Turkish Property Market
Entering the Turkish property market is an exciting endeavour for many foreigners. The dream of owning a home in the sun becomes a realistic idea because of low, affordable prices and a varied portfolio. At the time, it is also a new life lesson to get your head around because of different procedures and terminology. With that in mind, we have made a basic A to Z guide of things to know that will help buyers and sellers.
A to Z Guide to the Turkish Property Market
A: APARTMAN is an entire building consisting of separate 1, 2, 3 or 4 bedroom apartments. A single apartment on its own is a dairesi. Apartment living is popular in Turkey, so potential buyers have many to choose from.
B: Many expats when moving to Turkey look for property with a garden of which the Turkish word is BAHÇE. They are solely responsible for it. If people buy an apartment instead, they may have access to communal landscaped gardens of which all apartment owners look after the upkeep.
C: Any building with more than six apartments needs to adhere to the CONDOMINIUM laws in Turkey. These cover the upkeep of communal areas such as electricity in hallways, swimming pools, onsite security, gardens, and facilities. Apartment owners appoint a committee and manager (Yonetici) to handle the finances, works, and details.
D: When you own property in Turkey, it is compulsory to buy yearly DEPREM Sigorta that is earthquake insurance. The price depends on the square meterage of your apartment or villa. At the same time, you can increase the coverage of your insurance to include fire, damage, and theft.
E: Turkey has privatised its ELECTRIC industry. Each household has a meter, which is read once a month, and a bill is automatically produced. Property owners can pay online, by direct debit or at the local office of their electricity company. Depending on the agreement, some owners are on one set tariff while others have three tariffs within 24 hours.
F: The Turkish word for price is FIYAT. When people buy a property, the price shown on the title deeds will be Turkish lira. The amount listed depends on the region’s official pricing brackets.
G: GUNES ENERJISI means solar heating, which helps to save money on your electricity bill. While this was popular in the past, many homes now have water boilers for 24 hours hot water and these are preferred for winter, when the amount of sun is less.
H: The word HARITA means maps. We use them to show our customers how far a property is from shops, beaches, and bus routes. Title deeds offices all around Turkey also use them according to a system of blocks and parcels numbers to show ownership.
I: In Turkey, properties must have a habitation certificate and the Turkish word for this is ISKAN. The certification proves the home is suitable for human habitation. This law is relatively new, so many old homes do not have it, but owners can apply for it at any time.
J: If more than one person is on the title deeds, the JOINT owners should draw up wills in the unfortunate event that something should happen. Read more about inheritance laws and wills here.
K: KLIMA is the Turkish translation for air conditioning that is a favourite feature in most homes. Blowing out hot and cold air, they are useful in summer to keep cool and in winter to warm up rooms.
L: Many expats live in Turkey by depositing their money into a high-interest Turkish LIRA savings account. They withdraw the interest every month; therefore can live without dipping into their savings. All Turkish banks offer these accounts, and it is worth shopping around for competitive rates.
M: The Turkish word for view is MANZARA, or in the case of sea views DENIZ MANZARASI. Many properties in Turkey with this feature often fetch a higher price.
N: Once you have entered the Turkish property market, it is worth following real estate NEWS to keep yourself informed of your long-term investment. We publish relevant facts in our news section here.
O: ODA is a simple word to remember and means room. A bedroom is called a yatak odasi, a dining room is yemek odasi, a child’s bedroom is a cocuk odasi, and a living room is an oturma odasi, although the word salon is often used instead.
P: PENTHOUSE apartments are popular in the business districts of Istanbul and coastal resorts. Often covering two floors, they have fantastic land and sea views and include large terraces for summer living. See our portfolio of penthouse apartments here.
Q: We have dedicated this letter to the word QUALITY. In the past, Turkey’s reputation for shoddy workmanship was notorious, but all that has changed now and you no longer have to comprise on the quality of buildings, décor, or furnishings.
R: As well as new build, and off-plan homes, the Turkish property market includes many RESALE apartments and villas. Sometimes the owner is looking for a quick sale and advertising a low price. Most are also sold fully furnished so you can move in straight away.
S: SATILIK translated into Turkish means for sale and the Turkish word for owner is SAHIP. So if a property is advertised as Sahibinden satılık, it means for sale by the owner.
T: The Turkish word for title deeds is TAPU. You will receive it approximately three months after your purchase. When a home is bought / sold, a title deeds tax of 4.4% needs to be paid.
U: Stands for UZUMLU, a small village near the Fethiye region that is popular with expats. It is off the beaten track, but still close to all amenities and facilities. Most of the properties for sale in Uzumlu are new build villas with gorgeous mountain views.
V: The word “villa” is precisely the same in Turkey. This type of property is especially popular in the Aegean and Mediterranean regions. Most have private swimming pools and gardens and prices start from roughly £100,000.
W: WHAT – WHEN-WHY. Asking questions is important when you go into the Turkish property market. We provide detailed information on all homes and the buying process but are always on hand to answer queries about your future purchase.
Bodrum
