New Turkish law will end delays in foreign property transactions
Tuesday, May 6, 2008
It has been officially confirmed the temporary suspension of the issuing of title deeds to overseas investors by the Turkish Constitutional Court will end on July 16th.
Earlier the Constitutional Court of Turkey has stated that a specific section of Article 35 of the Title Deed Act (Tapu), which administrates the property acquisition by non-Turkish nationals, is contrary to the Turkish constitution. John Howell, of the International Law Partnership has said that the issue is not about permission of buying land and property in Turkey, but rather about the relaxation of the rules regarding the amount of land that overseas property investors can buy.
Overseas investors who are likely planning to buy in an officially zoned area of Turkey will have to wait for a short time before it can be secured. Dominic Whiting, editor of the Buying in Turkey guide has said that the amendments will have completely no impact on the mainstream British buyers purchasing property or land but they need to wait until the new law is passed on 16th July. With the implementation of new law, foreign companies will be prevented from buying land only in countryside or possessing over 0.5% of the land in any one province. The changes are not expected to adversely influence Turkey property market in general.
Mr. Howell further added that this is a fleeting measure and once the government decides about the new legislation, the suspension will be lifted. A government spokesman officially confirmed the new law is scheduled to be passed on 16th July 2008.
Social BookmarkingEarlier the Constitutional Court of Turkey has stated that a specific section of Article 35 of the Title Deed Act (Tapu), which administrates the property acquisition by non-Turkish nationals, is contrary to the Turkish constitution. John Howell, of the International Law Partnership has said that the issue is not about permission of buying land and property in Turkey, but rather about the relaxation of the rules regarding the amount of land that overseas property investors can buy.
Overseas investors who are likely planning to buy in an officially zoned area of Turkey will have to wait for a short time before it can be secured. Dominic Whiting, editor of the Buying in Turkey guide has said that the amendments will have completely no impact on the mainstream British buyers purchasing property or land but they need to wait until the new law is passed on 16th July. With the implementation of new law, foreign companies will be prevented from buying land only in countryside or possessing over 0.5% of the land in any one province. The changes are not expected to adversely influence Turkey property market in general.
Mr. Howell further added that this is a fleeting measure and once the government decides about the new legislation, the suspension will be lifted. A government spokesman officially confirmed the new law is scheduled to be passed on 16th July 2008.
Labels: Investment-property, Property-law
posted by EstatesNewz, 1:14 AM
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New mortgage law excites British buyers
Monday, March 24, 2008
Spot blue Turkey property agents with offices in the UK, is the first company to offer mortgages in Turkey to UK citizens.
With the loan for Software consultant Steve Hardy recently, the curtain is parted and it shows new avenues for overseas buyers. Property experts are predicting Turkey could soon become Brits favourite spot for a holiday home. British tourists and investors are tempted by the turquoise coastline, great value property, a lower cost of living, a warm climate and the hospitality of the people.
The picture is looking rosy for overseas buyers, with a new mortgage law in Turkey opening the doors for British buyers to borrow money locally and Julian Walker from Spot Blue has said that they can arrange finance in Turkey as British buyers can already borrow from two Turkish banks right now
Walker cited examples that Stephen secured his £70,900 Turkish property with spot blue, which he paid a £2,000 refundable deposit and 30 per cent initial payment of £20,000 and Spot Blue arranged the remaining payment of 70 per cent through one of the Turkish banks. Steve Hardy's two-bedroom duplex apartment will be finished in December this year has said that initially he thought t that it would be hard to get mortgage in Turkey but praised Spot Blue as they made everything look easy.
Walker warns about 100 percent mortgage by some agents. The promised 100 per cent loan is load of waffles as they would be undervaluing the property after that.
Social BookmarkingWith the loan for Software consultant Steve Hardy recently, the curtain is parted and it shows new avenues for overseas buyers. Property experts are predicting Turkey could soon become Brits favourite spot for a holiday home. British tourists and investors are tempted by the turquoise coastline, great value property, a lower cost of living, a warm climate and the hospitality of the people.
The picture is looking rosy for overseas buyers, with a new mortgage law in Turkey opening the doors for British buyers to borrow money locally and Julian Walker from Spot Blue has said that they can arrange finance in Turkey as British buyers can already borrow from two Turkish banks right now
Walker cited examples that Stephen secured his £70,900 Turkish property with spot blue, which he paid a £2,000 refundable deposit and 30 per cent initial payment of £20,000 and Spot Blue arranged the remaining payment of 70 per cent through one of the Turkish banks. Steve Hardy's two-bedroom duplex apartment will be finished in December this year has said that initially he thought t that it would be hard to get mortgage in Turkey but praised Spot Blue as they made everything look easy.
Walker warns about 100 percent mortgage by some agents. The promised 100 per cent loan is load of waffles as they would be undervaluing the property after that.
