BUYING A PROPERTY IN TURKEY - The Main Guide

Traditionally British people have bought property mainly in European-Mediterranean countries such as Spain , France , Italy and Cyprus as well as famous US destinations like Florida . However, these places have recently become extremely expensive and saturated. Nowadays, the UK citizens have been seeking other alternative overseas destinations.

If you, as a UK citizen, prefer buying a property at a very reasonable price which you can use yourself for regular holidays and that you can also rent out to get some income in a country where the summer is nice and long, stretching from March to November, and there are many tourism attractions, then Turkey is the most appropriate destination for you.

Turkey , where the two continents - Europe and Asia- meet, is a wonderful country which is surrounded by Agean, Black, Mediterranean and Marmara seas, has very nice coastal locations, whose land had been the cradle of the oldest civilisations and religions. Furthermore, life in Turkey is easy and Turkey is one of the few OECD countries with the cheapest prices. People in Turkey are warm and hospitable to all foreigners. You can find very wide range of delicious food and the Turkish cuisine is one of oldest and richest cuisines in the world. The sun, lovely nature, nice beaches, exciting outdoor and entertainment activities, winter sports (in inner parts in winter time), skiing, water, mountain sports, big modern shopping malls, and lots of sightseeing and historical places are all appealing features of Turkey.

According to the Constitution, the characteristics of the Republic of Turkey are defined as democratic, secular and social state governed by the rule of law; bearing in mind the concepts of public peace, national solidarity and justice; respecting human rights; loyal to the nationalism of Atatürk. That's why, the State is fair for all residents regardless of their religion, social background, ethnicity, gender, and culture.

In year 2005, more than 21 million tourists visited Turkey and more than 25 million tourists are expected to visit Turkey in 2006. This figure is expected to double within a few years. Moreover, future projects such as creation of much more congress, golf, health tourism centres, having held international sports events such as Formula 1 races, international university Olympics-Universade 05/Izmir and UEFA Champions League Cup Final in 2005; the fact that Turkey started full EU-membership negotiations in October 2005 are all potential factors which will contribute well to property market in Turkey.

Moreover, the facts that;

• The new mortgage law and other relevant laws with regards to the regulation and supervision of the property market will be enacted in 2006,
• 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,
• The buildings erected after the devastating earthquake in Izmit, a city in the northwest of Turkey, in 1999 are much more preferred by investors since those (newer) buildings have to be pursuant to the earthquake-proof standards which were launched after 1999,
• Significant number of buildings lack the required licenses,

suggest that house prices are highly likely to be rocketed within few years. Thus, there are big prospects for property and construction related businesses.

In this regard, buying a property in Turkey can really lead to substantial amount of gains if an appropriate decision is made. Since property prices are steadily going upwards, there will be a significant difference between the acquisition cost and the money you will get when you sell it. Moreover, your property is likely to amortise its acquisition cost within at most 8-to-12 years if it is rent out properly. Charging comparatively low taxes on property is another advantage of the Turkish property market.

As a result, the interest of foreigners in buying a property in Turkey has been growing. They buy real estate for either investment or residential purposes. There are very quiet, environmentally very clean, secure and cheap places for old people to live whereas there are very good job/business opportunities for qualified people who would like to work or to establish their own enterprise.

Who can buy a real estate in Turkey?