World of Property & Real Estate

The principles relating to the ownership of property in Turkey are laid out in Article 35 of the Turkish constitution and the laws relating to the foreign freehold ownership of land or real estate in Turkey have recently been revised and relaxed meaning that the property buying process in Turkey today has been simplified.

An investor wishing to enter the Turkish property market needs to be aware of certain restrictions that apply to the foreign ownership of properties or land of a given type in a particular location; furthermore it’s imperative that detailed and thorough title searches are carried out by an investor’s lawyer because problems have been known to arise with vendor’s not having the right to sell property for example.

Basically the process to purchase investment property in Turkey is straightforward if an investor is aware of the potential pitfalls and the restrictions that apply. This guide to the property buying process in Turkey highlights the main issues property buyers should bear in mind; but nothing can replace good legal advice and the first thing an investor should do before even making an offer on a property is find a local real estate lawyer to represent their interests.

In Turkey the sale of property to overseas buyers depends on the principles of reciprocity - if the country from which the investor heralds grants the theoretical right of freehold ownership of property to a Turkish citizen then the overseas buyer will be given permission to buy property in Turkey.

Land in Turkey is allocated a specific function according to the zoning schemes of the nearest town or village and if a piece of land is deemed to be agricultural for example and is offered for sale to an investor for development, certain issues will present themselves because the buyer’s intended use for the land does not match its defined function. Therefore it is imperative that a solicitor checks whether any restrictions exist in relation to any parcels of land a property investor is interested in buying for example.

Other restrictions that exist relate to land or property that is physically located outside the designated centre of the nearest town or village; the Village Act stipulates that foreigners are not permitted to own such real estate. And the final main restriction that can limit a property investor’s choices in Turkey is the restriction surrounding military land. Overseas buyers cannot buy land or property in the vicinity of military land.

If an investor is in doubt over any of these issues or is concerned about any real estate they are interested in buying in relation to these restrictions they should not even submit an offer to purchase before consulting their lawyer.

Once a property has been identified by the property investor as fulfilling all their investment criteria, an offer to purchase can be submitted to the vendor and upon acceptance it’s usual for the buyer to sign a conditional preliminary contract and pay a deposit of up to 10% of the property’s underlying price. The contract is mainly conditional to the completion of satisfactory title deed searches, and if the purchaser pulls out of the contract for any reason than those laid out under the terms of the contract then they forfeit their deposit. Likewise if the vendor withdraws from the sale they are expected to compensate the disappointed investor. It’s wise to have all these stipulations detailed in the preliminary contract, and any promises that have been made by the developer or vendor that are binding for the sale should also be included in any and all contracts entered into.

It’s imperative that the property investor’s solicitor do thorough searches of the title to the land or property to ensure that the vendor has the legal right to sell and that there are no outstanding debts or legal problems with the property. If the investor is buying an older property they should have a full structural survey done as well – especially if buying in an earthquake prone area as some structural issues can exist that are invisible to the naked eye.

When all has been proved to be in order with the investment property in Turkey the final contract is signed in front of a public notary by the vendor and the purchaser (or lawyers with powers of attorney), and the sale is completed when the balance is transferred to the vendor. The buyer’s solicitor will apply to have the title transferred and for the new title deeds to be delivered in the name of the property investor. This process can take a few months and in the meantime the majority of related taxes and fees will be due.

Finally, an approximation of the additional fees and taxes would include lawyer and notary fees, buyer’s tax of 1.5% of the property’s value, government and community taxes, insurance, property management charges and utility connection fees.

Source:Amberlamb

The Aegean cost is a stunning property investment choice in Turkey. As the prices in European countries gets higher, Turkey provides a good strategic investment for investors wanting to buy property in a sunny climate with seaside access nearby. Turkish Property prices there are still much lower than the EU average.

Turkey is steadily increasing in tourism, in turn creating more exposure, interest and demand for property. The value of Turkish Property is expected to appreciate in beachfront areas by as much as 50 percent initially, with predictions for the next two to three years reaching 100 percent.

Western Turkey is notably inexpensive and offers high accessibility. The Aegean coast stretches from Marmaris in the south to the opening of the Dardanelles at Canakkale. The region is where modern culture meets ancient natural and man-made wonders in Turkey.

