The team at Nicholas Homes are always available to answer all your questions. With both Turkish and English staff working for the company for a long time, there will always be someone who will be able to answer your questions. Here are some of those which are frequently asked, please use the following links to go to the appropriate section:
General Information | Legal & Financial Information | Living in Turkey | Ongoing Costs
General InformationIs buying in Turkey a good investment?
In a recent survey Turkey has come out as the fourth most popular place to buy in the World.
Media quotes
“Affordable and exotic Turkey offers an intriguing option for property hunters, whether you’re looking for a long-term investment or a holiday home”
A Place in the Sun magazine (page174) (January 2007)
“The experts are predicting a property boom thanks to Turkey’s candidacy for membership of the EU. Planned infrastructure developments around Dalaman on the Mediterranean coast – including the expansion of Dalaman airport, the building of three marinas and the area’s first golf course – has made this an attractive area for buyers”.
Media quote.
Where do Nicholas Homes build?
Nicholas Homes, an established family business, have been building in this region since 1984. The area boasts some of the finest beaches in Turkey and is commonly known as the Turquoise Coast. The water is this stunning colour and with a backdrop of the Taurus Mountains, all our properties enjoy stunning views. We are building homes in Çalis, Fethiye, Ovaçik, Hisarönü, Dalaman, Göcek, and have land and build opportunities throughout the area. Nicholas Homes prides itself on building homes to suit most budgets in an area which has proven very popular with the British and North European holidaymakers.
How much is the deposit?
We require a £2,000 deposit to secure the property of your choice. If you decide on an alternative Nicholas Home, this deposit can be transferred within one year. A flexible payment plan will be agreed at the Contractual stage in accordance with the time plan on when the property will be completed.
How do I go about getting the Deeds to my property?
Our legal team will help you through this process to make this as easy as possible. Usually our clients provide us with a Power of Attorney to obtain their Tapu (Title Deed) for them as this negates the necessity of them being present in Turkey. Alternatively a representative from Nicholas Homes can escort you to the Land Registry to help you obtain your Title Deed.
Are Nicholas Homes properties on a Leasehold or Freehold Contract?
Existing Nicholas Homes are bought with a Freehold Contract and most Deeds in Turkey are issued on a freehold basis.
What costs do I expect to be charged for fees on my purchase?
There will be charges for a number of itemswhen you are buying a property in Turkey. These include: costs for maps, deed application, permissions, Lawyers/Solicitors, notary fee’s, 3 % purchase tax, stamp duty, registry fees and utility connections. Based on our many years of experience, the maximum cost is generally between 5 – 7% of the value of the property, however, Nicholas Homes will endeavour to minimise this cost.
Do I need to open a Bank Account in Turkey?
Yes, you will require a Turkish bank account in order to pay utility bills. The process is easy to do. First, you will need a Tax Number which can be obtained by a visit to the local Government Tax Office in Fethiye. You will need your passport or you can provide us with photocopies of your passport and we will obtain this for you, this is the preferred method by most of our clients.
Is there any Capital Gains Tax to pay in Turkey?
Capital Gains Tax is payable on any property sold within 5 years of the date of purchase on the Title Deed. The amount is based on the value of the property as stated on the Title Deed.
Is there any Inheritance Tax?
There is no Inheritance Tax charged to foreigners at this time.
Can I get a mortgage in Turkey?
Since November 2006 a limited number of companies have been offering mortgages in Turkey. This is certain to increase in the near future.
Do I need a Will against my property in Turkey?
It is not necessary to make a Will in Turkey, under Turkish Law any property is passed to the next of kin. We would however, recommend, that a Will is drawn up for your personal requirements.
How easy is it to offer my property for rental?
The Nicholas Group has an established holiday company – NGI Holidays Ltd who can arrange for your property to be rented out during the season. Whilst rentals cannot be guaranteed we do make every effort to market the properties widely.
Will I have to pay tax on rental income?
Residents and non-residents must pay tax on income earned from renting their property in Turkey.
Do I need a permit to stay in Turkey?
At the time of writing, a British passport holder will require a Visitors Visa which is valid for 90 days to enter the country. This is valid for multiple visits during this period and costs £10.
For longer term residence in Turkey a foreigner from the EU needs a residence card or permit to stay in Turkey for more than 90 days. You will need to apply to the Local Police in person. Generally residency is automatically granted to owners of land and immovable property and it is just a formality.
For more details visit the Turkish consulate website on www.turkconsulate-london.com.
Currency
The currency is the New Turkish Lira (YTL). The exchange value is approximately 1 lira = £0.36 at time of print.
Climate
The south west of Turkey enjoys long hot dry summers, with July/August day time temperatures in the mid 30’s to 40’s. Balmy days start in April and last through to mid October giving this area one of the best climates in the Mediterranean.
What other costs should I budget for?
There are a number of taxes which you will be liable to pay:
Real Estate Tax: this tax is calculated on the basis of the declared value of the asset which cannot be less than a threshold determined by the tax authorities.
Environmental Services Tax (EST): Local water suppliers charge EST of approx YTL 0.12 per one m2 of water used to residences. The charges are included in the water bills.
Earthquake Insurance (DASK): It is compulsory for all property in Turkey to have earthquake insurance.
Can I arrange for my utility bills to paid in Turkey in my absence?
We recommend that your utility bills are paid via automatic bank transfer or, if you take out a Maintenance Contract with Nicholas Maintenance Department, we can arrange to receive your bills and pay on your behalf. We will require you sign the power of attorney for us to do this on your behalf and for you to hold a float in a Turkish bank account for us to draw funds.
Health Insurance/Hospitals
Turkey has two health care systems – Government and Private. Within the Fethiye area there is one new Government Hospital on the outskirts of Çalis situated on the beach road, and two private hospitals. As a foreign national, you have the choice of using either. However to use the government hospital, will require some payment. In practice, most non- Turks, use the private hospitals and use their private medical insurance.