Key Information About Property in Turkey!

Until relatively recently buying property in Turkey had been very difficult for foreign nationals, if not impossible. This is because the Turkish government chose to make it very difficult for them.

Fortunately between 2002-2003 the Turkish government saw the light and loosened the laws in regards to foreign ownership of property in Turkey.

The law in Turkey now essentially says that if a Turkish citizen is able to purchase property in a foreign country, for example the UK, then those foreign countries citizens can purchase real estate in Turkey, hence setting up a sort of reciprocal agreement. However, there are still some exceptions to this rule, so it is always best to check with a lawyer, or other suitable expert, about any restrictions prior to attempting to purchase any Turkish property.

In recent years many people have been looking at property investments in Turkey. Whether this be as a holiday home or as a straight but to let or sell proposition the influx of foreign property investors into Turkey has at times been staggering.

But What Does Turkey Really Have To Offer?

Well, it potentially has quite a bit to offer. Below is a brief list for starters.

1. Turkey has an average of about seven month’s sunshine a year, making it a very attractive place for tourist and people looking for a second home destination.
2. The people of turkey are generally considered to be very hospitable.
3. In recent years Turkey has boasted one of the fastest growing economies in the World.
4. The majority of property in Turkey is freehold.
5. Turkey is a hot spot for Britons on holiday. In fact it is fast becoming the location of choice for Britons looking for a holiday in the eastern Mediterranean.
6. In 2005 around 24 million Tourists visited Turkey helping to make a 18 billion pound industry out of tourism in Turkey. This figure is set to increase in the coming years.
7. At the time of writing property in Turkey has enjoyed double digit capital growth for a few years.
8. English is widely spoken in parts of Turkey, especially in business circles.

The list above covers just a few of the reasons investment property in turkey might be a lucrative venture. If you are seriously considering buying Turkish property you might want to visit our history of turkey page to gain more of an understanding into historically what makes this fascinating nation what it is today.

However, before you rush off to search Google for hot properties to buy in Turkey, there are still a few things to keep in mind as anyone can make a bad property investment decision, whether that be in Turkey or anywhere else in the World.

Below are a Few Things To Consider Before Buying Property in Turkey

• It is essential that you do a thorough title search on any property in Turkey you are looking at purchasing. Historically Turkish property is well known for being burdened by various problems and liens on their title.
• As alluded to earlier it is vital that you use the services of a competent lawyer that is used to dealing with the purchasing of properties in Turkey. Hence, they should be well equipped to dig out any problems with the property title or anything else that comes up.
• While surveys are common in the UK and else where abroad, as yet they are not as common in Turkey; however, it is still possible to get one, but costs can very hugely depending on the area you have chosen to buy property in.
• Earthquake insurance cover is compulsory in most parts of Turkey and even in the areas that it isn’t it might be worth considering getting it anyway. The cost is normally not ludicrously expensive.
• The new Turkish Lira is the currency in Turkey. At the time of writing cash can usually be exchanged commission free in banks, hotels or bureaux de changes. Normally Travellers cheques can only be exchanged in banks accompanied by a valid passport. MasterCard, Visa, Diners club and Amex are widely accepted, and ATM machines are available in most places.

Below is a list of websites that you might find useful if you are considering buying property of any kind in Turkey. You also might want to take a look at our facts about turkey page to find out more about this amazing country.

The Turkish Consulate in the UK

http://www.turkishconsulate.org.uk/en/index.htm

The Turkish Embassy in London

http://www.turkishembassylondon.org

The Turkish Culture and Tourism Office in The UK

http://www.gototurkey.co.uk

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