Why buy a property in Turkey?
A land where two continents Asia and Europe meet, Turkey is a wonderful country surrounded by Black, Agean, Mediterranean and Marmara seas. Anatolia had been the cradle of the ancient civilisations and religions since the old times. Sun, beautiful coasts, lovely nature and warm hospitality makes Turkey attractive for all. Furthermore life is easy in Turkey. One of the few countries with the cheapest prices among OECD members.
What about the prices?
Well, the prices are still cheap when compared to the most European countries. You can even buy a house for just the land price of a similiar European property. But this doesn't mean that prices wil stay here.
Some of the facts and potentials that might affect the property market in foreseeable future are:
- Turkey started full EU-membership negotiations in October 2005. In year 2007, more than 27 million tourists visited Turkey and this figure is expected to double within a few years.
- The new mortgage law and other relevant laws with regards to the regulation and supervision of the property market are enacted in 2007
- Housing supply in Turkey currently lags behind the demand
- Average age of houses in Turkey suggests that there is a strong need for new developments.
These facts suggest that house prices are ready to boost within a few years. Thus, there are big prospects for construction and property related businesses. So buying a property in Turkey can really lead to substantial amount of gains if an appropriate decision is made. Since real estate prices are steadily following an upward trend, there will be a significant difference between the acquisition cost and the money you will get when you sell it. Moreover, if it is rented out properly your property is likely to amortise its acquisition cost cost in 8-to-12 years.
Who can buy a property in Turkey?
According to the legislation on property purchase by foreigners in Turkey, enacted on January 7, 2006, foreign nationals(real persons) and foreign commercial companies which operate pursuant to the special laws such as the Oil/Petroleum Law, the Tourism Encouragement Law, the Industrial Zones Law etc. are able to acquire real estate in Turkey. According to the legal framework both Turkish citizens and foreign owners have equal property-ownership rights.
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. Typical costs are around €1,000 (£700). If you want to appoint someone to deal with the title deed transfer typical notary fees are around €200(£160).
What are the taxes and fees?
Property transfer tax: 1.5% of the properties value.
Land Registry Expenses: Land Registry Office might want to investigate the plot if it is not in a planned area or if it is not shown on any map. Or in certain cases (we suggest in most of the cases) you might want to translate the documents you sign. These expenses cost a sum of nearly €150(£100)
Insurance: Earthquake insurance is mandatory and nearly €40(£28). Full insurance is around €100(£70).
Where to buy a property?
From Agean coast starting from from the south of Izmir to the Mediterranean coast strecthing to the west of Antalya are the most popular destinations for foreign buyers. You may still think of investing in Istanbul, maybe the largest growing metropolitan area of the world. Lots of new projects are being made and they most of them have a great letting potential.
The west of Antalya: I mean the west of Alanya, the prices drop sharply but so does the life and facilities. If you want to have a quiet vacation, walk on the desert beachs, be friends with the locals then go, you will probably have a chance to buy a house as low as €20,000.
The north of Izmir: Agean coast is Agean coast everywhere. Gorgeous gulfs and bays, beautiful forests and the freshest of the freshest air is still there. But most of the places are crowded with locals and the summer season is relatively short. Besides if you love swimming and want to swim whenever you want, you have to be a though guy, because even in summer the sea might be cool for most of the people. Whereas in Antalya where the sea temperature averages 22 Cº, you can swim almost 12 months. The prices can be cheaper than places like Bodrum, Didim or Belek, however one can not talk about a possible gain like you can for Belek, Antalya or Bodrum.
Didim: Thousands of English people bought properties here in recent years. They even have their own city-like settlements, organizations, teams etc. A place which once was a vacation destination for midlle income locals has now become a vivid tourism spot.
Bodrum and Marmaris: These two are maybe the most popular places of the Turkish riviera. The crazy night life, beautiful forests, diving, windsurfing... The Bodrum peninsula is a huge one and have many different size and quality settlements from being wonderful to being frustrating for a proeprty buyer. So does the prices change accordingly. So be careful before buying and like everywhere else do not buy without an inspection trip or a proper investigation.
Belek: Belek, located 30km east of Antalya, has become the number one tourism and golf centre of Antalya region. Growing day by day Belek is likely to become one of the most popular golf centres of Europe. Not just golfing but windsurfing, rafting, climbing, hunting and many other water sports are available in Belek. Thanks to the wonderful nature of the region that at certain times of the year, like March and April, you may ski in the mountains and enjoy a swim in the sea on the same day.
Belek's natural beauty came to attention in 1984 and the region was proclaimed the "Belek Tourism Center". In later years, Belek became a tourism paradise, with the cooperation between the Belek Tourism Investors Association and Ministry of Culture and Tourism.
The region has 32 four or five-stars hotels, first-class holiday villages and six international standard golf courses.
There are lots of finished and ongoing constructions, most of them are top quality settlements near to the golf courses. Actually any property in Belek which is sold as "golf property" are not properties inside the course, they are most probably near to a golf course or a one that might never see a golf course. That is because the courses are not private, they are owned by the government and has been letted to hotels.
For a highly recommended developer's website visit: Property Belek
You may also think of buying land and hiring a constructor who will also cover the price of all pre-construction duties etc.
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2 yorum:
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