Turkish Delight: Guide To Turkey

Seven thousand kilometres of pristine coastline for which the word turquoise might have been invented, and property at bargain basement prices: small wonder the market in Turkey is whirling like the proverbial Dervish...

The boom in British house prices has created an insatiable demand for second homes; and with many of us sitting on massive equity here, buying a home overseas has now become an affordable option for even modestly salaried Brits.

Spain and France remain the most popular destinations, but with prices rising there and cheap flights extending buyers' horizons and budgets, emerging markets such as Croatia, Bulgaria and Turkey are becoming serious contenders.

Turkey, admittedly, is still a market in its infancy: according to figures from the Turkish Land Registry a mere 9,298 Brits owned a second home there as of January 2005.

However, if that sounds minimal, the growth rate has been spectacular: in July 2003 the figure was 2,964, making for a 214 per cent increase since then.

And the British influx is easily outstripping that of other foreign buyers, whose numbers have increased by just 35 per cent in the same period.

Eighteen per cent of foreign owners in Turkey are now British. We have, it would seem, finally twigged that this is a country that can deliver what we most desire: warm weather, crystal seas, and the chance to buy a three bed detached house for as little as £60,000.

Two bed apartments in many seaside towns go for as little as £20,000, and you can bunk down in a similar property in one of the more up-market resorts (Bodrum or Kalkan) for £40-60,000.

Two or three bedroom houses can be had for as little as £45,000, though they rise to £100-150,000 in locations such as Kalkan - as a rule of thumb think £60-80,000 as typical.

At the top end, meanwhile, a five bedroom luxury villa complete with infinity swimming pool, luxury interior design and spectacular sea views will set you back between £260,000 and £300,000.

It's the coast that has seen most of the current action - Turkey is not just the place where East meets West, it's also the place where the Aegean meets the Mediterranean.

The market has, to a large extent been determined by the location of international airports, which can be found in Izmir, Bodrum, Dalaman, and Antalya. Broadly speaking the market ranges from Kusadasi on the Aegean side to Alanya on the Mediterranean.

Both are affordable options, though they're also more built-up, and not quite as alluring as the places in-between.

Gocek, a classy marina town and popular stop-off for well-heeled yachties, and the picturesque Kalkan, are probably the most up market, while the sophisticated Bodrum, with its white-washed villas and splashes of pink bougainvillaea, is something of a hotspot.

Other coastal towns that are attracting a lot of interest are Fethiye, Dalaman, Kas, Marmaris, and Side. And if you fancy a punt on an up-and-coming area, Amar reckons Belek, between Antalya and Side and home to no less that six golf courses, is relatively under-valued.

Buyers in Turkey are the usual mix of people in search of a holiday home and hardcore investors who might not even visit the country when they decide to buy.

On the investment front, there are some surprisingly good deals on offer - Amar cites Orient Palace, on the Bodrum Peninsula, where apartments were on offer for 60,000 euro with a guaranteed rental return of ten per cent for ten years.

But if you're planning on buying to let think carefully. You need to be clear about how you're going to attract tenants and be aware that you will be competing with big package dealers.

The rental market is still relatively under-developed - what it desperately needs is facilitators who will match renters to properties, there's a gap in the market there for someone to move into.

Buying in Turkey

According to the law on ‘property purchase by foreigners in Turkey’ enacted on January 7, 2006, foreign commercial companies having legal personality established in foreign countries according to the laws of those countries are able to acquire real estate in Turkey on the conditions of being reciprocal and complying with legal restrictions.

However, those companies which are legal entities can buy property provided that they operate pursuant to the special laws such as the Tourism Encouragement Law, the Oil/Petroleum Law, the Industrial Zones Law etc. In addition, foreign legal entities other than the above mentioned commercial companies, such as foreign charities, foreign foundations and foreign societies, etc. cannot buy property in Turkey.

Companies can freely acquire real estate or limited rights in rem through a legal entity established or participated in Turkey by foreign investors provided that such acquisitions are permitted for Turkish citizens.

According to the legal framework mentioned above, both Turkish citizens and foreign owners have equal property-ownership rights.

It is not compulsory to hire a solicitor. However, since there are lots of transactions for buying a property and some steps are very important, a careful consumer will consult a solicitor who can provide legal and financial advice about all issues including a power of attorney. Please note that solicitors are privileged professionals to gather any information on Property official records at TAPU offices,

• Company registration records at Chambers of Commerce

• Financial viability of a company

• How to find out who owns a property

• Whether a property had been built properly and all relevant licenses had been gathered

Furthermore, you may not need a translator if you are using a good English-speaking solicitor. Moreover, a good solicitor can do all search and checks well for you to secure your rights. In addition, please bear in mind that an authorised solicitor cannot breach the laws and regulations. Otherwise, the Barr he has been registered with abolishes his license and afterwards he can never work as a solicitor.Please note that you can double check whether the solicitor you are using is an authorised solicitor at www.barobirlik.org.tr/eng/. Please note that this search engine is sensitive to Turkish characters i, ü, ö, s, ç, g.You are strongly advised to have the contracts you are to sign with a seller.

• translated by a Sworn-translator and

• ratified by a notary public

If you have difficulty in finding a local sworn-translator, you can ask a notary-public to give you a list of translation professionals they use.

Getting there

Turkish Airlines fly London Heathrow to Istanbul three times a day.

London Stansted to Istanbul three times a week (Tues, Thurs, Sun), with effect from 16/06/05.

London Stansted to Antalya twice weekly (Mon, Fri), with effect from 17/06/05.

Manchester to Istanbul five times a week.

Plus connections from Istanbul throughout Turkey.

British Airways: Twice-daily Heathrow to Istanbul

Cyrpus Turkish Airlines: Flights stop in Turkey on the way to Northern Cyprus: Gatwick to Antalya; Stansted to Antalya, Dalaman and Izmir; Heathrow to Antalya and Izmir; Belfast to Antalya; Glasgow to Antalya; and Manchester to Dalaman.

Facts

• Full name: Republic of Turkey

• Population: 73.3 million (UN, 2005)

• Capital: Ankara

• Area: 779,452 sq km (300,948 sq miles)

• Major language: Turkish

• Major religion: Islam

• Life expectancy: 68 years (men), 73 years (women) (UN)

• Monetary unit: New Turkish lira

• Main exports: Fruit and vegetables, textiles and clothing, iron and steel

• GNI per capita: US $4,710 (World Bank, 2006)

• Internet domain: .tr

• International dialling code: +90

• Population: 63,528,225 (July 1997 est.)

• Largest Cities: Istanbul - 6,620,241; Ankara - 2,559,471; Izmir - 1,757,414

• Average Temperatures: Ankara: January 0°C (32°F); July 23°C (73°F). Istanbul: January 5°C (41°F); July 23°C (73°F)

• Ethnic groups: Turkish 80%, Kurdish 20%

Back to Top