” had not been issued for the building, one must be prepared since in practice, when selling the building or asking for a loan on it, it is usually required. The cost of this insurance policy depends on the features such as the area of the building and the place thereof, and the insurance brokers automatically calculate it.
If there is an existing “compulsory earthquake insurance policy” which is still valid at the date of the sale (i.e. if the term of the insurance policy has not yet expired), then there is no need to issue another one just as a result of the change of ownership. However, the new owner of the property shall have the insurance policy amended to indicate his own name under the policy, which will be arranged between the insurance company and the new owner.

The seller and the purchaser (or their representatives) meet at the registry office and fill in an application form. Once the required documents are presented, the parties declare the consideration to be paid by the purchaser. The officer calculates the mortar dues, and gives the account details of the registry office for the payment, and makes an appointment on the very day or on the consecutive day for the parties to pay the dues and come back again for signature.

The documentation shall include:
Tax registration certificates of the companies.
The Authorization Certificate of the manager obtained from trade registry, if transactions are carried out by the company signatories.
The notarized proxies of the representatives (if they will perform the transaction)
The identity cards of signatories (passport for foreigners)
Two photographs of each person who would actually sign the registry documents.
Signature Circular
Title deed copy or information regarding the title deed of the property

Mortar dues are paid to the bank account of the land registry, and the bank will give a receipt of the payment. The mortar due is equal to 3% of the declared amount in Turkish Lira, collected 1.5% each from the parties, but in practice usually the purchaser pays all. The parties also pay a registration fee to cover overall expenses of Land Registries in Turkey. This is usually paid by the purchaser.

Once all the above procedures are fulfilled, the parties meet at registry office before the registry manager or his deputy at the appointment hour decided previously. The purchaser pays the consideration at that time. If it is already paid, the seller declares that it is fully paid. Then the parties both sign the land record sheet as well as the photographs of each other that are stuck to the document. Each person witnesses that he/she had made the transaction mutually with the person in the picture, the transfer of the title is then completed. The documentation shall include: payment receipts.