The epicenter of tourism in the Aegean region is Bodrum, the southernmost major holiday town of the Aegean. It is well-known among foreign visitors and Turkish travelers. An enclave of small villages and towns are sprinkled throughout the peninsula, most of which are equipped with resorts, hotels, guest houses, bars, restaurants, shops and other attractions. For travelers in search of quiet and solitude, some villages have less resorts and tourist attractions, leaving the area more or less in its pre-tourism conditions and the sea barely touched by industry. However, other villages are well-known for their vibrant night life of clubs, bars and discos.

Sports and activities are plentiful in the Aegean, including; diving, jet skis, waterskiing, windsurfing and paragliding.

Accessibility is key for investors, as areas that are easier to reach are more likely to be frequented and are in higher demand.

Bodrum holds an international airport, which is reachable from some major cities in Europe. There are also ferries to Greek islands, Kos and Rhodes, from Bodrum, and the trip from Bodrum to Istanbul is 12 hours by bus and1 hour by air.

Another highly trafficked region of the Aegean is Marmaris’s yachting center. Located in the southwest corner of Turkey, it is bordered by green mountains, pine forests and the azul Mediterranean Sea. Small bays line the peninsula with pine-covered beaches and camp sites the attract tourists the world over.

According to local estate agents, property prices on the Aegean are still much lower than the EU average. Destinations such as Izmir, Marmaris, Bodrum, Altinkum Didim and Kusadasi are growing in popularity among foreign investors, as more people find the affordable prices and a fairly efficient buying process.

Kusadasi’s status as a well-known port city is sure to increase its reputation among travelers. Those who have visited the city will be more likely to return, and word of mouth is the best form of advertising. It is also located near the ancient city of Ephesus, founded between the 16th and 11th centuries B.C. This former metropolis of the ancient world remains as a testament to the popularity of the region. Excavations on the city continue as nearby new building projects go up to house the travelers who continue to flock to the region, ensuring investors’ prosperity to come.

Aspiring to join the European Union within the next ten years, Turkey still benefits from lower property prices, relative political stability and it proximity to the financial strength of Western Europe. This situation adds up to growth potential that will certainly boost the prices of the Turkey real estate in the future.

The Mediterranean coast offers an all round season for good holiday rental opportunities. Tourism operators and airlines are steadily increasing their capacity in the region, adding to predicted property investment growth. Property acquisition expenses are low, as are taxes.

Hasan Deniz

Do you know that today; mortgages for foreigners in Turkey are liberal and very encouraging to investors?
Turkey is gearing towards liberalization of its national policies. Among the major advances in Turkey is the loosening of the country’s policies on ownership of foreigners of real property. As a result of such amendment, more and more foreigners coming from nearby European countries and the rest of the world invest in Turkish property.
There is a variety of means to own property in Turkey, use of private funds, a simple personal loan and loan with mortgage of property. Of these three, mortgage Turkey is the most efficient and convenient means.
Because of the demand for Turkish property, the country has tailored its mortgage laws to cater the growing industry of real estate sale to foreigners in order to encourage it. Today, the presence of a strong set of laws on mortgage makes Turkey a predictably good property investment on the map.
Most banks have a package or plan of mortgage for foreigners in Turkey, who are interested in buying property. In fact, even nationals from Great Britain and the other Scandinavian countries have chosen this scheme in order to facilitate easier ownership over the property since it is more expedient.
Just as well, applying for a contract of mortgage in Turkey is made more practical for foreigners seeking to own property. There are only four major requirements – a valid passport, proof of income, tax returns in the preceding year, and credit and mortgage statuses in the country of origin. After the mortgage is approved, the loan is released to be paid to the sellers of the property and title over the mortgaged property is issued in the name of the mortgagor.
In addition, it is notable that Turkey, in encouraging foreign ownership of property, has not set a maximum amount for mortgage to foreigners but has only set a considerable minimum of 30,000 Euros as floor mortgage price. In addition, foreign mortgagees are allowed to apply up to 65% of the value of the property as loan to finance the purchase.
The made-easy mortgage for foreigners in Turkey and the non-rigorous procedure in its application marks a market tendency that will bolster the increase of demand for real estate in Turkey.

