Property in Turkey
Opening up the property market in Turkey for real estate investors and those seeking a new home in a stunning nation
According to one Turkish property expert, the news coming from Turkey - and in particular Istanbul – is purely positive in terms of property investor potential. We take a closer look…
To suggest that Turkish property is experiencing something of a purple patch would be the understatement of the year so far according to one property expert who we recently spoke to.
The largest property developer in the United Arab Emirates recently announced that it will invest $700m into an Istanbul housing project, and research by top accountancy firm PricewaterhouseCoopers (PwC) reveals that Turkey’s GDP has grown from 3% to 5.5% in just two years – therefore according to Graham Flaherty from IstanbulPropertyInvestment.com, there is little question that Turkey - and in particular Istanbul - remain attractive real estate investment locations.
Despite the global economic downturn and the direct impact that this has had on many investors’ activities, there are still small markets with massive potential for growth and rental return…and seemingly Turkey is one of them.
Not only is Turkey weathering the global recession well, it has emerged as a low tax country in relative terms: it’s tourism market is strong, and property investments in Turkey offering strong yields are therefore attractive – if you have a SIPP you may want to use it to buy in, says Turkish property expert Graham Flaherty
Turkey’s strong emergence from the global recession has been documented countless times already, and whilst positive press reports have helped put it under the spotlight in terms of being a potentially sound investment opportunity with further room for growth and development, less has been said about opportunities for the tax-savvy investor looking at Turkey.
Did you know that the most recent Revenue Statistics report by the Organisation for Economic Cooperation and Development (OECD) unearthed Turkey as having the second-lowest tax to GDP ratio amongst OECD countries? That’s surely interesting news for anyone thinking about buying a property in Turkey and enjoying rental income from it for example.
What’s more, there has been a small upsurge in the number of British investors using a Self Invested Personal Pension (SIPP) to buy property - which could indicate that Turkey presents a series of significant tax-friendly opportunities for would-be British property investors.
Directly examining how a would-be buyer of property in Turkey can avoid scams and con artists and secure a good purchase in today’s market
The British pound has held fairly firm in the face of the Turkish currency, the lira, and so property in Turkey remains cheap – relatively speaking – for Britons seeking a property abroad. Pushing up the appeal of Turkish property even more is the fact that the nation is driving ahead with the promotion and extension of its tourism sector, making parts of the country very popular with property investors and speculators.
However, the Turkish property industry is often compared with the Spanish industry 20 – 25 years ago when ripping off Britons was sport, and those who triumphed and actually managed to secure a quality home for their hard earned cash were the lucky few!
In this report we’re not going to beat about the bush of political correctness, we’re going to get right to the heart of the matter and discuss how you can buy property in Turkey without being ripped off. Note, we’re not suggesting that ripping off property hunters is an exclusive sport of the Turks, it goes on everywhere – even under our noses onshore in the UK. So, this is not a racist rant, it’s a tirade against those who seek to destroy the dreams of people who simply want to find their place in the sun.
A guide to safely buying a well priced property in Istanbul, poised for maximum profit potential in the form of rental income and capital appreciation
The property market in Istanbul has weathered the global financial storm well. It has remained robust in pricing terms with minimal depreciation in underlying asking prices seen, yet there is plenty of room for negotiation for buyers who have the cash to negotiate with! What’s more, there is potentially plenty of room for profit over the medium to long-term as Istanbul raises not only its international profile, but its presence on the global business stage.
In this article we’re going to focus specifically on procuring potentially high returns on property in Istanbul by making a good purchase in today’s market. After all, no one can accurately predict where prices will move to in the future, so to be more assured of profit potential, you need to buy well today.
The keys to getting the right property at the right price in Istanbul are finding the best location, negotiating well with local input, having quality legal assistance and ultimately undertaking significant due diligence before entering the market.
Turkish inheritance law is very complex and not particularly attractive for expats who own property in Turkey, so be careful of it and make a will!
If you’re planning on living in Turkey, or buying property in Turkey, you need to be aware of Turkish inheritance law.
With a view to eventually joining the European Union, the Turkish legal system has now been integrated with the continental European system incorporating elements from the Swiss, German, French and Italian codes, however expats living in Turkey do need to be aware of the differences in inheritance law, as do those who purchase immovable property in the country.
