Turkey – devoloping property market
Turkey has been highly sought after as a holiday destination for a long time with around 25 million tourists flocking to the stunning beaches along the coasts each year. A vibrant, modern country of great diversity, not only rich in natural beauty with breathtaking waterfalls and mountains, pristine beaches and lagoons, it is also steeped in historical and archaeological treasures dating back to the Roman, Byzantine and Ottoman empire.
Turkish property still offers enormous potential for returns on investment. Last year alone, property prices rose by around % 50 with more people looking to purchase homes in Turkey . This extra demand is set to push prices up drastically. Taking into consideration the country's many attributes, Turkey can hardly be rivalled in any other investment location with similar assets.
Reasons why property in Turkey is a good investment
• Turkey is just entering the EU process which means there remains another 5-10 years of European investor interest in property
• Turkey is just at the beginning of a property boom
• Turkish economy is very strong with 5.5% GDP growth in 2005
• Stunning beaches and climate make it a very popular holiday destination
• You can still find excellent front-line properties for excellent value for money with high capital growth potential
• Turkish summers are a lot longer than in many other EU destinations, offering more hours of sunshine per annum
• Turkey has a huge population of 70+ million. This creates a strong internal property market meaning investors are not reliant on international investors for re-sales
• Turkish population growth is around % 2 per annum with % 70 of the population younger than 30, this creates a strong local market
• Over 25 million tourists visit Turkey each year boosting the property market and creating strong "buy to let" possibilities
• Low cost of living and long summers make it a favorite retirement centre for the European’s
• Huge golf tourism evolving in Antalya and Bodrum which will increase the value of any investment
• Turkey is considered to be a highly dynamic country by the World Trade Organisation
• Land prices are on the increase while the property market evolves
• No capital gains tax after 4 years
Buying Guide Turkey
In any way, buying property in Turkey is not as complicated as you might imagine. The procedure is often far simpler than in most other European countries
Foreigners may purchase land and property in Turkey under their own names. The only difference for foreigners is that the properties should not be located close to a military airport, station etc.
After an agreed sale, in order to acquire the title of a property, an application has to be made to the local Land Registry Office. The title may be transferred once checks have been made to ensure the property meets all necessary requirements (see below).
Although to attend a lawyer/solictor is not necessary in Turkey it makes sense to consult one for your own self-confidence. It costs you around Ł500.00.
During the signature of the deed of sale (tapu) at Land Registry Office, the seller has to declare that he has recieved the full purchase price from the buyer.
This procedure can take 2-3 months as the Land Registry Office needs the official permit papers from the military administration .
During the procedure at Land Registry Office the buyer and seller has to pay % 1.5 of the sales amount as a tax. In addition, there is an annual property tax, collected by the local municipal at the rate of 0.1% for houses and 0.3% for developed lands. All properties should be subjected to revaluation every year for tax purposes.
The acquired property can be resold and the proceeds of the sale can be transferred out of Turkey by the owner.
There is no time restriction for reselling property after having bought, you can get it registered in your name and resell it the next day.
For Sunset-1 and Sunset-2 Villa’s the buyer will not pay any commission.
Cash is the easiest way for the payments but naturally most people do not want to carry thousands of pounds/ euros etc in a foreign country.
The easiest thing to do is open a bank account in the resort area of your choice (preferably on the day of your arrival) and then if you have taken cash, deposit it in your new account.
Besides, contact with your bank in your home country and inform that you will be opening a bank account in Turkey and requesting by fax/internet a money transfer to this account. Transfers normally take 3-5 working days which is why it makes sense to open an account as you arrive.
Travellers cheques can be used but can take a while for processing and also you can pay a lot of commission.
It is also possible to use credit cards but once again can take a while to process, heavy commision and sometimes the transaction can be stopped by the credit card company because they suspect a fraud is taking place.
Finally we advise you to open a bank account in Turkey and transfer the money you reqire from your home country bank to this account. If you need any help be sure that we can asist you.
A cooperative is a normal way for many Turkish people to buy a home/holiday home.
It is also possible for non Turkish citizens to buy a property in a cooperative but foreigners should make sure that a Turkish lawyer investigates properly to ensure that the cooperative is well run and has no outstanding debts.
Quite often a cooperative property can be bought at a very good price and represent excellent value compared to equivalent “tourist” style properties but have to ensure that through checks are done before committing to buy.
After having the answers of those questions stated in the section ‘About Buying a Property in Turkey’ and you are wishing to buy a property from us we would like to state that a comprehensive After Sales Service can be available for you if you need. We are able to assist you in all aspects related to your home. Don’t worry about wasting precious holiday time hunting down the ‘right people for the job’, as we will introduce you to a host of professionals, to make buying and owning a home in Turkey a stress free experience.
We believe that you are buying more than just bricks and mortar. You are buying a home that will introduce you to a new way of living and a new group of friends. That’s why, we welcome you visiting us in our home next to the house you related with. Besides, after completing the procedures of the sale, living together in the same site your neighbourhood will be appreciated by us.
