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How to contact relevant professionals?

2.1. Types of properties, finding property, contacting real estate agents

2.1.1. Freehold or leasehold?

In general, properties in Turkey are of Freehold type.

2.1.2. Prices

Property prices have been steadily increasing. You can find a real estate from euro 30,000. The price depends on the location of the property, the quality of the material used in construction, architectural features of the property, ease of transportation, economic activities in the region, and availability of nearby services etc.

2.1.3. Types of residential buildings

There is a wide range of options such as detached, semi-detached and terraced houses, purpose-built flats, cottages and luxury villas. Quality residential buildings are available everywhere in Turkey .

2.1.4. How to find a property?

Foreigners seeking for real estate can contact either real estate agencies or the owners directly. They can also find property advertisements in newspapers published in Turkey

2.1.5. How to contact real estate agencies?

Unfortunately, we cannot provide you with the list of officially recommended real estate agents since real estate business is not a regulated business.

However, you can find hundreds of real estate agents' web-pages in English or Russian if you search for "real estate agents Turkey " by means of any search engines such as www.google.com. But we recommend you to contact with us because you can rely on us.

2.2. Are you advised to hire a solicitor?

It is not compulsory to hire a solicitor. However, since there are lots of transactions for buying a property and some steps are very important, a careful consumer will consult a solicitor who can provide legal and financial advice about all issues including a power of attorney.

Please note that solicitors are privileged professionals to gather any information on

Moreover, a good solicitor can do all search and checks well for you to secure your rights.

In addition, please bear in mind that an authorised solicitor cannot breach the laws and regulations. Otherwise, the Barr he has been registered with abolishes his license and afterwards he can never work as a solicitor.

2.3. How to contact Turkish solicitors who speak Russian?

To obtain information about speaking in Russian specialists, you can contact the Office RF of Commerce and Industry in Turkey in this organization, you can get hundreds of names of companies.

2.4. To obtain information about speaking in Russian specialists, you can contact the Office RF of Commerce and Industry in Turkey in this organization, you can get hundreds of names of companies.

2.4.1. Delegation of authority

There are several steps to be followed in buying a property. That's why it is suggested that you appoint someone or an agent to deal with all necessary transactions by means of a legal document called "Power of Attorney" for buying property. This should be done in the presence of a Notary-Public.

A Principal (the person who delegates his authority) can give an Agent broad legal authority, or very limited authority. The Power of Attorney is frequently used to help in the event of a Principal's illness or disability or in legal transactions where the principal cannot be present to sign necessary legal documents.

2.4.2. Suggested duration for a Power of Attorney

Under what conditions and how long a Power of Attorney shall be in force and end should be clearly defined.

2.4.3. What can be delegated?

A Power of Attorney can be used to make an Agent

The conditions such as the duration of validity, actions that the agent can take and cannot take etc. should be stated clearly in those documents.

2.4.4. Who should be appointed?

The candidate agent should be researched well. If he/she is a solicitor, it might be useful to cross check whether he/she is a member of the local Lawyers' Barr Association. Or, if you find someone from other professions, you can ask for CV and a professional reference letter.

Please note that without a trustworthy Agent, a Power of Attorney becomes a dangerous legal instrument.

2.4.5. Agents’ responsibilities

The Agent appointed by means of a Power of Attorney is your representative. As long as you have the legal capacity to make decisions, you can direct your Agent to behave the way you wish.

The Agent is obliged to act for the sake of your interests and is supposed to avoid any "self-dealing".

Money should be kept in a separate bank account for the benefit of the Principal. Agents must also keep accurate financial records of their activities, and provide complete and periodic accountings for all money and property coming into your possession.

2.4.6. Abuse of a power of attorney or frauds

A Power of Attorney can be abused, and a dishonest Agent may use a Power of Attorney to transfer your assets to himself. That is why, it is very important to appoint an Agent who is completely trustworthy and to require the Agent to provide you with complete and periodic reports.

If your agent is a professional accredited by an occupational association, you should complain about him/her against that association in case of an abuse.

Please also note that you can apply to public attorneys in local justice courts (‘Adliye Sarayi’ in Turkish.) and complain about any abuse or fraud if you are able to document the case.

2.4.7. Monitoring the actions of an Agent

Monitoring the actions of your agent is your own responsibility. It is therefore very important that your Agent keeps accurate records of all transactions on behalf of you.

2.4.8. Abolishment of Power of Attorney

You may revoke the Power of Attorney at any time, in the same way in which it was issued. In other words you should contact the Notary Public in Turkey or Turkish Consulate General in Moscow to revoke the Power of Attorney. In that case, you should send a written notice to your Agent and say that you are revoking the Power of Attorney. Do not forget to request the return of all copies of your Power of Attorney. You should also notify your bank or other financial institutions where your Agent is likely to use the Power of Attorney that it is no longer valid.

2.4.9.Can you have a Power of Attorney prepared in Russia?

You don't have to go to Turkey to prepare a Power of Attorney. You can have it prepared in Russia. In that case, please make sure that it is legalised so that it can be 'an acceptable/valid document' in Turkey.

2.4.10. How to legalise your documents prepared in Russia?

Legalisation simply means confirming that a signature, seal or stamp appearing on a document is genuine. The signatures or seals of Russian public officials such as solicitors, notaries public, registrars on certain documents from the Russia have to be confirmed before those documents can be accepted in Turkey.

For further information on ‘legalisation’, please contact us.

2.5. Use of institutional expertise: Real Estate Investment Trusts

Real Estate Investment Trust Funds are one of the institutions which have the most expertise in assessing the real estate issues. You can invest in either those funds or the projects they developed.

Real estate investment trusts (REIT) are capital market institutions established which manage portfolios composed of real estates, capital market instruments, capital market instruments backed with real estate and real estate development projects. Similar to other financial investment trusts, they are established in the form of joint-stock corporations and they are legal entities. Their capital is registered and they issue shares. Their shares have to be issued in return for cash and quoted, traded and priced at a stock exchange. REIT's are exempt from the Corporation Tax which is quite an important incentive for their development.

2.6. Are there any (universal) mortgage companies in Turkey?

There had been no universal mortgage system in Turkey untill 6 March 2007. However, the mortgage law was adopted by the Turkish Parliament and published in Official Gazette on 6 March, 2007. The new law makes mortgages available over long periods to house buyers and is expected to transform both the housing market and the Turkey’s urban environment.

2.7. Real Estate Appraisal Companies

The Appraisal Companies are professional institutions which employ appraisers to determine values of real estates by gathering, analyzing, and applying relevant information with respect to the general accepted international principles of valuation. These companies are regulated and supervised by the Capital Markets Board of Turkey.

2.8. How to find financial resources to buy property in Turkey?

In order to buy a property in Turkey, you can re-mortgage your property in the Russia. In addition, if you can provide Turkish financial organisations with acceptable financial guarantees such as a bank guarantee letter, etc those institutions can supply you with a long-term loan. However, please note that in case you have a financial trouble in paying back the loan, the relevant company may confiscate the property on finance.

If you are interested in using a loan from a Turkish bank, you are advised to contact specialists of our estate agency.

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