Country Guide: Turkey
Why buy property in Turkey?
A wide range of Turkish property is on sale at much more favourable prices than in more established European destinations. The country has a great mix of luxurious resorts, hot climate and cheap homes.
Beach and harbour towns prove attractive to those with a maritime bent, while the vibrant cities offer plenty in the way of exotic culture, with market bazaars and fine eateries to enjoy during the day and wide-ranging nightlife when darkness falls.
Turkey's rural areas are also great for Brits eager to experience a more rustic side to the country, with beautiful properties often set against backdrops of rolling, mountainous landscapes and stunning countryside.
What's Turkey's property market like?
Turkey experienced a financial crisis in 2001 which meant that the country’s banks had already been reformed, putting the country in a relatively good position to survive the recession. In fact, its gross domestic product increased by 11 per cent in the first half of 2010. This has had an inevitable effect of shoring up the national property market in the country, and should provide some reassurance to investors concerned about whether their property will lose value.
Popular areas in Turkey in which to invest
Istanbul is the cultural heart of Turkey and provides all the vibrancy and excitement of a huge, modern city. It is surprising that the destination has not attracted more interest from overseas buyers with its good buy-to-let opportunities and numerous tourists. However, this means there are rich pickings to be had by bargain-hunting property investors.
The incredibly diverse Aegean coast encompasses Cesme, Kusadasi, Altinkum and Bodrum. These popular destinations feature everything from fishing villages and beaches to busy cities with a great selection of bars and restaurants, so there is always something to do or see. The Mediterranean coast is also popular with investors. The attraction is seasonal, with miles of golden beaches to enjoy in the hot summer and snow on the mountains in the winter.
The property-buying process in Turkey
Once the buyer has selected their property, a verbal agreement is made. However, in order to get the property taken off the market, the buyer must sign a reservation contract and pay a fee of around £2,000. The solicitor will then make all the necessary checks on the deeds and the property. Following this, the buyer should open a Turkish bank account and register at the local tax office. Once this is completed, a preliminary contract will be put together. The buyer is then required to pay a deposit, which could be anywhere from ten to 30 per cent.
The TAPU office then needs to see the buyer's identification and a copy of the deeds. If these are satisfactory then they will make an application on behalf of the buyer. Once clearance has finally been given, both parties sign a final contract, the full cost is paid and the buyer is registered.