Our Pre & After Sales Services Include
|Maintenance & Repairs
Useful Ýnformations :
Dial 112 for an ambulance in anywhere, from any telephone, without a charge. In case of a fire, dial 110; for police, call 155. However, in rural areas there is not a police coverage, so dial 156 for gendarme, a military unit for rural security. All these numbers are free of charge and can be called from a telephone booth without inserting a calling card, or any phone including cell phones.
You can find telephone booths on streets, post-offices and almost any public building. Phone cards are available in two types: Magnetic cards (which are becoming obsolete) and newer cards with a chip on them. You can also use your credit card on the phones operating with chipped-cards, although it may now always work. Cards are available in 30, 60 or 120 units and can be obtained at post offices, newspaper and tobacco kiosks. All phones in the booths have Turkish and English instructions and menues, many also have German and French in addition. There are also telephones available in private kiosks where you pay cash after your call. These telephones are more expensive than the ones at the booths.
It is estimated that approximately 96% of the population of Turkey lives within the coverage areas of Turkey’s three cell phone line providers. Line providers from most countries have roaming agreements with one or more of these companies.
Telephone area codes for some cities and their towns are: 212-Istanbul European side; 216-Istanbul Asian side, and the Princess’ Islands; 232-Izmir, Çeţme, Foça; 256-Aydin, Kuţadasý; 252-Mugla, Bodrum, Marmaris, Fethiye; 242-Antalya, Kas, Kemer, Alanya; 312-Ankara; 384-Nevsehir, Most of Cappadocia (though a few well-known Cappadocian towns which are parts of the province of Aksaray and have 382 as their area code); 286-Çanakkale, Gallipoli; 224-Bursa, Uludag; 258-Denizli, Pamukkale; 332-Konya; 352-Kayseri. Dial 0 prior to telephone code for intercity calls.
Numbers starting with 0800 are pay-free, whereas the ones starting with 0900 are high-fee services. 7-digit numbers starting with 444 (mainly used by companies) are charged as local calls wherever they are dialed in Turkey.
Dial 00 prior to country code for international calls. International country code of Turkey is 90.
Postal System :
Post offices are recognizable by their yellow-black “PTT” signs. Letters and cards should be taken to a post office since the postboxes on the streets are rare. Nevertheless, Turkish Post (PTT) prints some beautiful stamps. Sending international letters to most countries now cost only 0.80 YTL (about 0.50 Euros). Please check the PTT Webpage for the most current rates http://www.ptt.gov.tr/index_eng.php Main post offices in cities are open between 08:30 and 20:30 (08:30 pm), whereas post offices in towns and smaller post offices in cities are usually open between 08:30 and 17:30 (05:30 pm).
Poste restante letters should be sent to an address in the format of: official full name of the addressee (because the receiver will be asked for an ID card, passport or anything that can proof he/she is the receiver)+POSTRESTANT+name of the quarter/hood/district if in a city where there are more than one post office or name of the town where the post office is+postal code (if known, not obligatory)+the name of the province which the quarter/town of the post office is within. The receiver should pay 0.60 YTL (fee of a domestic letter) to take his/her letter.
“Internet-cafés” or “net-cafés” are available even in small towns. Most, if not all, have good DSL connections, and hourly price for connection is about more or less 1 YTL. Most, if not all, of these internet-cafés also have cd-writers which are avaible for anyone who makes an additional payment. Free wireless connections are available at some airports, hotels and restaurants/cafés (especially in big cities). Please see the Turkish Telecom webpage for information on Telecommuncation services http://www.turktelekom.com.tr/eng_default.asp.
Dial 112 from any telephone, anywhere, free of charge for an ambulance.
Water safety - However tempting it may be on a hot day, try to avoid water from public water tanks and fountains (ţadýrvan), frequently found in the vicinity of mosques. Also, though tap water is always chlorinated, it is better to drink only bottled water. Supermarkets always provide the same brands of water cheaper than kiosks or little stalls. If you have no chance of finding bottled water –for example, in wilderness, up in the eastern highlands- always boil your water; if you have no chance of boiling the water, use chlorine tablets –which can be provided from pharmacies in big cities-, or devices like LifeStraw. Also avoid swimming in fresh water, which you are not sure about its purity, and at seawater in or near the big cities –unless a beach which is declared safe to swim exists. And lastly, afterall, be cautious about water, not paranoid.
Public restrooms - Though many main squares and streets in the cities have a public restroom, if you cannot manage to find one, look for the nearest mosque, where you will see a public restroom in a corner of, or below its courtyard. Despite the fact that there is no shortage of cheap toilet papers anywhere in the country, however, you are unlikely to find toilet paper in almost any of the public restrooms (except lavatories of restaurants –including the road restaurants, hotels and most of the cafés and bars, of course). Instead, you are likely to find bidét or a faucet. So it is a good idea to have a roll of toilet paper in your backpack during your walkings for sightseeing. In the better places on the road in the country there are rest rooms that are maintained and an attendent ready to collect YTL.50 to YTL 1. from the tourist for the privilege of using one.
Pharmacies - There are pharmacies (eczane in Turkish) in all cities and many towns. Pharmacies are open from 08:30 until 19:00 (07:00 pm), however every town has at least one drugstore on duty overnight (nöbetçi eczane), all other pharmacies in the town usually display its name, address and telephone numbers on their windows.