Buying Property in Turkey

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Most foreign investors are Buying a second home in the resort areas of the country with villas and apartments being a popular choice. With residual income benefits from property rental, Turkey's real estate is a very attractive proposition. Turkey has become a much more stable prospect for holidaymakers and visitor numbers are increasing year on year because of the facilities, value for money and readily available budget airline flights from all parts of Europe and beyond.

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Buying Property in Turkey

  1. 1. Buying Property in Turkey Posted by Angella Grey on 18th, June 2012 Buying Property in Turkey - Affordable Luxury Where East Meets West Where East meets West, Turkey is one of the most popular destinations for tourists in Europe. Visitors enjoy magnificent historical sites such as Ephesus, crystal sea, plenty of sunshine and beaches, architectural gems, towering minarets and plenty of good food and cheap shopping. Many visitors decide to invest in Turkish property to finance their own holidays by renting out when they are not using it. Others invest for their family use and love owning their special place in the sun to visit whenever they choose. Buying Property in Turkey | Vacation Home For Sale Kalkan Properties The purchase of real estate in Turkey by foreign nationals is a quite recent development when the laws relating to foreign ownership were liberalized. There are many benefits to buying a property in Turkey namely affordability and Turkey's potential admission into the European Union, which will bring distinct advantages for foreign investors and the ease of a European single currency. Moreover, the property prices are low in Turkey with even luxury villas at very affordable prices and apartments within the reach of most people. Combined with friendly people, perfect sunny climate, and relaxed environment, it is easy to see why Turkey is a popular choice for foreign investors. Most foreign investors are Buying a second home in the resort areas of the country with villas and apartments being a popular choice. With residual income benefits from property rental, Turkey's real estate is a very attractive proposition. Turkey has become a much more stable prospect for holidaymakers and visitor numbers are increasing
  2. 2. year on year because of the facilities, value for money and readily available budget airline flights from all parts of Europe and beyond. Despite the change of law to allow foreign investment, there are still areas of Turkey where the purchase of property by foreigners is prohibited. Properties of this kind are usually located in sensitive areas or in the vicinity of military bases and installations. It is essential that foreign buyers are aware of the location where they wish to purchase. They should check out prohibited areas so they do not become involved in a transaction that may fail causing unnecessary wasted time and money. Purchasing property in Turkey needs to be undertaken with real attention to detail. For example, it is vital that a thorough title search is done to ensure the property is clear and free form anything preventing absolute transfer to a purchaser. Title deeds in Turkey are often encumbered by liens and other complications. Be sure to use an experienced professional lawyer who can unravel these title deeds for you. There are some obvious pitfalls worth looking for. 1. Buy new or fairly new property. The Turkish government introduced new building standards and regulations governing the building of property in Turkey in 2000. These standards and regulations comply with European Union standards. 2. Avoid unregulated real estate agents. Check that your agent is properly registered and licensed so you are assured they are compliant with all legislation. A local agency we recommend is Kalkan Properties 3. Always use a lawyer who is an expert with Turkish property transactions. Your rights will be protected and all legal matters will be addressed, as they should be. Buying Property in Turkey | Vacation Home For Sale
  3. 3. Investing in Turkey When a property is found that a buyer wishes to purchase an oral offer should be made to the seller or seller's agent. Preliminary contracts are drawn up if the offer is accepted. The buyer has an obligation to put down a non-refundable deposit of between four and ten percent. If the seller backs out or there is no clear title, the deposit is refunded. Final contracts in Turkey are executed at the Land Registry Office where a new title or deed is applied for. These documents are usually issued within three months. One crucial part of purchasing property in Turkey is that earthquake insurance is compulsory in most parts of the country and is very important. Factor in the cost of the premiums when the property transaction is going through. A final consideration is to apply for a long-term residency permit in Turkey if you purchase a property rather than leaving and re-entering the country every three months on a temporary visa if you stay there for extended periods. It is a simple process to fill out and submit a Declaration of Intent form, which will give you residency for five years if approved

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