Investment property in Turkey today is believed to have a bright future. Turkish property today is valued around 50% more than its price half a decade ago. It is speculated by economic forecasters that in the following two to three years, such assessment would appreciate to 100%.
There are a number of political and economic reasons why the value of Turkish is on the rise. The first is the country’s recent membership in the EU. Second, is its economic advancement, making its economy reach the highest peak it has been for over a decade. Third are its advantageous Turkey mortgage policies for foreigners. Topping that is the country’s natural aesthetics and historical worth.
The best property for investment in Turkey is on the tourism sector, particularly the resorts. For several years now, Turkey has been experiencing a rapid increase of tourism that since 2004, the rate has increased twice to todays P25 million tourists, more or less. Much of these are tourists who flock the beaches of the country and majority of them are retirees. The real property along the beaches of Turkey has now become the most profitable areas for tourism.
There is no wonder to the fact that Turkey has become a tourist magnet. Other than being a melting pot of European and Asian culture, it has also natural grandeurs to offer. The country is proud of its stunning beaches, hot temperature and other scenic spots. There are still lots of undiscovered areas and beaches that may be good prospects as investment property in Turkey for exploitation and development into formidable holiday vacation getaways.
Other than such reasons, what makes Turkey more attractive to vacationers especially to retirees is that the cost of living in the country is comparatively lower than any European country.
It is predicted that in the next 10 years, the shores of Turkey will be a major international holiday getaway hit in the map. So, investment property in Turkey poses as a luring asset for prospect investors all over the world.

Turkey property is said to have one of the most promising future in the years to come. Its recent membership in the EU and a well-maintained economy are keys to the rise of demand for real property in the country. As of the present, property market in Turkey is only beginning to rise.
There is so much on Turkey property than is known as of the present. Being the 37th largest country in the world, it offers a lengthy land mass to exploit. Of the possible investment property, however, vacation properties are predicted to be the most valuable in two to three years. As proof to that, only last year, 25 million tourists have crowded the open pristine beaches of the country, searching for the sun and sea.
The beaches of Turkey are stunning and are believed to be one of the most beautiful in Europe. The country has a wide seashore line since three seas encircle it. To the west, located is the Aegean Sea; to the south, the Mediterranean Sea; and to the north, the Black Sea. Much of these properties are still undeveloped and undiscovered yet. It then makes Turkey, a huge market for vacation resorts to cater to the increasing number of tourists that flock the country.

What makes the country more luring to foreigners is the fact that it has hot, dry summers of a Mediterranean temperate climate. In fact, compared to other EU destinations, it offers more hours of sunshine in a year. It is more attractive to retirees since the cost of living in Turkey is comparatively low if compared to its neighbors.
There is a bright future ahead for Turkish property especially its Riviera since more and more Europeans become enthusiastic to visit the country in line with its political and economic acceleration. As of the present, real estate property and imposable taxes in Turkey is still comparatively lower than those sold in any of its neighboring European countries.
The country is expected to be one of the top holiday vacation spots in the map that the value of the assessed Turkey property is expected to increase more than 100% its value as of the present. So, in the next ten years or so, Turkey investment property is predicted to be one of the most profitable investments in EU real estate.

One of the most lucrative ventures today is Turkey investment property. The future of real estate & property Turkey is predicted to be more profitable than investment elsewhere since the country has shown signs of growth and development these past few years. There are four major reasons why Turkey is the best place in the map to invest real property:
1. its economic integration process,
2. its drastic effort to relax its policy on foreign ownership of property,
3. its mortgage options made available to foreigners and
4. its recent membership in the European Union.
There is lots of possible investment property in Turkey but vacation properties are deemed to be the most lucrative in the present and are predicted to continue in the years to come, especially the resort industry.
Proof of that is from 14 million tourists in 2004 that herded in the coasts of Turkey, it has increased today to a whooping 25 million tourists and is believed to increase annually. Most of the people who retreat to Turkish shores are local tourists and foreign retirees.
Turkey is indeed an appealing vacation getaway because other than its numerous historical sites for being a melting pot of Asian and European culture, it has much natural beauty to offer. It has a warm sunny climate most of the year and it offers beautiful open beaches and sceneries which are truly picture perfect. Added to that is Turkey’s low cost of living in comparison with its neighboring countries.
Another encouragement promotion of foreign ownership of Turkish land includes certain tax incentives to foreigners. Within 5 years from the date of purchase, no capital gains are assessed. No capital gains are also imposed for properties owned for 1 year or so.
In fact, it has been predicted in 2006 by Amberlamb, an expert in property investment that the industry of sale of Turkish property is bound to become of the top 5 markets in Europe with respect to appreciation of capital.
There is no better time to purchase investment property in Turkey – especially holiday properties – than now since its popularity to foreign investors and vacation house owners has only began.