Labels: Mortagage, Property-law
posted by EstatesNewz, 3:31 AM
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Turkey - exciting 2008 for buyers
Wednesday, February 20, 2008
The South-western 'Turquoise' Mediterranean Coast of Turkey presents valuable opportunity as thousands cash in on soaring prices in Spain and Portugal to buy a second home in turkey. The market has increased to record proportions because lack of good accessibility and issues in mortgages for British buyers are expected to be cleared in 2008.
The low cost easy jet airlines announced today that it will acquire the assets and business of GB Airways, which has more operations in turkey's southern coast. British Airways is launching flights from Gatwick to Antalya in Turkey next summer. There will be three flights per week to Antalya from April 10, 2008. Opening of a second airport for Antalya Region in Gazipasa in the near future is being planned but the routes will be confirmed soon.
According to the property sales law, foreigners can have property in Turkey and it is been accepted in the Parliament. The new mortgage law in Turkey sets new standards and it will accelerate the Flow of Foreign Capital into Turkey.
Turkey is hoping to dispel negative perceptions about Iraq as its neighbor and volatility of Turkish lira by structural adjustments, liberalization attempts and institutional changes and reorganization of the economic system.
Buying an apartment for £25,000 in Altinkum and £1m for a villa in the upmarket resorts of Kalkan, Kas, or Bodrum become a more attractive proposition. Spot Blue is now selling stylish, good quality, two-bedroom villas in the golfing destination of Belek, 20 miles from Antalya airport, for £85,000.
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The low cost easy jet airlines announced today that it will acquire the assets and business of GB Airways, which has more operations in turkey's southern coast. British Airways is launching flights from Gatwick to Antalya in Turkey next summer. There will be three flights per week to Antalya from April 10, 2008. Opening of a second airport for Antalya Region in Gazipasa in the near future is being planned but the routes will be confirmed soon.
According to the property sales law, foreigners can have property in Turkey and it is been accepted in the Parliament. The new mortgage law in Turkey sets new standards and it will accelerate the Flow of Foreign Capital into Turkey.
Turkey is hoping to dispel negative perceptions about Iraq as its neighbor and volatility of Turkish lira by structural adjustments, liberalization attempts and institutional changes and reorganization of the economic system.
Buying an apartment for £25,000 in Altinkum and £1m for a villa in the upmarket resorts of Kalkan, Kas, or Bodrum become a more attractive proposition. Spot Blue is now selling stylish, good quality, two-bedroom villas in the golfing destination of Belek, 20 miles from Antalya airport, for £85,000.
Labels: Antalya, Property-law
posted by EstatesNewz, 9:35 PM
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New legislation is a boost for property buyers
Monday, February 11, 2008
Turkey's Forest and Agriculture ministry has issued new guidelines and regulations set out in a White Paper on planning laws to be in force till 2025 for confining the increase of construction work. The White Paper covers all the major tourist areas, from Aegean and Mediterranean coastlines which till recently were under local planning strategies and resulted in widespread disorganized buildings.
Robert Nixon, Director ,UK Operations for Nirvana International ,specialists in property in Turkey welcomed this initiative from the government and said that this not only main tourist centers on the coastline but also the other cities and nearby countryside. This innovation has ensured turkey would retain its original glory. He has said that this is a very important step on its way to becoming a prime destination for buyers from abroad.
Tourism industry will be monitored closely and buildings are restricted to enable coastal resorts to grow but without spoiling any of the natural beauty of turkey. This also takes care of agricultural establishments, archaeological sites, energy source regions and other natural, historical, cultural assets of turkey
Planners will also now need to carefully consider city development areas. Nixon said that turkey's pristine beauty could have been in danger by over development, but as these laws are implemented they see it as a complete bonus facilitating buyers to acquire property knowing they will not be wrecked by more developments of apartments with unsustainable density.
Social BookmarkingRobert Nixon, Director ,UK Operations for Nirvana International ,specialists in property in Turkey welcomed this initiative from the government and said that this not only main tourist centers on the coastline but also the other cities and nearby countryside. This innovation has ensured turkey would retain its original glory. He has said that this is a very important step on its way to becoming a prime destination for buyers from abroad.
Tourism industry will be monitored closely and buildings are restricted to enable coastal resorts to grow but without spoiling any of the natural beauty of turkey. This also takes care of agricultural establishments, archaeological sites, energy source regions and other natural, historical, cultural assets of turkey
Planners will also now need to carefully consider city development areas. Nixon said that turkey's pristine beauty could have been in danger by over development, but as these laws are implemented they see it as a complete bonus facilitating buyers to acquire property knowing they will not be wrecked by more developments of apartments with unsustainable density.
Labels: Property-law, Real-estate-news
posted by EstatesNewz, 10:55 PM
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