The main principle regarding property is that the property is regulated by the laws of the country in which it is located. This means that if you own property in Turkey, Turkish law is the applicable law when it comes to you shuffling off this mortal coil. And you might be a little surprised to learn that the laws of succession in Turkey differ significantly from our own in the UK.
Why to use estate agents to sell your property in Turkey, how to get them motivated and how to protect yourself
We have recently touched on ways to sell your home abroad without the requirement of an estate agent, looking at alternative methods for marketing your property from using your own website to literally getting out on the street and handing out fliers about your home for sale. This is because many people resent the commission they have to pay if they employ an estate agent.
However, there are certainly reasons for choosing to use an estate agent’s assistance – particularly when you’re selling property abroad. Take Turkey for example, it’s a country popular with international buyers, but also a nation with a strong local market that is in fact slowly increasing. Therefore, if you have a property to sell in Turkey and you choose ‘only’ to focus on the expat market, you could be missing out on many potential local buyers that an estate agent could bring to view your property.
In this article we look specifically at using an estate agent to sell your property in Turkey, although much of the advice is generically about using estate agents full stop! We’ll also show you how best to ‘incentivise’ your agent and make sure they work hardest for you!
Has the global financial crisis put paid to the success of Turkey’s emerging property market? No says the majority of professional opinion!
It’s hard to know when one nation’s property market has fallen out of favour these days as the global financial crisis envelopes country after country and apparently leaves no nation’s economy untarnished. So is property in Turkey still popular or has the market boomed and gone bust?
This question is being asked by Brits, Russians, Germans and other Europeans who were well aware that Turkey’s appeal was rising fast, but who are now confused about where the future prospects for the country’s economic forecasts lie.
Well, if you listen to the economic experts then Turkey is still a sound bet, if you listen to the real estate analysts then Turkish property is still a viable investment, and if you follow the path of the high end real estate developers and designers, you can see that actually yes, Turkey’s is still an incredibly exciting market to consider. In this article we look at why property in Turkey is still popular, and where some of the best pockets of property are for sale.
Istanbul’s appeal as an investment property location is advancing thanks to many base fundamentals which we examine in this report
The appeal of investment property in Istanbul is set to increase as the city moves towards being crowned European Capital of Culture in 2010; what’s more, the Times have recently highlighted the city as one of the most appealing in Europe for property purchasers in the near-term.
And if that wasn’t enough to convince you that property in Turkey’s city of Istanbul is ripe for investment entry, how about the fact that tourism numbers are up, the pound still goes a long way in Turkey, and Istanbul is considered a far ‘safer’ city than it once was?
All these are reasons why the appeal of investment property in Istanbul is rising – against a backdrop of a government committed to doing what it needs to in order to increase foreign direct investment. In this article we examine the real estate landscape in Istanbul for would-be investors.
The principle of reciprocity concept is being reviewed in Turkey to allow Middle Eastern property investors to buy real estate in Turkey
In Turkey there are rules that govern who can and who cannot buy freehold property. The rules are based on the principle of reciprocity – i.e., if a foreign national wants to buy a home in Turkey, and if that individual’s home nation has rules in place that would allow a Turk to buy property in that country, then in theory the foreign national will be able to buy a property in Turkey.
However, as has been demonstrated in recent months, the principle of reciprocity is not always so clear cut and simple to define, and this has led to problems restricting certain buyers entering the market.
Fortunately Turkey has realised that it has effectively been holding back the advancement of its real estate economy as a result, and now the property market in Turkey is broadening its appeal…
Examining the hidden costs of buying a home abroad in Turkey, Greece and other European favourites where differences in fees are huge
In a detailed survey into the hidden costs of buying property abroad produced by Which?, the British independent advice experts, it has been revealed that there is a huge discrepancy between fees and charges assigned to the buyer of a home abroad depending on where they choose to purchase.
This is important information to take on board because, according to multiple sources, the UK TV presenter Amanda Lamb has allegedly stated that now’s a great time to buy a home overseas as prices are falling and everywhere is seemingly a bargain. However, if some nations have lower fees than others, that surely makes them potentially more of a bargain than others.
So, what’s the difference between property in Turkey and property in Greece? About £10,500 in fees on the purchase of a £100,000 property according to Which?!