Find out the answers to the questions most often asked by potential purchasers of property in Turkey. This information will give you a greater understanding of the current climate for investment.
Turkey works on a reciprocal agreement and if Turkish citizens are permitted to buy a property in their country, citizens from that country are allowed to buy in Turkey. With Turkey set to join the EU in 2007 this has opened its doors to allow citizens from many different countries to buy a property in Turkey in line with EU law.
Foreigners are allowed to buy property or land in their own names in towns but not in villages or rural areas.
Turkey is a highly sought after holiday destination and this factor is a strong contributing factor to the property investment success the country is currently undergoing. 25 million tourist flock to its coastal resorts each year (up from 14 million in 2004) and this, combined with an excellent sunny climate, indicates the success that Turkey is today.
Turkey’s current status as a strong candidate for EU membership has added to the overwhelming international interest in property iin Turkey. Returns on property investment are high and last year alone, property prices rose by around 50% in some areas. An increase in demand is set to drastically push prices upwards and create an environment that is ripe for buy-to-let investments.
The stunning natural beauty, warm climate and vibrant culture in Turkey continue to attract tourists and retirees each year.
Turkey’s appeal also lies in comparatively low cost of living and stable economic situation, further enticing visitors to the country. The government has tax incentives in place which favour property transactions, such as exemption from annual property tax in for the first five years of ownership, no capital gains tax for individuals who have owned a property for more than one year and easy repatriation of funds.
Turkey is a dynamic and emerging market equipped with a well-developed infrastructure and a globally competitive work forces. Turkey is also home to a thriving tourist industry and rapidly growing property market, attracting huge international interest.
The Turkish property market currently offers excellent quality and value for money. This, combined with the outstanding expected growth (25-40% per annum), offers property investors a unique opportunity.
Turkey is currently at the very start of the long road to possible EU inclusion. There are many factors yet to be discussed and Turkey issues to be corrected before inclusion will be seriously considered. When Turkey does get accepted into the EU, it can expect the price of property to rise substantially and tourism to improve even further. Many investors are purchasing in Turkey with EU inclusion as a major driving force for this investment, while they look to take advantage of the current low property prices and a growing rental market.
Turkish economy is very strong with 5.6% GDP growth in 2005 and Turkey now has the 22nd largest economy in the world.
Turkey’s system of government is democratic and it is a full member of NATO. The president, currently running the Justice & Development Party (AK), has broad powers of appointment and supervision, and is chosen by Parliament using proportional representation for a term of 7 years.
The stringent entry conditions imposed by the EU require human rights to play an instrumental role in the progress of a struggle between Turkey's policy makers. This will ensure a fully democratic system, in line with European standards, which is already well developed in such areas as allowing women a political vote and an allowance for complete freedom to worship any religious faith.
In line with the boom in tourism, low cost airlines such as Turkish Airlines are already planning new routes, lower fares and increased services to cater for the increased numbers of visitors. As accessibility increases, Turkish property will become even more sought after and investors will inevitably see encouraging capital appreciation.
The main points of entry for investors in Turkey are Bodrum, Dalaman or Antalya, with bookings from Turkish Airlines, British Airways, Thomas Cook and Excel.
In winter, daily flights to Bodrum are available from Heathrow with transfer in Istanbul to Bodrum. However in summer, you can fly to Bodrum direct from most UK airports.
Flight time is only approximately 3 ½ hours from the UK.
Entering Turkey is simple and visitors from many EU countries and New Zealand are free to enter Turkey without the need for a visa.
However citizens of the following countries need to purchase a visa, which is a sticker obtained at the point of entry into Turkey and is valid for 3 months:
You are well advised to apply to the Turkish Government Office for a Residents Visa if you are relocating to Turkey for more than 6 months. The document they issue will need to be taken to the police station for processing.
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