Rewards and risks of buying property in Turkey
Friday, March 28, 2008
British tourists and investors are tempted by the turquoise coastline, water sports, water skiing and scuba diving that is on offer in many of Turkey's coastal towns. Many people who visit Turkey are impressed by the Mediterranean climate, hospitality and great value of the country that they turn from tourists to property investors.
According to the statistics, even though the prices have gone up to 15 to 20 percent in the last year, prices are still cheap when compared to British standards. Turkey is becoming exciting destination for property buyers and already 17,000 British have property in Turkey. Julian Walker, managing director at Spot Blue has said that one-bedroom flats can go for £25,000, two-beds for £50,000 and villas for £90,000. According to the reports by Conti Financial Services revealed that enquiries about Turkey has increased to a whopping 147 percent when compared to other European countries like Spain, by contrast, enquiries fell by more than 28 per cent.
According to the law on 'property purchase by foreigners in Turkey', foreign nationals are able to acquire real estate in Turkey on the conditions of being reciprocal and complying with the laws. Both Turkish citizens and foreign owners have equal property-ownership rights. The mortgage law available over long periods to house buyers and is expected to transform both the housing market and the Turkey's urban environment. Annual Real Estate Tax (a tax similar to the Council tax in the UK) rates for building land, non-residence-purpose buildings and residential buildings are 0.3%, 0.2%, and 0.1%, respectively. Foreign buyers will have to pay 25 per cent deposit and mortgages are available over 15 years.
Turkish economy is positively moving forward and leads the way in emerging markets and well ahead of popular tourist destinations like Cape Verde, South Africa, Thailand and Egypt. More overseas investors arrive much more conveniently in turkey due to the low cost flights and this of course makes buying property in Turkey more accessible. The development of the property rental market in Turkey is moving in the right directions as Turkey’s tourism figures continue to soar. The rental market can provide a good return on investment for property investors in Turkey with the expected arrival of further low-cost flights to Turkey.
Linda Travella, spokeswoman for the National Association of Estate Agents International has said that buying property in emerging countries requires more research and local knowledge. The process would be different when compared to UK system.
Social BookmarkingAccording to the statistics, even though the prices have gone up to 15 to 20 percent in the last year, prices are still cheap when compared to British standards. Turkey is becoming exciting destination for property buyers and already 17,000 British have property in Turkey. Julian Walker, managing director at Spot Blue has said that one-bedroom flats can go for £25,000, two-beds for £50,000 and villas for £90,000. According to the reports by Conti Financial Services revealed that enquiries about Turkey has increased to a whopping 147 percent when compared to other European countries like Spain, by contrast, enquiries fell by more than 28 per cent.
According to the law on 'property purchase by foreigners in Turkey', foreign nationals are able to acquire real estate in Turkey on the conditions of being reciprocal and complying with the laws. Both Turkish citizens and foreign owners have equal property-ownership rights. The mortgage law available over long periods to house buyers and is expected to transform both the housing market and the Turkey's urban environment. Annual Real Estate Tax (a tax similar to the Council tax in the UK) rates for building land, non-residence-purpose buildings and residential buildings are 0.3%, 0.2%, and 0.1%, respectively. Foreign buyers will have to pay 25 per cent deposit and mortgages are available over 15 years.
Turkish economy is positively moving forward and leads the way in emerging markets and well ahead of popular tourist destinations like Cape Verde, South Africa, Thailand and Egypt. More overseas investors arrive much more conveniently in turkey due to the low cost flights and this of course makes buying property in Turkey more accessible. The development of the property rental market in Turkey is moving in the right directions as Turkey’s tourism figures continue to soar. The rental market can provide a good return on investment for property investors in Turkey with the expected arrival of further low-cost flights to Turkey.
Linda Travella, spokeswoman for the National Association of Estate Agents International has said that buying property in emerging countries requires more research and local knowledge. The process would be different when compared to UK system.
Labels: British, Economy, Turkish-property
